Seattle donates parcel of land in Phinney Ridge to develop affordable housing

by | Sep 9, 2019

Seattle Mayor Jenny Durkan announced the transfer of a local parcel of surplus City Light land to nonprofit developers at no cost, becoming the first city to take advantage of a state program to make underutilized public land available for affordable housing development.

The somewhat hidden 6000-square-foot lot is just North of Fresh Flours and Gibran on the West side of Phinney Ave and 61st. The developer, Homestead Community Land Trust, expects it will cost $6.4 million to build 19 condominiums on the land, which has an appraised value of roughly $1.5 million.

All of the homes will be sold to homeowners who are at or below 80% of the area median income, or $70,600 for a two-person household. The homes will cost roughly $250,000 — well below the $750,000 median home price in Phinney Ridge.

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