Affordable homeownership developer, Homestead Community Land Trust, invites community input on two projects it proposes for the Phinney Ridge neighborhood that will create starter-home homeownership opportunities affordable to lower-income households.
The median for-sale price of a home in the Phinney Ridge area is $978,000, which is unaffordable to middle-income families. Homestead’s income-restricted homes are priced between $240,000 and $300,000, which puts the dream of a starter home within reach of people such as nurses, teachers, first responders, medical technicians, transit and utility workers.
The project at 5819 Phinney is a 5-story mixed-use building with 19 permanently affordable homes, 6 market-rate homes, and 2 ground floor commercial/retail spaces, replacing the current building. This project will include 9 at-grade parking spaces.
The project at 6109 Phinney (pictures above) is 5-story mixed-use building with 19 permanently affordable homes, 9 market-rate homes, and 1 ground floor commercial/retail space. This project will include 10 at-grade parking spaces.
Both projects will have Bike parking, EV charging stations and a rooftop garden and gathering space are some of the amenities offered in the building.
Homestead is seeking community feedback in several forums. Visit the outreach website at https://www.homesteadcltprojectoutreach.net/ and read more information about the project. Each project’s web page provides a survey to gather feedback.
Community members are also welcome to join the Oct. 4 meeting of the Phinney Ridge Community Council. Details are here https://www.phinneyridgecc.org/
Founded in 1992, Homestead Community Land Trust is a non-profit, membership organization that creates stability, equity and opportunity by developing land and housing in trust, giving lower-income households the opportunity to own a home that is affordable to them and remains affordable to future owners.
Homestead makes homes permanently affordable, and meets or surpasses the standard compliance requirement of affordability on publicly funded projects of 50 years. Homestead’s model was created by Civil Rights Era leaders in the 1960s as a way to prevent displacement while at the same time allowing people to own appreciating assets – homes, farms, businesses – that build wealth.
Homestead builds new, or remodel existing homes, and fundraises to subsidize the price of each home to what is affordable to a buyer who makes less than 80% area median income. The home is purchased by homeowners and Homestead retains title to the land under homes. Homeowners pay a small monthly ground lease or program fee, and agree to a resale formula via a 99-year renewable covenant that allows them to earn a fair return of equity while at the same time passing on an affordable price to the next owner if/when they sell the home.
Homeowners qualify to purchase the home with a traditional fixed-rate mortgage, and accrue equity through a combination of principal reduction and home appreciation.
Homestead seeks to address both housing and climate equity outcomes with our developments, and seeks to meet and exceed environmental sustainability and energy efficiency standards.
Homestead has 245 homes in trust in Seattle, Burien, Skyway and Renton.