Phinney Ridge Community Council hosting Homestead Community Land Trust next Tuesday

by | Sep 29, 2022

Pictured: 5819 Phinney Ave N. Building

Homestead Community Land Trust is building two projects in Phinney Ridge for affordable housing. Both projects will be 5-story mixed-use buildings and will include commercial space for current or future tenants and will be sold to household with incomes at or below 80% of area median. Car parking, bike parking, EV charging stations and a rooftop garden and gathering space are some of the amenities offered in the buildings, and projects will meet and exceed environmental sustainability and energy efficiency standards. 
 
The commercial and residential spaces will be purchased by homeowners who 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 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. These homes will be stewarded by Homestead Community Land Trust. 
 
6109 Phinney Ave 
19 permanently affordable homes, 9 market-rate homes, and ground floor commercial/retail spaces. 
The homes are for-sale condominium flats: 1, 2 and 3 bedroom units with 11 at-grade parking spaces. 
 
5819 Phinney Ave.
19 permanently affordable homes, 6 market-rate homes, and 2 ground floor commercial/retail spaces,  
These homes are for-sale condominium flats: 1, 2 and 3 bedroom units with 9 at-grade parking spaces.
 
Please visit the project website and surveys:  https://www.homesteadcltprojectoutreach.net/
 
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 retains title to the land under homes. 

This 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. We build new, or remodel existing homes, and fundraise to subsidize the price of each home to what is affordable to a buyer who makes less than 80% area median income.


Phinney Ridge Community Council Meeting – Tuesday, October 4th, 7pm via Zoom
Join Zoom Meeting: https://us02web.zoom.us/j/87005796220 
Meeting ID: 870 0579 6220  

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