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City of Seattle announces $1.9M investment for homeownership

Photo by Ron Clausen

The Office of Housing awards $1.9 million to Homestead Community Land Trust to preserve and create 16 permanently affordable homes.

The City of Seattle’s Office of Housing (OH) is excited to announce a major step toward more affordable homeownership opportunities for low-income homebuyers in Seattle. On June 16, 2023, OH launched the Homebuyer Assistance Notice of Funding Availability (NOFA), inviting housing developers to apply for projects creating permanently affordable homeownership opportunities.

After thorough consideration, OH proudly recommends an investment of $1.96 million in support of these groundbreaking projects championed by Homestead Community Land Trust (Homestead CLT). These initiatives signify a strong commitment to addressing the critical issue of housing affordability in our city.

“Seattle is a city that cares about affordable housing, and these projects reflect what we can do together through public and private partnerships. The land for these projects comes from the private sector either at no cost or below-market cost. Combined with voter-approved housing levy funds, these properties will become first-time homebuying opportunities for modest-income households for generations to come,” said Kathleen Hosfeld, CEO and Executive Director of Homestead CLT. “Huge thanks to city of Seattle voters who renewed the housing levy this week, assuring that our work to create affordable housing and homeownership can continue to expand in the face of enormous need.”

Homestead CLT’s innovative approach includes two distinct projects:

  • In North Beach and Licton Springs, they’re undertaking a “Scattered Site Gentle Infill” program with a total funding of $530,000. In North Beach is a rehabilitation of a 3-bedroom home and build of a 2-bedroom Detached Accessory Dwelling Unit (DADU), both ensuring affordability for households with incomes under 80% of the Area Median Income (AMI). In Licton Springs is a construction of three 2-bedroom homes at a reduced land cost, all of which will be resale-restricted to maintain affordability.
  • In West Seattle’s North Admiral Project, Homestead CLT is receiving $1,430,000 to demolish an existing structure and construct 18 new townhomes, where 11 will be permanently affordable 3-bedroom, 2-bathroom townhomes, ensuring long-term affordability.

Homestead CLT has consistently shown its dedication to creating and stewarding high-quality, resale-restricted homes. Their focus on energy-efficient systems aligns with Seattle’s sustainable housing vision. With eight projects in their pipeline and a generous $10 million donation from MacKenzie Scott expected to expand their capacity, Homestead CLT remains a robust development partner in our mission for affordable homeownership.

These projects represent a significant step toward the City’s goal of making homeownership attainable for all Seattle residents, especially those with limited resources. OH is eager to continue support for innovative and transformative projects in line with our One Seattle vision where everyone has a safe and affordable place to call home.