HCLT will add seven homes to its portfolio over the next 18 months through an innovative partnership with Seattle/South King County Habitat for Humanity and the City of Seattle.
Some homes will be new construction, others fully remodeled. Three were structurally sound cottages saved from the wrecking ball by being moved to new locations in a “house parade” along city streets early May 21st. Habitat is coordinating the construction and its signature sweat equity component, as well as financing for the buyers.
The City of Seattle’s Office of Housing is providing vacant lots to the partnership, lowering the project costs. Savings are passed along to low-income buyers, promoting its affordable housing goals.
Homestead Community Land Trust will own the land under each home, and lease it to each homeowner. As with all its homes, it will steward the ongoing affordability of each home, making sure that the community’s investment in affordable housing remains in place. If/when one of these lucky initial buying families decides it is time to move on and sell their home, HCLT will facilitate the sale to a new low income household.
This partnership demonstrates the viability and benefit of adding a community land trust partner to housing projects developed by other organizations. CLTs add a layer of protection for the ongoing affordability of housing. The CLT is the organization that stewards the product of the community’s investment (the affordability) and makes sure that each home will serve many generations of low income homeowners.
