In the latest effort to add mixed-incoming housing to Seattle’s market, a nonprofit land trust just unveiled 30 new condos in Phinney Ridge.
Eleven of the condos will be sold at market rates. But most of the new units will remain permanently affordable, even as they are sold from one homeowner to the next. When buyers eventually sell, they agree to do so following a formula that restricts their equity gain.
“So these homes will always stay affordable, resale after resale,” said Kathleen Hosfeld, CEO of the Homestead Community Land Trust nonprofit that owns the land the condos sit on. She said homeowners will pay a stewardship fee to Homestead as part of the agreement.
The nonprofit estimates that the affordable units, reserved for applicants making less than 80% of area median income, will sell for $250,000 to $335,000. That is around half of the Seattle median condominium price of over $600,000. A single buyer would qualify if they make less than $81,700 a year, according to data from Seattle Housing Authority. People can apply to buy the condos on Homestead’s website.
At a June 12 event unveiling the new Phinney Ridge complex, Washington state Sen. Emily Alvarado (D-West Seattle) said the system is a good model for affordable home ownership.
“This is exactly what we should do more of in all communities across the state of Washington,” Alvarado said.
Gov. Bob Ferguson, who also attended, seemed to agree.
“We're investing hundreds of millions of dollars as a state into projects just like this,” Ferguson said. “Each model can sometimes be a little bit different, so it depends on the model and the place and the location.”
The Phinney Ridge project was partly developed on property that used to be owned by Seattle City Light.
The city invested nearly $3 million in it through their Office of Housing, according to Nicole Vallestero Soper, Seattle’s director of affordability, housing, and economic development.
“By creating permanently affordable homes, [the project] ensures that public investment continues to benefit families, not just today, but for generations to come,” Vallestero Soper said.
