Mayor Durkan announces two new permanently affordable homeownership investments

Mayor Durkan announces new affordable homeownership investments

9/5/201928:46

As part of her Housing Seattle Now initiative, Mayor Jenny A. Durkan announces new investments by the Office of Housing today to create two permanently affordable homeownership developments in Northwest Seattle. Homestead Community Land Trust will receive $1.51 million to create 19 condominiums in Phinney Ridge and Habitat for Humanity Seattle-King County will receive at least $720,000 to build 8 family sized townhomes with three bedrooms in the Loyal Heights neighborhood.

The City will transfer the surplus Seattle City Light land to the non-profit developers at no cost. Seattle is the first city to utilize the authority created by the Washington State Legislature (HB 2382) in 2018 to allow cities to transfer surplus utility-owned property at no cost when used for affordable homes.

These Office of Housing-funded homes will help first-time homebuyers build equity and stability through homeownership. To ensure these homes remain permanently affordable, re-sale prices are restricted so that future low-income homebuyers have access to the same opportunity to purchase the home. Using the voter approved Housing Levy, the Phinney Ridge property will be developed by Homestead Community Land Trust in partnership with Edge Developers at 6109 Phinney Avenue N and the Loyal Heights site at 7750 28th Avenue NW will be developed by Habitat for Humanity Seattle King County.

Speakers include:

Mayor Jenny Durkan, City of Seattle

Emily Alvarado, Acting Director of City of Seattle's Office of Housing

Frank Chopp, Former House Speaker

Brett D'Antonio, CEO, Habitat for Humanity

Kathleen Hosfeld, Executive Director, Homestead Community Land Trust

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