Target Buyer: At or Below 80% of Area Median Income
Contact: Lindsey Sargent, Homeownership Program Director
Affordability Model: CLT Ground Lease or Deed Restriction
Resale Formula: Appraisal Based – Fixed Rate – 1.5% Compounded Annually
Mission: To create opportunity for modest-income households to gain stability and create wealth through affordable homeownership, thus giving neighborhoods strength and resilience and moving communities towards social justice, economic vitality and environmental sustainability.
Backstory: The Homestead Community Land Trust (Homestead) was incorporated in 1992 by low-income residents of the Central District and South Seattle. Homestead provides Seattle area residents with the opportunity to gain stability for their families, acquire equity safely, and put down roots in their community. Homestead provides homeowners with post-purchase support like financial counseling, classes on home repair, and income tax preparation. By mid-2013, Homestead had over 150 homes in its portfolio, and has established a growth goal of adding 100 homes to the land trust each year by 2020.
Plans: In the first year of the CHIP, Homestead’s work plan focused on researching best practices and updating policies and procedures to ensure that their growing portfolio of homes could be effectively managed and stewarded.
For more information about Homestead and the other CHIP grantees work, check out our Peer Learning Report.
Stewardship Policies and Procedures Manual
Accounting Policies and Procedures Manual