Homeownership for the Community – Thursday, April 9th @ 6 p.m
Homestead Community Land Trust (HCLT) will be holding a special Informational Session at the Greenbridge Library, 9720 8th Ave. S.W. on Thursday, April 9th from 6 to 7:30 p.m. for anyone interested in learning more about affordable homeownership opportunities.
Homestead is partnering with eligible homebuyers to create affordable homeownership in the White Center and Boulevard Park. How it works is the homebuyer selects a home that is FOR SALE and fits their needs and budget. They pay $100,000 less than the sales price, significantly reducing their monthly mortgage payment. In exchange for receiving the $100,000 –which does not have to be paid back – the homebuyer agrees that when they decide to sell, they will sell to another income eligible buyer at an affordable price. In this way, the community maintains a stock of affordable homes and the homebuyer passes on the affordability to the next buyer.
For example, a recent Community Land Trust homebuyer in White Center is paying $950/month as their housing payment for a 2 bedroom single family home with a large basement and detached garage. They have a stable monthly payment, have the opportunity to build equity, can live there as long as they want, and they receive the tax benefits of homeownership!
To qualify, you must a) be a first-time homebuyer b) earn less than 80% area median income for King County** c) have the ability to be approved for a home loan d) have a desire to live and own a home in the White Center/Boulevard Park community e) have 1% or $2500 to put towards the down payment.
Please help get the word out by encouraging eligible future homebuyers to attend the session. At the session we’ll provide:
- An overview of Community Land Trusts and our approach to homeownership
- A detailed view of Homestead’s Purchase Program for White Center/Boulevard Park
- Steps to getting started on the path to Homeownership
You can contact Laura Evans with any questions or to RSVP for the session.
Laura Evans
Homeownership Program Manager
Homestead Community Land Trust
2524 16th Ave. S. Suite 300
Seattle WA 98144
ph: 206 323 1227 ext. 111
fax: 206 588 0253
Tags: affordable housing
You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.
