Delridge dedication celebrates Community Land Trust/Habitat for Humanity collaboration
Delridge dedication celebrates Community Land Trust/Habitat for Humanity collaboration
L-R: Lisa Geissler, Family Services Coordinator, is hugged by new resident Heide Newton, who with fiance Tristan Chalker, not pictured, and their four children will move into a new townhouse in the Delridge neighborhood with the assistance of Habitat for Humanity and the Homestead Community Land Trust programs. To her right are West Seattle's Judy Pigott and her son Stephan Boyd in front of his 30-unit project, Valtera. Pigott helped facilitate the joint agreement between the City of Seattle, and the two non-profits.
Steve Shay
Wed, 06/23/2010
Habitat for Humanity and the Homestead Community Land Trust no-profit organizations collaborated to make a 1,670 square-feet duplex townhome affordable to a family of six. A ceremony was held in front of the unit, one of 30 in the Valtera Complex, on the corner of 24th Avenue SW and Southwest Holden St., west of Delridge.
While the one unit was a joint effort, about seven more unsold units fall under the Community Land Trust program. The remaining six unsold units will be sold at market value, although still at a discount.
In the Land Trust program, the buyer pays a no-profit, no-interest mortgage, the home's actual cost to the builder. The family earns a "shared equity" on the home, and the land is held in trust, and will remain affordable "forever." Meanwhile the family can lease the land for 99 years then renew for another 99 years, or sell it at any time to another low or moderate-income family.
The family is required to put in at least 500 hours of sweat equity collectively on other like homes, perhaps some Habitat models in the West Seattle's High Point development.
Retail, the townhomes sell for about $330,000. Those whose income falls below this area's median income may qualify to participate in the program, and can purchase a home with as little as one percent down payment, with a selling price of about $205,000 - $250,000. Eligibility and price is determined both by income and family size. The City of Seattle is also a partner in this program.
Habitat for Humanity is Christian based, but does not exclude non-Christian buyers.
"We couldn't have timed this worse when we finished this complex," said developer Stephan Boyd, 36, referring to the bad economy and housing market."There was no way we could sell them and make back the loan. As long as it wasn't going to work for us it might as well work for somebody. I can't lie and say it was part of the original plan. but I think it's great to see people living in them who appreciate them."
Boyd's mother, Judy Pigott, a North Admiral Junction resident, helped orchestrate the arrangement between her son and the organizations. She was awarded a plaque of recognition at the ceremony.
This was the 89th unit to be sold through the Land Trust Program.
Related Links
