Woodland View is a five-story development of 25 condominium homes located in the north central Seattle neighborhood of Phinney Ridge. Developed by Homestead Community Land Trust, 19 of the 25 homes at Woodland View will be subsidized in price to create permanently affordable homeownership opportunities for income-qualified households. Located at 5819 Phinney Ave. N, this development also includes two ground-floor commercial spaces available to purchase.
Woodland View is under construction on land contributed by donors Chakorn Phisuthikul and Marilyn Heinemann. The name Woodland View derives from the previous building on the site and the location’s close proximity to the nearby public Woodland Park.
19 of the 25 condominium homes will be affordable to households with incomes less than 80 percent of Area Median Income (AMI) as determined by the U.S. Department of Housing and Urban Development for the King County area. The other six homes will be sold without income restrictions at market-rate prices; proceeds from these homes will be used to reduce the prices of the affordable homes. All of the homes will be part of the same homeowners association.
The permanently affordable homes will be sold to households with incomes at or below 80 percent of Area Median Income. These homes will be stewarded by Homestead Community Land Trust.
Homestead Community Land Trust is a non-profit affordable housing developer whose homes address housing and climate equity for lower-income families and households. We serve income-qualified households who make less than 80 percent of area median income. The median for-sale price of a home in the Phinney Ridge area is approaching $1 million, which is unaffordable to middle-income families. Our income-restricted homes are typically priced between $240,000 and $300,000, which puts the dream of a starter home within reach.
HOW COMMUNITY LAND TRUSTS ARE DIFFERENT
Through one-time investments that subsidize the initial price of the homes and partnerships with buyers, Homestead keeps homes affordable to all subsequent income-qualified buyers permanently. Buyers must qualify on the basis of income by applying through the Homestead website. In community land trust homeownership, buyers purchase the structure of the home using a traditional fixed-rate mortgage. The land beneath the home is not included in the purchase. It is owned collectively through Homestead, a non-profit organization. Homeowners lease the land for a monthly fee. Each home accrues equity at a rate of 1.5% compounded annually, through a formula contained in the ground lease signed at purchase. Homeowners are members of Homestead, and participate in the governance of Homestead, including membership on the Board of Delegates.
