Land Trust sells Seattle-area homes for $300K and under
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In a city where the going rate for a home is around $1 million, Seattle's Homestead Community Land Trust is selling them at $300,000 or less.
Why it matters: The nonprofit aims to create and preserve homeownership opportunities for low- to moderate-income families in a region that's facing one of the nation's most severe housing crises.
How it works: The trust retains ownership of the land but sells the houses to qualifying buyers at a fraction of market value, typically $270,000 to $300,000, Homestead executive director Kathleen Hosfeld told Axios.
- Homeowners must use the home as their primary residence and cannot rent it, but can pass it on to their heirs, she said.
- If they sell, they must do so at an affordable rate governed by a formula created by the trust, ensuring that opportunities are preserved for others, she said.
- More than 300 first-time homebuyers have purchased homes in King County through the trust, per Hosfeld.
Driving the news: The organization is hosting a benefit with Isabel Wilkerson on Sept. 12 at Town Hall Seattle.
- Local columnist and publisher Marcus Harrison Green will interview Wilkerson, a Pulitzer Prize-winning journalist and the author of "The Warmth of Other Suns: The Epic Story of America's Great Migration" and "Caste: The Origins of Our Discontents."
- In "Caste," Wilkerson writes about the creation of hierarchies that justify who gets opportunity and who has to suffer to make it work for everybody else, said Hosfeld.
- Last year's event with Henry Louis Gates Jr. was about the rise and fall of Reconstruction, subtle modern iterations of Jim Crow and how they still impact people today.
Caveat: In addition to fundraisers, the organization relies on donations and philanthropy, including a $10 million construction grant from MacKenzie Scott last year.
Catch up quick: Historically, Black and brown people have faced systemic barriers to homeownership, including discriminatory lending practices, redlining and lower access to generational wealth, that make it harder for them to break into the housing market.
What they're saying: "We are a solution and we are making a difference," Hosfeld said.
- "We don't want to just keep switching symptoms — redlining is a symptom, discriminatory lending is a symptom. We want to get deeper into the root causes so we can find ways to heal."
The big picture: The trust works alongside other organizations in the Seattle area to address affordability and equity issues and preserve Black homeownership.
- The Black Home Initiative, one of seven such networks across the country, aims to help 1,500 new low-and moderate-income households buy a house in south Seattle, south King County and north Pierce County within the next five years.
- The Wa Na Wari Central Area Cultural EcoSystem, 21st Century is addressing housing policies that drive displacement.
- The Black Legacy Homeowner movement provides resources, education and support to help Black homeowners keep their homes, including information on applying for property tax exemptions.
What's next: Tickets to the Wilkerson conversation range from $50 to $2,000 for a Challenge Fund Sponsorship, though a free ticket can be requested.