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VILLAGE GARDENS IS A DEVELOPMENT OF 16 HOMES IN THE LESCHI/CENTRAL DISTRICT
NEIGHBORHOODS IN SEATTLE.  DEVELOPED BY HOMESTEAD COMMUNITY LAND TRUST WITH EDGE
DEVELOPERS, VILLAGE GARDENS TOWNHOMES WILL CREATE 10 AFFORDABLE HOMEOWNERSHIP
OPPORTUNITIES FOR INCOME-QUALIFIED HOUSEHOLDS.



Village Gardens is built on land provided by the City of Seattle for affordable
housing. It takes its name from the historical cooperation of diverse people who
shared the neighborhood, and who in earlier days utilized the lot as a P-Patch.



Ten of the 16 homes will be affordable to households with incomes less than 80%
of area median income as determined by the U.S. Department of Housing and Urban
Development for the King County area. Two of these 10 homes are more deeply
discounted to be affordable to those whose incomes are at or below 60% area
median income, and who are experiencing housing instability. Six of the homes
will sell for market-rate prices. All the homes will be part of the same
homeowners association.



Homestead and Edge are partnering with Africatown Community Land Trust on
outreach to members of the community who have historical ties to the area, and
who may wish to purchase a Village Gardens home.

How Community Land Trust Homes 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.

More about Homestead



Village Gardens  is a neighborhood of homes within the Homestead Community Land
Trust



Homestead’s main office is at 412 Maynard Ave South, Suite 201, Seattle, WA
98104

Homestead is a 501(c)(3) membership organization. Our tax ID is 91-1565651.

 

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Background photo: "Urban Peace Circle,” Gerald Tsutakawa, artist; Stop the
Violence. Photo: Seattle Parks and Recreation Story behind the art 

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