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.
