Located in the Seattle neighborhood of Phinney Ridge, Nest is a five-story mixed-use building with 19 permanently affordable homes and 11 market-rate homes, of which two are ground floor live-work units.
Developed by Homestead Community Land Trust Nest provides 19 new homes that will be affordable to income-qualified households.
Nest is built on surplus land distributed by the City of Seattle and a duplex parcel of land purchased by Homestead Community Land Trust. Nest is named in honor of long-time local housing justice and community land trust advocate Philipa Nye.
19 of the 30 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 homes will be sold without income restrictions at market-rate prices. All 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 nearly $1 million, which is unaffordable to middle-income families. Our income-restricted homes are typically priced between $260,000 and $320,000, which puts the dream of a starter home within reach.
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.
How Community Land Trusts are Different
