KIRO7 produced a video recently where they interviewed Habitat homeowner Shavon Jones and discussed our recent virtual panel discussion with Habitat for Humanity International CEO Jonathan Reckford. Thank you for helping us to spread awareness of affordable housing issues KIRO7!
In the News
La Fortuna, Habitat for Humanity’s New Eco-Friendly Project in Renton, Breaks Ground
King County Councilmember (District 5) Dave Upthegrove joined Habitat for Humanity Seattle-King County and U.S Bank to celebrate the groundbreaking of a brand-new eco-friendly Habitat neighborhood – La Fortuna – in Renton. The event on September 23 was a scaled-down version of Habitat’s typical project groundbreakings, in order to adhere to social distancing guidelines.
Other distinguished guests included Sabrina K. Seward, CFP®, Vice President and Senior Private Wealth Advisor at U.S. Bank Private Wealth Management. U.S. Bank contributed $15,000 to support the project, and Seward serves on Habitat SKC’s Resource Development Committee.
La Fortuna, when completed in mid-May of 2021, will provide housing for 12 families in three buildings at the end of a private road, each with two four-bedroom (1,300 sq. ft.) end units and two three-bedroom (1,100 sq. ft.) interior units. The sustainable units are certified to Evergreen Sustainable Development Standards.
“We believe that every individual and family deserve access to safe, accessible and affordable homes and that children and families are far better positioned to thrive and succeed in a home that is safe and permanent,” said Nicole Bascomb-Green, U.S. Bank’s community affairs manager for Washington and Idaho. “Our support for La Fortuna not only helps homeownership become a reality, but these homes will ensure that low-income, hard-working people continue to have a place to build their lives in King County.”
In an area with an average home price of well over $461,000 and rising, these homes will ensure that low-income, individuals and families can continue to have a place to build their lives in King County. As with the more than 390 new, low-income homeowners Habitat has served in King County, these new residents will receive financing with help from Habitat to ensure their housing costs are affordable. These properties will be placed in the Habitat Land Trust, ensuring permanent affordability for future generations and families.
On the open market, these homes would be expected to sell for between $385,000 – $425,000. Habitat’s model will enable it to cut building costs for this project and to sell these homes to partner families for $220,000 – $270, with mortgage terms that are affordable to them (not to exceed 30% of the family’s monthly gross income over 30 years).
Durkan’s Affordable Housing Proposals
Huge news this week on the affordable housing front! On Wednesday Mayor Jenny Durkan put forth two new proposals to create more affordable housing options for low and middle-class families in Seattle.
One part of the bold legislation would invest over $50 million to build housing for people experiencing homelessness. The other measure would renew and extend Seattle’s Multifamily Tax Exemption Program. The MFTE was first introduced in 1998 and provides tax breaks to local developers who set aside at least 20% of their units as low income and rent-restricted housing.
“That means we have more affordable apartments and that more Seattleites of different income can live in the same neighborhood and building all across this city,” said Mayor Durkan.
Without this legislation, the program (which has created nearly 4,400 homes) is set to expire this year. Durkan said extending the MFTE Program would help support more than 1,300 new affordable housing units over the next three years. The legislation would also limit rent increases to no more than 4.5 percent. This rent increase cap would go a long way towards helping families who are feeling overwhelmed by increased housing costs.
Thanks to all the volunteers and donors who help us with our mission, Habitat for Humanity Seattle – King County has been able to put hundreds of families in safe and affordable homes. We have seen first hand what a huge difference it makes in people’s lives when they don’t have to worry about how they are going to pay rent every month. Being able to feel secure and to be able to save for emergencies and their families futures makes a world of difference to people. It’s great to see Mayor Durkan and the Seattle City Council tackling housing issues head-on!