Green Canopy and Habitat for Humanity Seattle – King County are pleased to announce a partnership to build a 17-unit affordable multifamily housing development in the Capitol Hill neighborhood of Seattle. The 4-star Built Green project, located near Cal Anderson Park, features one- and two-bedroom units to be sold to households making at or below 80 percent area median income. The collaboration will bridge affordability and sustainability and fill a gap in the housing market for hard-working, low-incomes individuals, couples, and smaller families.
Combining a land trust model with permanent affordability requirements, Habitat lower barriers to homeownership. Habitat’s homeownership model creates opportunities for those who may not otherwise have access to owning a home and enables them to build equity and obtain security and stability. In Seattle, population growth, low inventory and market price appreciations have prevented first-time homebuyers from being able to afford to live within the urban center and create wealth through equity in ownership.
“We have identified a significant gap in the housing market for those who can’t afford to build equity in the city that they live and work in,” said Patrick Sullivan, Director of Real Estate Development at Habitat. “Typically, affordable housing options are located outside of city centers and further from jobs and other amenities. We are excited to offer these homes to hard-working and deserving people who would otherwise be priced out of the area.”
Through this partnership, Green Canopy and Habitat for Humanity serve as a model for aligning for-profit and nonprofit organizations to develop market-rate land, while accelerating access to affordable, sustainable homes.
“We believe the partnership between Habitat and Green Canopy will set a new standard for homebuilding,” said Brett D’Antonio, CEO of Habitat for Humanity Seattle-King County. “Through private non-profit partnerships are