Blacknbengal
Well-Known Member
After renting for 20 years in Seattle's funky Fremont district, artist Frank Video was finally ready to buy his first home last year.
Unfortunately, while Fremont's lovable hippie vibe remained intact, its home prices were out of sight -- and not in a good way.
"It was crazy. Nothing was in my price point," Video says. "There were a couple of studios but not a single one-bedroom for less than $350,000."
So Video turned to the Homestead Community Land Trust.
As the name suggests, Homestead is an example of a community land trust -- a nonprofit organization that seeks to make homes permanently affordable for credit-worthy, moderate-income, first-time home buyers who live in communities where housing prices have passed them by.
Video, a visual artist who works part time as a legislative assistant, qualified for Homestead's $100,000 home-buyer grant because he earns less than the trust's income cap of $41,700 -- roughly 80% of the median income in King County, where Fremont is located.
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Unfortunately, while Fremont's lovable hippie vibe remained intact, its home prices were out of sight -- and not in a good way.
"It was crazy. Nothing was in my price point," Video says. "There were a couple of studios but not a single one-bedroom for less than $350,000."
So Video turned to the Homestead Community Land Trust.
As the name suggests, Homestead is an example of a community land trust -- a nonprofit organization that seeks to make homes permanently affordable for credit-worthy, moderate-income, first-time home buyers who live in communities where housing prices have passed them by.
Video, a visual artist who works part time as a legislative assistant, qualified for Homestead's $100,000 home-buyer grant because he earns less than the trust's income cap of $41,700 -- roughly 80% of the median income in King County, where Fremont is located.
Rest of Story