HomeSight, a non-profit community development company, is breaking ground on a new condominium project in Seattle’s Rainier Valley neighborhood on city-owned surplus land intended for affordable workforce housing.
The six-story $32 million project will feature 17 live/work lofts and 85 condo units. Prices will start from $220,000 with financing assistance up to $120,000 for families earning less than 80% of the area’s median income. Additionally, 20 units will have a resale cap to ensure affordable inventory will be available in the future.
The project is located at 809 Hiawatha Place. Completion is slated for late 2009.
March 21st, 2008 at 9:37 am
Is there a website for Pontedera yet? Maybe for Homesite? (A google search for “homesite” is useless.)
March 21st, 2008 at 10:25 am
Rebecca – sorry, I misspelled the organization’s name. The correct spelling is Homesight and I’ve updated the post. Here’s a link to their site:
http://www.homesightwa.org/
March 24th, 2008 at 8:23 am
The project has a website at http://www.pontederacondos.com however currently there isn’t anything more than the rendering on the site.
March 9th, 2010 at 10:01 am
The Pontedera is now complete and ready for occupancy. I’m surprised that no one has mentioned the tax exemption for those under 120% of median income.
For those that qualify, property taxes are based on their share of the land value for the first 12 years. In simplier terms, property taxes will run under $20.00 per month instead of $220.00. This is a huge savings and helps qualify buyers for an additional $35,000 to $40,000.
The tax exemption is on top of the $70,000 deferred 2nd mortgage that allows home ownership to those at or below 80% of HUD area Median income.
When thinking of low to moderate income, most people confuse this with below poverty levels. Low to moderate income encompasses hard working professionals such as, teachers, nurses, firefighters, policmen and many others. It is difficult for these professional to find housing in the Seattle area that is affordable.
HomeSight, a non profit developer and mortgage lender, along with their partners, such as City of Seattle, State of Washington and others, bridges the gap between low to moderate income borrowers and the prices of homes in the Seattle area.
For more information, please visit HomeSight at http://www.homesightwa.org. or http://www.pontederacondos.com. You can also drop me an email. I work for HomeSight as their Lending Operations Manager and would love to hear from you. PJ Wright pj@homesightwa.org