HomeMy WebLinkAboutCommittee of the Whole - 22 Mar 2021 - Agenda - Pdf
CITY OF RENTON
AGENDA Committee of the Whole Meeting
6:00 PM - Monday, March 22, 2021
Videoconference
1. WILLOWCREST TOWNHOMES PROJECT
a) Presentation
Currently, due to the spread of COVID-19, all regularly-scheduled committee meetings will be held as necessary via
video-conference. City Hall is closed to the public.
If you would like to attend this week's meeting remotely, you can do so by going to
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City of Renton
Committee of the Whole
March 22, 2021
AGENDA ITEM #1. a)
2 AGENDA ITEM #1. a)
3 AGENDA ITEM #1. a)
4 AGENDA ITEM #1. a)
Willowcrest Homes
Willowcrest is a sustainable and
affordable neighborhood developed by
Homestead Community Land Trust,
which makes homeownership possible
for modest-income households.
Willowcrest is the first permanently
affordable development of its size built
with features that significantly reduce
utilities costs and climate impacts.
Built on land provided by the Renton
Housing Authority in the Sunset
neighborhood in northeast Renton, our
12 three- and four-bedroom townhomes
will achieve net zero energy usage
through highly energy-efficient systems
and construction and the use of solar
panels for onsite energy generation.AGENDA ITEM #1. a)
Willowcrest is made possible by…..
Renton Housing Authority
Land Contribution
The City of Renton
$25,000 Housing Opportunity Fund grant
$332,000 green building grant
JP Morgan Chase, Edwards Mother Earth, King County TOD, King
County Waterworks grant, Washington State Housing Trust Fund,
Community Frameworks/HUD, & Federal Home Loan Bank
Homebuyer Mortgages AGENDA ITEM #1. a)
7 AGENDA ITEM #1. a)
Willowcrest Homes
•3- and 4-bedroom, 3 story homes
Three bedrooms are 1,200 sq ft
Four bedrooms are 1,400 sq ft
•Two bathrooms
•One-car garage
•Open-concept floor-plan
•Balcony off kitchen for outdoor dining/living
•Some units will have views
•Solar panels, and Energy Star appliances
•Ductless minisplit heating/cooling system will
provide at least 25% energy savings beyond
Washington State Energy Code
•High-efficiency heat pump water heater will reduce
energy costs.
•WaterSense low-flow fixtures to conserve water AGENDA ITEM #1. a)
Willowcrest Homeowners
•Most homes will be priced within the range of $310,000 to $315,000
which is affordable to households making 65 to 70% area median
income
•Three of the homes will be priced affordably for those who meet the
following criteria:
•Have an income at 60% or below area median average
•Have been qualified by an agency to be housing
unstable/homeless
AGENDA ITEM #1. a)
How to Qualify:
What are the income and other requirements?
To purchase a home through Homestead Community Land Trust, you must earn less than 80% of area median
income as defined by the United States’ Housing and Urban Development (HUD). In real dollars this means:
Source: HUD 2020; income limits are adjusted each year in April 10 AGENDA ITEM #1. a)
How to Qualify:
What are the income and other requirements?
To purchase a home through Homestead Community Land Trust, you must earn less than 80% of area median
income as defined by the United States’ Housing and Urban Development (HUD). In real dollars this means:
Source: HUD 2020; income limits are adjusted each year in April 11
Examples of Income Levels
60% AMI Income
3 Person Household $64,500
4 Person Household $71,640
70% AMI Income
3 Person Household $75,250
4 Person Household $83,580 AGENDA ITEM #1. a)
12
Homestead makes and keeps homes
affordable to modest income families.
By building homes ourselves or acquiring
them through partnerships, we are able to
reduce the price to 30% to 50% of market
rate prices).
We keep homes affordable permanently
through partnerships with our homeowners
Solution: We put homeownership within reach
What is a
Community Land
Trust?
How is our
homeownership
model unique?AGENDA ITEM #1. a)
Community Land Trust Homeownership
Permanent affordability – Public investment at first
sale sets the affordable price; future prices controlled
through agreements with buyers. Each home creates
multiple first-time homebuying opportunities over
resales.
Democratic community governance -- We center
the voices of those who benefit from homes and land
in our governance
Homestead membership
Local governance via community associations
AGENDA ITEM #1. a)
What is a Community Land Trust?
Membership-based
Non-profit organization
Acquires and uses land to benefit low- and moderate-income people and
neighborhoods
Most often – by creating housing
Homestead focuses on affordable homeownership
AGENDA ITEM #1. a)
The Affordable Housing “Continuum”
Affordable Housing Categories
Chart Source:
King County
Affordable
Housing Task
Force, October
2017 Briefing
15 AGENDA ITEM #1. a)
Cost-burden affects 44% in King County
Cost Burdened 25,400 43,300 53,900 32,000 12,600
Extremely Cost
Burdened 75,700 28,900 13,100 3,500 1,500
All Cost-
Burdened 101,100 72,000 67,000 35,700 14,100
Sources: King
County
Affordable
Housing Task
Force;
Washington
State
Department of
Commerce
Cost Burdened =
Spending more
than 30% of
income on
housing
Extremely Cost
Burdened =
spending more
than 50% of
income on
housing
44% Cost-burdened or extremely cost-burdened
16 AGENDA ITEM #1. a)
Civil Rights Era Roots
17 AGENDA ITEM #1. a)
The challenges of buying a home in King County
The reality is King County is
expensive. Housing prices are out
of reach for most of us.
When the median home price
requires $146,000 income and
many make less than $90,000,
the math just doesn’t add up.
When you earn less than median
income, homeownership out of
reach.
$462,100
$390,716
$241,032
$673,600
$489,036
$304,440
Median Home Price
Price Affordable to Median Income
Price Affordable to
Modest-Income Household
Home prices increased 46%
Incomes increased 23%
Reminder: What does Median mean? It means the
middle-point between higher and lower.*HUD Income Limits, 2020 18 AGENDA ITEM #1. a)
Puget Sound
Regional Council
Displacement Risk
Map
AGENDA ITEM #1. a)
We Subsidize
the Price to
What Is
Affordable
Land is
Owned
Collectively
through the
Trust
Owners
Lease the
Land for a
Small
Monthly
Fee
Owners
Resell at a
Formula
Price,
Still
Affordable
We Build
& Rehab
Homes
What We Do
20 AGENDA ITEM #1. a)
Ground leases are used
when the home sits on
land. When land is
shared, such as in a
condominium building,
we use a covenant.
21 AGENDA ITEM #1. a)
Community
Leadership
through
Membership
Community ownership & governance
22 AGENDA ITEM #1. a)
Outcomes and impact
U.S. Census Bureau; 2018
American Community
Survey.
23 AGENDA ITEM #1. a)
Construction Update
AGENDA ITEM #1. a)
Willowcrest Homes
AGENDA ITEM #1. a)
Willowcrest Construction
TIMELINE
Public Groundbreaking Celebration November 2019
Actual Construction Start March 2020
50% Completion October 2020
Construction Completion (Certificate of
Occupancy)
April/May 2021
AGENDA ITEM #1. a)
AGENDA ITEM #1. a)
AGENDA ITEM #1. a)
AGENDA ITEM #1. a)
Sales Process Timeline
Sales Process Information Sessions March & April
Virtual Tour(s) Shared Online Early April
In-Person Tour Appointments (Qualified Applicants Only) Starting Mid April
Visit www.willowcresttownhomes.com for updated
information; sign up for email alerts
Please note:
Applicants to our program participate in workshops to learn more about community
land trust homeownership and membership in a homeowners association. There are
other education and counseling requirements as well. AGENDA ITEM #1. a)
Willowcresttownhomes.com
Income limits and
how to apply
AGENDA ITEM #1. a)
Where to Find More Information:
Willowcresttownhomes.com Event information
and registration
links
AGENDA ITEM #1. a)
Information and Contacts
WillowcrestTownhomes.com
Martha Beck, Homeownership Services Associate
Martha@homesteadclt.org
Kathleen Hosfeld, Executive Director
Kathleen@homesteadclt.org
Additional information at
homesteadclt.org
AGENDA ITEM #1. a)