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Home My WebLink AboutCommittee 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 https://us02web.zoom.us/j/86753290028?pwd=M2pOc09HWWNrY05uVnlIWnpGS1E4UT09 Zoom Meeting ID: 867 5329 0028, Passcode: 881839 You can call through Zoom at (253) 215-8782 and use the Meeting ID. 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)