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.
With three or four bedrooms, two bathrooms, and garage, Willowcrest homes are ideal for families living and working in Renton.
All homes were priced to be affordable to households with incomes less than 80% of area median income as determined by the U.S. Department of Housing and Urban Development for the King County area. Three of the homes are more deeply discounted to be affordable to those whose incomes are at or below 60% area median income, and who are experiencing housing instability.
How Community Land Trust Homes are Different
Through one-time investments that subsidize the initial price of the homes and partnerships with buyers, Homestead keeps Willowcrest homes affordable to all subsequent income-qualified buyers permanently. Buyers must qualify on the basis of income by applying through the Homestead website. In community land trust homeownership, buyers purchase the structure of the home using a traditional fixed-rate mortgage. The land beneath the home is not included in the purchase. It is owned collectively through Homestead, a non-profit organization. Homeowners lease the land for a monthly fee. Each home accrues equity at a rate of 1.5% compounded annually, a formula contained in the ground lease signed at purchase. Homeowners are members of Homestead, and participate in the governance of Homestead, including membership on the Board of Delegates.
