Providing equity in two ways
A rare opportunity to build intergenerational wealth
South Puget Sound Habitat for Humanity last month hosted a Home Dedication for two families moving into homes they helped to build with their own hands. The Deyoe Vista community in Lacey is brought to life by hundreds of volunteers and donors each year to witness the transformative power of homeownership as partner families receive the keys to their new, affordable homes.
The first hammer swung in Deyoe Vista in 2012, and the neighborhood now consists of 33 Habitat homes built from the ground up by volunteers, donors, and the very people that live there today.
The vibrancy of the winding streets and brightly colored homes are echoed by the chatter of children, playing and thriving. This will be the last home dedication in this Habitat development before we break ground this summer on a major project in Tumwater.
Building generational wealth has no better catalyst than owning your own home and the need for decent and affordable places to live has never been more significant.
Families that partner with Habitat work hard to build a better life for themselves—and their children. Partner families spend many hours helping build their own homes, and when they have completed all the program requirements, they purchase their Habitat home at an affordable price—mortgage payments are never more than 30% of their income.
Another Habitat project will also include homeownership
The City of Olympia has selected Habitat as the preferred development partner for city-owned property at 3900 Boulevard Road. The selection came after an outpouring of support for Habitat’s proposal that promised housing for owners as well as a focus on affordability for low income working families.
According to the city, the Habitat proposal “articulates a vision for a mix of owner-occupied townhomes and ‘senior cottages’ with the inclusion of a small neighborhood center. Approximately 100-110 units are anticipated to be developed as part of this project. Over 50% of the homes will be ADA accessible, and all units will be built to the Evergreen Sustainable Development Standard.”
As a next step, the City will begin to work with Habitat on the creation of an Exclusive Negotiation Agreement. This agreement will outline shared commitments between the two parties for the next 180 days.
During this period Habitat will complete their due diligence for future development of the site and the two parties will negotiate a purchase price for the land.
Additionally, Habitat will initiate a neighborhood engagement process, refine their development concept and financing plan, and identify an additional development partner to assist with the neighborhood commercial center component.