Located in the Seattle neighborhood of Phinney Ridge, Nest is a five-story mixed-use building with 30 condominium homes, including 19 permanently affordable homes and 11 market-rate homes, two of which are ground-floor live-work units.
Nest’s permanently affordable homes will be sold to households earning at or below 80% of Area Median Income (AMI) and will be stewarded by Homestead Community Land Trust, ensuring long-term affordability for future income-qualified buyers.
Nest is built on surplus land distributed by the City of Seattle and a duplex parcel purchased by Homestead Community Land Trust. The project is named in honor of Philipa Nye, a long-time housing justice advocate and community land trust leader.
All homes—affordable and market-rate—are part of the same homeowners association, creating a mixed-income community rooted in stability, shared stewardship, and long-term affordability.
The permanently affordable homes will be sold to households with incomes at or below 80 percent of Area Median Income. These homes will be stewarded by Homestead Community Land Trust.
Homestead Community Land Trust is a non-profit affordable housing developer whose homes address housing and climate equity for lower-income families and households. We serve income-qualified households who make less than 80 percent of Area Median Income. The median for-sale price of a home in the Phinney Ridge area is nearly $1 million, which is unaffordable to middle-income families. Our income-restricted homes are typically priced between $260,000 and $320,000, which puts the dream of a starter home within reach.
Through one-time investments that subsidize the initial price of the homes and partnerships with buyers, Homestead keeps 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, through 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.
How Community Land Trusts are Different
