Since I normally blog about non-affordable condos I thought it would be appropriate to mix it up with a post to let you know that Pontedera Condos and Lofts is having a ground breaking tomorrow at noon at Hiawatha Place South and South Dearborn Street.
This Wednesday afternoon, U.S. Senator Patty Murray and Seattle Mayor Greg Nickels will join other luminaries at a groundbreaking ceremony for the Pontedera Condominiums & Lofts, a new affordable housing development at Hiawatha Place South and S Dearborn Street in the Jackson Place neighborhood. A partnership of the City of Seattle Office of Housing, the State of Washington and the Federal government, most of the 102 new condominiums and lofts will be affordable to households earning less than 80% of the area median income.
Here’s a rendering.
Popularity: 15% [?]
12 responses so far ↓
1 sceptic // Mar 19, 2008 at 9:32 am
“households earning less than 80% of the area median income”
Do you know how much this is in dollars?
Is it different for one vs two incomes?
Any links to how one could actually investigate the application, financing/loan procedures, downpayment requirements?
2 Matt // Mar 19, 2008 at 10:11 am
The link they sent was http://www.homesightwa.org.
3 Peckhammer // Mar 19, 2008 at 10:41 am
What’s median houshold income here? $65,000? If yes, you’d have to be making less than $52,000 in order to qualify as an economically challenged household.
I don’t know how people could live on that and still expect that they can own a home here. That’s Barista wages.
4 jo // Mar 19, 2008 at 12:13 pm
I don’t know many barista’s averaging $25/hour :)
There’s another plan out there many people don’t know about, the Mortgage Credit Certificate Program.
http://www.wshfc.org/sf/MCC/MCC.html
King County for example. If you make bewteen 70k-90k a year, buy in a targeted area (generally the higher income areas, Capitol Hill, Belltown are included), you’re eligible to receive 20% of the mortgage interest you pay back as a tax credit.
Spend 15k a year on interest, you’ll get 3k of that back as a tax credit on top of your normal deductions.
It’s the program for the middle income earners.
Check out the link for full details of course.
5 Peckham // Mar 19, 2008 at 1:24 pm
“I don’t know many barista’s averaging $25/hour :)”
Since the figure is for household income, I am assuming two Baristas per house-hold, one with an additional part-time job designing MySpace Pages for lo-fi bands.
6 Aff Housing Insider // Mar 19, 2008 at 4:18 pm
Area Median Income limits for 1 person / 2 person / 3 person households:
80% AMI: $43,050 / 49,200 / 55,350
60% AMI: $34,200 / 39,060 / 43,980
50% AMI: $28,500 / 32,550 / 36,650
7 Aff Housing Insider // Mar 19, 2008 at 4:19 pm
BTW, those income levels are determined by HUD. I’ve seen the formula and it’s a scary mess. Don’t attempt to derive the income limits from other data (like Census data). It won’t work.
8 Aswin Suri // Mar 20, 2008 at 3:43 pm
I know you all like coffee in Seattle but should I quit my job and become a Barista and move there or what. I live in yeah Florida and even a RN nurse doesn’t make that much. I guess it’s all relative to what it cost to live but OMG here the Barista makes minimum wage.
9 Peckham // Mar 20, 2008 at 6:16 pm
Aswin,
The good news is that low wage earners like yourself have to prove yourselves much more that software geniuses like Matt and me. This will make you a better person in the long run.
For those of you who may not get what I am talking about, check out the level of scrutiny we put our minimum wage workers through: http://blip.tv/file/677548
10 eric // Mar 24, 2008 at 8:26 am
At least entry level workers here can benefit from the nations highest minimum wage. But you’ll need a bit more than minimum wage to purchase a condo in Seattle. By the way, there is a website for the project at http://www.pontederacondos.com
11 jo // Mar 24, 2008 at 10:59 am
I don’t know anywhere an entry level worker can afford a condo on minimum wage. :)
12 PistolPete // Mar 24, 2008 at 6:20 pm
Thank you for the great link Jo! Since we are all here looking for a great place that is affordable…maybe Matt can make that link a sticky on a section labeled “First Time Buyer Resources”……thanks Matt! My email works now and your In-Box Must be full because my emails gets bounced back :) Good day!
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