Land Trust sells Seattle-area homes for $300,000 and under

In a city where the going rate for a home is around $1 million , Seattle's Homestead Community Land Trust is selling them at $300,000 or less.

Why it matters: The nonprofit aims to create and preserve homeownership opportunities for low- to moderate-income families in a region that's facing one of the nation's most severe housing crises .

How it works: The trust retains ownership of the land but sells the houses to qualifying buyers at a fraction of market value, typically $270,000 to $300,000, Homestead executive director Kathleen Hosfeld told Axios.

• Homeowners must use the home as their primary residence and cannot rent it, but can pass it on to their heirs, she said.
• If they sell, they must do so at an affordable rate governed by a formula created by the trust, ensuring that opportunities are preserved for others, she said.
• More than 300 first-time homebuyers have purchased homes in King County through the trust, per Hosfeld.

Driving the news: The organization is hosting a benefit with Isabel Wilkerson on Sept. 12 at Town Hall Seattle.

• Local columnist and publisher Marcus Harrison Green will interview Wilkerson, a Pulitzer Prize-winning journalist and the author of " The Warmth of Other Suns: The Epic Story of America's Great Migration " and " Caste: The Origins of Our Discontents ."
• In "Caste," Wilkerson writes about the creation of hierarchies that justify who gets opportunity and who has to suffer to make it work for everybody else, said Hosfeld.
• Last year's event with Henry Louis Gates Jr . was about the rise and fall of Reconstruction, subtle modern iterations of Jim Crow and how they still impact people today.

Caveat: In addition to fundraisers, the organization relies on donations and philanthropy, including a $10 million construction grant from MacKenzie Scott last year.

Catch up quick: Historically, Black and brown people have faced systemic barriers to homeownership, including discriminatory lending practices , redlining and lower access to generational wealth, that make it harder for them to break into the housing market.

What they're saying: "We are a solution and we are making a difference," Hosfeld said.

• "We don't want to just keep switching symptoms — redlining is a symptom, discriminatory lending is a symptom. We want to get deeper into the root causes so we can find ways to heal."

The big picture: The trust works alongside other organizations in the Seattle area to address affordability and equity issues and preserve Black homeownership.

• The Black Home Initiative , one of seven such networks across the country, aims to help 1,500 new low-and moderate-income households buy a house in south Seattle, south King County and north Pierce County within the next five years.
• The Wa Na Wari Central Area Cultural EcoSystem, 21st Century is addressing housing policies that drive displacement.
• The Black Legacy Homeowner movement provides resources, education and support to help Black homeowners keep their homes, including information on applying for property tax exemptions.

What's next: Tickets to the Wilkerson conversation range from $50 to $2,000 for a Challenge Fund Sponsorship, though a free ticket can be requested.

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