Crosscut Now
Sept. 14, 2023 - $10M for affordable homeownership
9/14/2023 | 1m 15sVideo has Closed Captions
MacKenzie Scott Gives $10M for Affordable Homeownership in Seattle
Homestead Community Land Trust said the billionaire’s gift will be a ‘game-changer’ for low-income residents looking to buy. How will it work?
Problems playing video? | Closed Captioning Feedback
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Crosscut Now is a local public television program presented by Cascade PBS
Crosscut Now
Sept. 14, 2023 - $10M for affordable homeownership
9/14/2023 | 1m 15sVideo has Closed Captions
Homestead Community Land Trust said the billionaire’s gift will be a ‘game-changer’ for low-income residents looking to buy. How will it work?
Problems playing video? | Closed Captioning Feedback
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Learn Moreabout PBS online sponsorship(dramatic music) - I'm Paris Jackson of the Crosscut KCTS 9 Newsroom.
A nonprofit aiming to make home ownership possible for low-income Seattle residents is finding it increasingly difficult to meet the supply needs.
To purchase a home in Seattle, the median home price is north of $800,000, and many residents face a gauntlet of hurdles, from tight inventory, high prices, and limited access to financing, leaving home ownership mostly to higher-income Seattleites.
The nonprofit Homestead Community Land Trust is working to put home ownership within reach for a few low-income residents in the Seattle area.
In August, thanks to a $10 million gift from billionaire MacKenzie Scott, Homestead has a lot more money to expand their efforts to help lower-income residents overcome financial hurdles.
The nonprofit's executive director calls the gift a total game changer.
Their executive director says some of the money will likely be used to help expand its nine-person staff, help secure bank loans they need to buy land, and pay for construction of new homes.
I'm Paris Jackson.
Find nonprofit Northwest news every day on crosscut.com.
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Crosscut Now is a local public television program presented by Cascade PBS