Seattle Low Income Housing

Capitol Hill Housing poses the following thought:

Imagine you were hit with an unexpected medical bill for $400. Would you pay it off in cash? Put it on your credit card? When the Federal Reserve asked American consumers this question, a shocking 47% of respondents said they would not be able to cover an expense of that size.

The survey points to a troubling reality: many people across the country are living paycheck to paycheck. In Seattle, there are over 40,000 low-income households spending more than half of their income on housing, squeezed more and more as rents rise.

When most of your earnings go to keeping a roof over your head, the line between being stably housed and on the street can be very fine. Back in July of 2015, the Committee to End Homelessness in King County presented a study showing that an increase of only $100 in median rent corresponded to a 15% increase in the homeless population.

I am often asked what role CHH has in addressing the homelessness crisis. The answer? A large one. We don't run homeless shelters, or tent cities, or conduct outreach. But we do own or manage over 1,400 affordable units across the city, and for many of our residents, an affordable place to rent is the difference that keeps them off the street.

We also know that getting people into housing is often only the first step on their journey home. Our resident services staff works tirelessly to connect tenants to resources and opportunities in the community. And when folks fall on times of financial hardship, we provide emergency one-time rental assistance to those who complete a financial education class, to try and keep as many people in their homes as possible.

For families that are making just enough to scrape by, quality, affordable homes close to jobs and public transit can make a world of difference. Next year we are excited to break ground on the 115-unit Liberty Bank Building project, our largest yet. It represents our commitment to make sure that as Seattle grows and changes, we continue to offer housing for people at all income levels. When growth happens, it should help lift all residents, not push some out. 

Chris Persons returned from his three-month sabbatical this week, so this will be my last time on the soapbox. We're all glad he had some time to recharge his batteries, but also excited to welcome him back. May his renewed energy be infectious as we rise to meet new challenges and opportunities in our ongoing fight to keep Seattle affordable for all.

Today's blog courtesy of Jill Fleming, Acting CEO, Capitol Hil Housing

Happy Investing.

Sweet Lake View Condo

Can you believe this great one-bedroom condo for under $200,000???

New listing today!!! MLS #886162
The address is 3825 NE 155th Pl, Lake Forest Park, WA 98155

This condo boasts great views of Lake Washington from its living room and from the building roof top! A new rooftop deck is on its way to add future enjoyment to the stunning lake and mountain views. The Sequoia House condominiums were recently remodeled, which means no new special assessments for the lucky homeowner. Completed renovations include new roof, siding, decks, windows, and upgraded elevator. Landscaping and the new roof deck will be coming soon.

This is a beautifully-maintained condo, in clean move-in condition. Within the condo there are kitchen updates with granite counters and glass backsplash, updated bathroom with new toilet, new windows, new patio and glass rails. This unit comes with a designated parking space, two storage units & bike storage!

The Sequoia House condos are in a quiet location, with scenic water and mountain views, and easy access to the Burke Gilman trail, Seattle and parts north. Nearby are Third Place Books, grocery, restaurants, and retail.

If you are tired of renting, you will not want to miss this opportunity to lock in today's low, low interest rates at one of metro Seattle's most affordable and desirable locations. Don't miss!

For more information, contact Wendy Ceccherelli at HomeLandInvestment@gmail.com or 888-621-4999 x3.

Happy Investing!

Rooming House Trouble

The Sunday Seattle Times reported on pending legislation by the City of Bellevue to limit the number of unrelated people who can live in one house. The article in the Times reported that “Neighbors had complained about traffic, noise and landlords not paying for garbage collection or keeping up the yard.”

Martin Duke in the Seattle Transit Blog complains:
"I have little doubt that traffic, noise, and untidy grounds are sometimes a problem with boardinghouses. Indeed, homes occupied by a single family can also make noise and not keep up the yard. But Bellevue has hit upon a way to limit this that also happens to specifically exclude poor people from the neighborhood, which should concern anyone interested in social justice."

I offer short-term furnished rentals where I live in Leschi, and they have filled an important niche in the marketplace for affordable housing. Seattle has worked hard to provide subsidized and affordable housing as a way for lower-income citizen to live close to their jobs.

The Eastside provides another major job center, and market-rate home prices are actually higher in Bellevue than in Seattle. Furthermore, Bellevue is commonly understood to have among the best public schools in the state, meaning that this new Bellevue city policy also limits access to quality education for small families of meager means.

The new Bellevue rules limit to four the number of unrelated people who can live in one house. I currently have five unrelated people living with me in Leschi, and another seven in my income property in Ballard. They are good tenants, and I have had no complaints from the neighbors.

The new rules also require the adults to be sharing the entire house under one lease. I have separate leases for each of my tenants in Seattle.

Short term furnished room rentals appeal to contractors and international visitors to our area doing contract or temporary assignments, people experiencing relationship break-ups, and people who are remodeling their homes. They also offer a less-expensive alternative for people who want to be close to their jobs.

Eliminating or restricting this type of housing is, in my opinion, short-sighted.

Nevertheless, those folks displaced by this ordinance are welcome to come join us over here in Seattle.

Happy Investing!