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HUD # 06-WA-14
Pamela Negri
(206) 220-5356
www.hud.gov/washington
For Release
Wednesday
March 29, 2006

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HUD SELLS HOME TO KING COUNTY FOR $1
Innovative partnership allows working family to fulfill homeownership dream

SEATTLE – In a ceremony today, A. Jo Baylor, Assistant Deputy Secretary for Field Policy and Management, U.S. Department of Housing and Urban Development turned over the keys to a HUD home to King County for $1. The property will become the new home for a low-income family in King County. In this first of its kind demonstration project, HUD and King County partnered with Habitat for Humanity of Seattle/King County and the Homestead Community Land Trust to rehabilitate a HUD home and sell it to a deserving family, while title to the land will remain in the Land Trust to preserve the long-term affordability.

[Photo: HUD home sold for $1]

"Creating affordable homeownership opportunities for working families is a top priority for HUD," said A. Jo Baylor, HUD's Assistant Deputy Secretary for Field Policy and Management. "This innovative partnership will allow one family to fulfill its dream of homeownership, while assuring the long-term affordability of this home."

"To make the dream of homeownership possible for King County's low to moderate income families requires creativity, innovation and collaboration," said King County Executive Ron Sims. "This partnership gives us a model for how we can work together to open the door to homeownership, one house and one family at a time."

"Habitat for Humanity of Seattle/South King County is grateful to HUD and King County for their generosity and willingness to think outside the box," said Dorothy Bullitt, Executive Director, Habitat for Humanity of Seattle/King County. "Because of them, a hard working family in need will get the chance to help renovate, then own a simple decent home."

"Homestead Community Land Trust is delighted to be part of this innovative partnership to create and preserve affordable homes in King County," said Sheldon Cooper, Executive Director, Homestead Community Land Trust.

King County will transfer the home to Habitat for Humanity, which will select the future homeowner who will help rehabilitate the property through its sweat-equity program. The homeowner will retain title to the house and will pay a nominal leasehold fee to lease the land from the Land Trust. This will ensure long-term affordability of the house, because the land cost is not covered in the original or future sale of the home. The homeowner will still be able to profit on the sale of the home, though not at whatever market appreciation has been over the years. When the homeowner decides to sell, the home must be resold to another low-income family or repurchased by the Land Trust.

The two-bedroom home is located at 10440 18 Avenue South in Boulevard Park.

HUD is the nation's housing agency committed to increasing homeownership, particularly among minorities; creating affordable housing opportunities for low- and moderate-income Americans; and supporting the housing needs of the homeless, elderly, and of people with disabilities and people living with AIDS. The Department also promotes economic and community development as well as enforces the nation's fair housing laws. More information about HUD and its programs is available on the Internet at www.hud.gov and espanol.hud.gov.

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