A New Concept in Affordable Housing for Seattle

Gladys Ly-Au Young, Principal at SKL, discusses plans for a Limited Equity Co-Op at Othello Square with interested community members.  Similar to a condo, Limited Equity Co-Ops allow people to purchase housing (in the form of shares) at an affordable price.  In return for the low entry price, owners are restricted from selling their unit shares at inflated market rates, but instead are allowed a modest return on their investment.  This helps maintain the housing as affordable over generations, while also allowing for some return on investment.  SKL is proud to be part of this new (actually…rediscovered) concept in affordable housing, led by Homesight as part of its Southeast Economic Opportunity Center (SEOC).  The SEOC “will be a culturally relevant and welcoming place where people in Southeast Seattle and beyond can access opportunities for higher education, good paying jobs, and support to start and keep a business.”  https://homesightwa.org/community-development/real-estate-development/seoc

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