Black Homeownership Project: Corvidae Cooperative
Project Intent
Displaced households in Seattle have been systematically denied opportunities to accumulate wealth for generations. These disparities are in part a result of inequitable access to home ownership due to redlining, housing and employment discrimination and predatory practices in real estate and banking. The consequences of those disparities can be seen across the lives and experiences of families that have been displaced from the Central Area and Rainier Valley since the 1970’s.
Corvidae Co-op is a demonstration project in the heart of the Rainier Valley that can offer homeownership to populations who see no feasible way to purchase a home in their community. This project will seek to find homeowners from Rainier Valley through the City of Seattle’s Affirmative Marketing & Community Preference policy.
Corvidae Co-op Principles:
— Creative use of single-family zoning to generate 10 residences on two lots
— Reduce purchase price and living expenses for each residence
— Shared-equity co-op structure designed to balance individual equity growth with shared equity
— Co-op to self-fund improvements over time and keep entry costs low
— Shared central courtyard, common kitchens and guest suite that allow for communal meals & gatherings
— Project site intentionally selected near a light rail station to promote the use of mass transit
— Project can be replicated across hundreds of single-family lots throughout Seattle
— 10 Co-op Residences (2BDs, 1 BDs & Studios. Average residence size 600 Sq Ft.)
— 1,500 Sq Ft Indoor Common Amenity (Community Kitchens, dining, guest suite, laundry)
— 3,000 Sq Ft Outdoor garden amenity + Private Amenity
— Walking Distance to Mount Baker Light Rail Station
— Certification: Built Green 4 Star
— Home Price Median: $300,564
— Home Price Range: $205,000 - $583,000
— Down payment Median: $15,028
— Down payment Range: $10,000 - $58,000
— Monthly Housing Payment Median: $2,791
— Monthly Housing Payment Range: $1,730 - $4,100