The Homestead Community Land Trust has announced a $10 million gift from philanthropist MacKenzie Scott in support of its mission to deliver permanently affordable and environmentally sustainable housing in King County, Washington.

Home prices in King County and surrounding areas are up to seven times the median household income, according to State of Washington research. The widening gap between what homes cost and what people can afford has disproportionate impacts on people of color. To address the gap, Homestead lowers barriers to homeownership for those excluded by discrimination and has nearly 60 percent ownership by people of color.

Over the last 18 months, the trust has met several milestones, including opening the fossil fuel-free Village Gardens in the central district of Seattle, as well as breaking ground on the Southard, the first multi-unit affordable homeownership project in Tukwila, with homes that are designed to use no more energy than they generate over the course of a year. In addition, the trust has cultivated a pipeline of projects to build up to 200 new homes, many in partnership with community-based organizations helping people experiencing or at risk of displacement.

“We are beyond grateful for this unprecedented investment in our work, and for Ms. Scott’s recognition of our leadership in addressing the affordable housing crisis, building community wealth, and partnering with communities experiencing displacement,” said Homestead CEO Kathleen Hosfeld. “This gift will enable us to accelerate our work to build homes that are permanently affordable to current and future generations.” 

(Photo credit: Getty Images/sommart)