pixel

Build equity in Southeast Seattle, one block from the Othello Light Rail Station.

Coming soon: U-lex, a limited-equity, residential housing cooperative at Martin Luther King Jr. Way South and South Holly Park Drive in South Seattle’s Othello Neighborhood.

All 68 units will be affordable to families earning 80% Area Median Income or less at the time of purchase.

Build equity in Southeast Seattle, one block from the Othello Light Rail Station.

Coming soon: U-lex, a limited-equity, residential housing cooperative at Martin Luther King Jr. Way South and South Holly Park Drive in South Seattle’s Othello Neighborhood.

All 68 units will be affordable to families earning 80% Area Median Income or less at the time of purchase.

These units will move quickly, and HomeSight is accepting applications on a FIRST COME, FIRST SERVED basis.

Don’t wait! HomeSight is accepting applications for this affordable, equity-building housing in transit-friendly Othello on a FIRST COME, FIRST SERVED basis. U-lex will fill up! Don’t let this opportunity pass: contact our Homeownership Center today!

To be eligible, purchasers must have a household income 80% or less than area median income by household size and be first-time homebuyers or not have owned a home in the last three years.

These units will move quickly, and HomeSight is accepting applications on a FIRST COME, FIRST SERVED basis.

Don’t wait! HomeSight is accepting applications for this affordable, equity-building housing in transit-friendly Othello on a FIRST COME, FIRST SERVED basis. U-lex will fill up! Don’t let this opportunity pass: contact our Homeownership Center today!

To be eligible, purchasers must have a household income 80% or less than area median income by household size and be first-time homebuyers or not have owned a home in the last three years.

Cooperative Housing

ABOUT

U-lex at Othello Square features five stories of mixed-use residential development and features:

  • 25 one-bedroom units
  • 35 two-bedrooms units
  • 8 three-bedroom units
  • Open, flexible floor plans with abundant natural light
  • Secure, underground parking garage (limited)
  • One block from Othello light rail station
  • Efficient and accessible elevator
  • Bike storage, plus additional storage spaces for each unit
  • Water- and energy- efficient fixtures and appliances
  • In-unit washers and dryers
  • Central courtyard connected to interior community space equipped with a full kitchen
  • a large multi-purpose space
  • Communal sun decks with gardening opportunities on the 2nd and 4th floors.
  • High-speed internet provider choices
  • A diverse, multi-cultural community
  • Burgeoning “main street” along Martin Luther King Jr. Way South
  • Neighborhood park space: Othello Park
  • Convenient retail, including grocery and restaurants
  • Easily accessible walking neighborhood, with bike trails 
  • Othello light rail station offers quick access to downtown and other urban neighborhoods via Link Light Rail and King County Metro bus services 
  • 50% of the units, evenly distributed by bedroom size, must go to qualified applicants with community preference.
  • All interested buyers must complete the HomeSight program and verify household income eligibily. Once eligibility is confirmed and refundable reservation fee is paid, applicant will be placed in the queue of approved-income qualified buyers.
  • Each applicant will be assigned a number based on the date of their completed application and number of bedrooms needed.

 

  • ʔúləx̌ (U-lex, pronounced OH-lew) means “gather” in Lushootseed, the language spoken by the Coast Salish tribes.
  • The building’s biophilic design honors the land and the Coast Salish people who were its stewards.
Cooperative Housing

FAQ

Instead of buying a structure or the land where it sits, a co-op buyer is buying shares in a corporation. The corporation owns the building and land, and all the members of the co-op are homeowner shareholders in the corporation, with each household having an equal voting right. The co-op is run by a board selected by popular vote of the co-op members.

Investing in a co-op is an alternative to homebuying that’s a great way to build equity. The money you pay in rent never returns to you. The money you invest in a co-op stays with you until you sell your shares of the co-op.

U-lex has income eligibility requirements and will favor residents of neighborhoods in southeast Seattle. Applicants will be accepted on a first come, first served basis. Learn more about eligibility here. Or contact HomeSight’s HomeOwnership Center and speak with one of our friendly staff members.

The HomeOwnership Center staff will work with you to determine if you qualify and if you can afford the monthly housing cost of the unit. They will walk you through the process of submitting the application, and can also provide other free services, like evaluating your credit and helping you create a budget.

Owners can make minor changes such as painting walls and changing faucets. Any changes that invoke and/or result in structural changes (for instance opening a wall or ceiling) require a permit or authorization from the Seattle Building Department. Changes that create noise, smoke or odor, or could interfere with other residents’ enjoyment of their space will require written co-board approval before the work is started.

Owners must maintain, repair, replace and keep all parts of their unit in good working order. This includes walls, floors, windows, plumbing, heating and electrical fixtures and appliances.

A HUD-approved property management company will manage the building operations. The property manager will be responsible for taking care of all the areas outside owners’ units, including collecting managing the co-op’s financial records, ensuring owners are following co-op rules, lawn maintenance, and helping the board prepare the annual budget.

The monthly building carrying cost fee is like an apartment’s rent or a home’s mortgage payment. It is used to make payments on the building’s blanket mortgage. The building carrying cost fee should remain at a fixed amount for the term of the building’s blanket mortgage loan, which is typically 30 years. The monthly maintenance fee pays for building maintenance. It’s adjusted by the elected co-op board. You can expect the maintenance fee to increase with inflation, currently between two and three percent per year, as the costs of services, labor and materials increase.

The minimum down payment is 20 percent of the share price. You’ll also need to demonstrate you can save up to three months of payments. HomeSight’s Homeownership Center will help you develop an action plan for this.

A share loan program will be created to assist in financing a portion of the share price. The details of the loan program have not yet been finalized.

The purpose of U-Lex is to provide affordable residential ownership to income-qualified families. Renting your unit will be prohibited.

Once eligibility is confirmed and the refundable reservation fee is paid, applicants are placed in the queue of approved-income qualified buyers. Each applicant will be assigned a number based on the date of their completed application and number of bedrooms needed.

Attend one of our classes, or contact our HomeOwnership Center, who are happy to provide answers to any of your questions.
Translate