We have partnered with HomeSight to be the preferred lender of the new Housing Cooperative program at Othello Square, the community development project underway in the Othello neighborhood in South Seattle. The new Limited Equity Cooperative loan program (or Co-Op loan) will provide financing for residents in the Housing Cooperative program. With this partnership and program, Othello Square residents will have access to affordable residential ownership.
The next workshop for this program is Wednesday, July 27 at 6 pm. Learn more at homesightwa.org.
What is a Co-Op Loan?
A Co-Op loan is a limited equity cooperative loan. This means it is a residential ownership model that allows you to purchase a share in the development instead of the individual unit. Think of it like being a Verity Credit Union member—if you have an open account with us you also have a share in the company and same goes with a Co-Op loan. If you purchase a share in the building, not only are you entitled to one unit, you also have a say in the decision making of the building. When it comes to re-selling your share, there is a limited amount of funds you can sell it for to maintain the affordability.
Want to learn more? Register for a workshop with HomeSight!Register for a workshop
Residential Ownership Starts HereRegister Today!