U-Lex Affordable Housing - Buying Opportunity
David Neiman
Friends and Colleagues,
For many years I have been following the progress of U-Lex, a new affordable housing co-op planned near the Othello Station Area. Developed by HomeSight, the project is a one-of-a-kind venture that creates permanently affordable homes with low barrier to entry. The monthly payment on these homes will be similar to what a typical renter pays for their lease & requires a very low down payment.
U-Lex is reaching a financing deadline & has to get commitments to sell the last ~20 units by May 30th. This period represents a unique opportunity for buyers to get in the door & a make-or-break moment for the project. If you or someone you know might be interested in making the transition from renter to homeowner, I would encourage you to check it out.
How to Check Your Eligibility: (see U-Lex Website Here)
Calculate your household's total income and determine your household size (e.g., single person, couple, family of three, etc.). Your household income can be no more than:
- Single person: $88,000
- Family of 2: $96,950
- Family of 3 $109,950
*The income limits on the U-Lex website are out of date & are showing 2024 numbers that are too low. They will be updated shortly.
** You need to be a first time homebuyer, or have not owned a home for the past three years.
Best Regards,
-DEN
From:
Sharon Snook <Sha...@homesightwa.org>
Sent: Wednesday, April 23, 2025 10:24 AM
To: David Neiman <da...@neimanarchitects.com>
Subject: U-lex Cooperative Information
Good morning, David,
Darryl Smith our Executive Director asked me to reach out to you regarding our exiting project U-lex. We are building a sustainable community with 68 brand new homes slated to begin construction in June 2025. HomeSight is offering neighbors a chance to stay in Seattle while stabilizing housing costs and building equity and generational wealth at U-lex@Othello Square, a housing cooperative.
Like a condominium, a housing co-op provides homeownership opportunity. Unlike a condominium, housing co-ops are owned by their residents, and the price starts – and stays – low. Become part of a cooperative living experience that prioritizes community, sustainability, and affordability.
With unit shares priced between $53,000 and $92,000, and financing support from Verity Credit Union, homeownership is within reach. Become a part of this culturally diverse, vital neighborhood today. We are now taking reservations on a first-come, first-served basis. Don't miss the opportunity to secure your unit and start your journey toward an enriched living experience at U-lex.
What is a Co-op? In a co-op, each household becomes a voting member of the co-op and collectively the members own shares in the building and the land it’s on.
AM I eligible? ELIGIBILITY | https://www.u-lex.com/
Getting started is easy! Create a profile: visit the HomeSight website to create a profile by clicking the Get Started button. Submit your information: upload your financial information to the secure HomeSight portal.
Meet with us: meet with a HomeSight counselor to confirm eligibility
Community - Othello is one of Seattle’s most diverse neighborhoods, with over 40 ethnic groups and more than 60 languages spoken.
I have also included some our comparison slides that we use in our presentation that speak to Seattle rental, traditional fee-simple homeownership, and U-lex housing costs (see attached). Additionally, I have included “Exhibit-A” it details our unit sizes, share prices and carrying charges. The share price and carrying charges for each unit are combined. Below I have used a typical mortgage calculator to illustrate the costs of a 2-bedroom 2 bath unit at U-lex. (I have attached our NWMLS link https://www.realtor.com/realestateandhomes-detail/M9438447931
We have 36 units sold at this time we must get to 61 to meet HUD’s 90 percent presale requirement. We have sold out of 3-bedroom units but we have plenty of 2 and 1 bedroom units left.
U-lex serves as an entry-level step for individuals or families looking to break into the housing market and provides a viable option in today's challenging real estate landscape. Please let me know if you questions, I would love to set-up a time for Pearl and or myself to go through U-lex in-person.
Below are our Upcoming informational workshops.
We discuss:
Meeting Topics Include:
• Introduction to Cooperative Housing
• Financial Planning for Cooperative Living
• Community Building Strategies
• Sustainable Living Practices
Why Join U-lex?
• Be part of a vibrant community
• Affordable and inclusive housing options
• Opportunity for shared resources and responsibilities
Upcoming informational workshops for April and May:
In person
Community Roots Housing
Location: Community Room, 1620 12th Avenue Suite 206, Seattle, WA 98122
🏢 Monday:
• April 28th: 6:30 PM - 7:30 PM
HomeSight
🏢 Thursday:
Location:, 5117 Rainier Ave S, Seattle, WA 98118
• May 15th: 6:30 PM - 7:30 PM
Online
Discover Affordable Homeownership with U-lex Co-op: April Zoom Workshops Tickets, Wed, Apr 30, 2025 at 6:30 PM | Eventbrite
🏢 Wednesday:
• April 28th: 6:30 PM - 7:30 PM
🏢 Monday
• May 5, 2025, 6:30 PM - 7:30 PM
• May 19th, 2025, 6:30 PM - 7:30 PM
Warmest Regards,
Sharon Snook
Introducing U LEX
https://www.youtube.com/watch?v=tpwA0HIRaIc&t=14s
Homebuyer Portal Tutorial