FOR IMMEDIATE RELEASE
CONTACT: Eric Pravitz, eric@homesightwa.org http://www.pontederacondos.com/
SEATTLE, WA – With the $8,000 Federal tax credit program for first time homebuyers expiring soon HomeSight, a local non-profit housing developer and mortgage lender, announces a new program that can save homebuyers over $26,000 in taxes. The Pontedera Condominiums, a beautiful new South Downtown development, already Seattle’s most affordable new condominium, becomes even more affordable with the Seattle Multifamily Property Tax Exemption Program. The Pontedera is the only new condominium building in Seattle approved by the City to make this offer to homebuyers.
The Property Tax Exemption Program is available to buyers with household incomes up to 120% of the area median. It provides the eligible buyer with an exemption on the property tax assessed on the home for up to 12 years. The buyer of a typical two bedroom condominium priced at $298,000 will save approximately $2,162 per year in property tax payments. Over the 12 year term of the exemption that will be a savings of $26,000. After adjusting for inflation the actual savings should be even bigger.
To be eligible for the Program a buyer of a one bedroom home can have a household income equal to the median income for the Seattle area. For the buyer of a two or three bedroom home their household income can be up to 120% of median. Median income in Seattle is currently $67,400 for a two person household. The benefits of the tax exemption are transferrable to a subsequent buyer as long as they meet the same eligibility criteria as the original buyer.
The value offered by HomeSight at the Pontedera is second to none in the City of Seattle. HomeSight’s Mortgage Lending staff has put together an assortment of incentives and assistance tailored to help nearly everyone interested in purchasing a new home realize the best value for their home purchase dollars. Working with their lending partners, HomeSight can offer fixed rate mortgages with the lowest rates available in Seattle.
HomeSight is a Washington State non-profit corporation that builds affordable, for-sale housing, and is Washington State’s first non-profit mortgage broker. Our nationally recognized free counseling program can help prospective buyers reduce their borrowing costs by improving their credit and savings prior to closing on the purchase of their new home. HomeSight is committed to providing value and creating opportunities for sustainable and secure home ownership through quality homes and responsible lending. HomeSight is a non-profit 501(c) 3 Community Development Corporation, U.S. Department of Treasury certified Community Development Financial Institution, and a NeighborWorks® America chartered member.