CCA supports The Seattle Foundation's Evergreen Impact Housing Fund, which aims to invest up to $100m in local affordable housing developments. Learn how the foundation's investment helped create affordable housing in one of the most expensive cities in the US.
The client
Evergreen Impact Housing Fund (EIHF) uses catalytic capital to boost the production of affordable housing in King County and advance health, equity, shared prosperity, and belonging.
EIHF investments:
Ensure financial feasibility.
Counteract market distortions
Complement established financing for affordable housing.
Advance positive outcomes for BIPOC communities.
“Evergreen Impact Housing Fund will help thousands of people gain access to affordable housing in King County. We are providing affordable homes for decades, impacting generations of families." ~EIHF
Solera
EIHF’s goal is to ensure housing options for working families of modest income who would otherwise get pushed out of the place they call home.
The Puget Sound region has an acute affordable housing crisis—with a need for more than 45,000 housing units to rent and own. EIHF focuses on accelerating financing to large-scale developments of 200+ apartments to help address this shortage. These developments face funding barriers and have limited financing options. Too often, they get downsized, delayed, or moved away from high-opportunity areas—or they don’t get built at all.
EIHF targets this gap, investing capital at a scale that supports more production near our urban centers. We complement public funding and make it possible for more affordable housing to be financed more efficiently. Market forces will not solve housing inequities or affordability. That’s why EIHF intervenes with private, patient impact investment capital at a crucial step, ensuring that large-scale affordable housing projects can be completed.
Area businesses have come together to support EIHF. Microsoft made a $50M commitment to provide momentum and funding for projects in Renton, Kirkland, and Seattle. Local credit unions collaboratively invested $11.1 million in our first project in Renton. Initial research and development were provided by JPMorgan Chase & Co. with additional support from Tableau Foundation.
Solera was EIHF’s first project.
Developer DevCo broke ground in August 2021 and the property is expected to welcome residents in 2024. This mixed-income project consists of 550 multifamily units; half will be rented at market rates and half will be affordable housing units. Twenty percent of the affordable housing will be set aside for people with disabilities. The property will include a swimming pool and spa, fitness center, business center, community garden, and play areas. A childhood development center and dental health center will rent retail space on site at Solera. The property has easy access to jobs, schools, and commerce in Renton and beyond. It is conveniently close to four bus stops and a Park N Ride.
277 affordable housing units
$11,100,000 EIHF loan
