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Impact Capital 

Description

We envision partnerships that create healthy, inclusive and sustainable communities, with access to: affordable housing; vibrant commercial districts; education and employment; safe, healthy and accessible neighborhoods; and strong civic institutions and local leadership.

Mission Statement
Impact Capital is the leading catalyst in building equitable, vibrant and sustainable communities.
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Impact Capital
401 2nd Ave S Ste 301 
Seattle 
WA
98104-2867 
(206) 587-3200 

Judith Olsen 
Executive Director 

Programs

Impact Capital Programs

As a community development financial institution (CDFI), Impact Capital works within the community in a variety of ways. We act as a catalyst for investment, offering access to capital for nonprofit organizations, tribal entities and housing authorities to create and preserve affordable housing, art and cultural centers and community facilities.

We also work with community partners to improve local neighborhoods - both through local place-based initiatives in Spokane and White Center; our commercial corridors project Only in Seattle, a joint initiative with the City of Seattle; and through our Equitable Transit Communities project with Growing Transit Communities, where we provide the platforms and capacity building for historically underrepresented groups in transit corridors throughout King, Pierce and Snohomish counties.

Recent Successes and Current Challenges

In 2011, Impact Capital:
  • Provided over $11 million in loans which leveraged over $212 million in total development costs. These loans financed the building of 984 units of affordable housing and 130,291 square feet of community space in 9 counties across Washington State.
  • Granted $330,928 to community organizations to build capacity and commercial corridor revitalization
  • Worked with the Only in Seattle program in 11 neighborhoods, attracting 54 new businesses, conducting 32 clean-up –activities, and making 22 streetscape improvements.
We need general operating support to continue expanding and improving our programming.

Evaluation


Impact Capital is a community development institution that makes early investments in nonprofit organizations to encourage community development; including affordable housing, art and cultural facilities and commercial districts.

Proven Success
They work to create vibrant communities by using tools like their predevelopment, acquisition and bridge loans to build affordable housing. They also strengthen neighborhood nonprofits so that once homes are build there is a support network of services to help the new residents. Their work helps transform distressed community and neighborhoods into healthy ones by taking the riskiest part of the financing package, thereby attracting other investors to the project.

Last year they partnered with 9 organizations for 9 residential/mixed use buildings and one community facility in King County. Loans for these projects will help create 529 units of low-income housing. The $6 million invested by Impact Capital leveraged over $94 million in total development. In the previous year they managed 18 loans and Impact Capital investment of $7 million leveraged
$84 million.

Use of Best Practices
Their Community Development Loan Fund provides zero percent interest loans to assist non-profits with feasibility costs, required to enable them to develop initial applications for grants and project financing. Their Community Investment Fund provides secure, interest-bearing loans which can be used to acquire land and buildings, pay for pre-development expenses, bridge capital campaigns, and pay for construction costs. They have high loan repayment rates; their CDLF loan pool is at 97% and their CIF loan pool is at 100%.

Collaboration
Their Community Building Program works with partners to strengthen neighborhood commercial districts, create affordable housing, sustain affordability, increase public safety, and create parks and open space.

Leadership
Their Executive Director is retiring effective December 2011. The board is working with a consultant to find a new leader and hope to find a candidate that will bring new opportunities to the organization.

Financial Health
Impact Capital has a reputation in the private and public investor marketplace as an organization that motivates private markets to engage and invest in underserved and overlooked communities. Their financial position has been weakened by the economic impact of the banking industries mortgage crisis. It is more difficult to raise funds at reduced interest rates in this environment. To balance the declining bank investment and grantmaking to their organization, they have been working to diversify their fundraising base.

Sustainability
In an effort to evaluate internal and external challenges and determine new opportunities, Impact Capital is creating a new strategic plan. With the completion of the plan, they hope to have a better vision for comprehensive community development and understanding of where they can grow their business.

Grant History with The Seattle Foundation:

Grants Awarded through The Seattle Foundation Grantmaking Program:

DateAmountPurpose
3/10/2013 $25,000.00provide general operating support.
7/17/2012 $1,800.00to support the Regional Equity Network Retreat.
3/10/2012 $25,000.00support general operating expenses.
3/10/2011 $25,000.00support general operating expenses.
6/10/2010 $25,000.00support general operating expenses.
6/10/2009 $75,000.00support general operating expenses.
12/10/2008 $75,000.00support general operating expenses.
12/10/2007 $75,000.00support general operating expenses.
10/5/2006 $75,000.00support the Puget Sound Capacity Building program.
3/16/2005 $75,000.00support the Puget Sound program. A grant of $150,000 has been approved and is payable over two years. This is the 2nd and final installment of the grant.

Financials

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