Introducing the Evergreen Impact Housing Fund
Innovation, technology, philanthropy, natural splendor, arts and culture, are all part of our regional identity. Thousands of people have moved here in the past decade, attracted and inspired by many of these same things.
The explosive growth that brought prosperity for many has also created challenges, making it difficult for some of us to continue to call Seattle home. Many of our valued community members who make our region work — the teachers, machinists, caregivers, and sales people — can no longer afford to live in the communities they serve.
It’s time to do more. We need to reinvest in affordable housing that works for all of us. It’s time for the Evergreen Impact Housing Fund; a new reason to call Seattle home.
The Evergreen Impact Housing Fund (EIHF) specifically supports residents being squeezed out of our neighborhoods; those caught in the middle, working as hard as ever, but not benefiting from the region's prosperity. This fund will create more affordable housing, providing opportunities to live and work here in the Seattle region — for years. The fund works by combining a proven system for delivering affordable housing with a private, scalable response. The EIHF has five primary strategies:
LEVERAGES existing mechanisms to efficiently ensure these apartments remain dedicated to people at the targeted income range for decades to come.
RESPONDS where the market isn’t working: these affordable rents aren’t attracting market developers with conventional financing. This fund fills that gap by providing low-cost capital for qualifying developers and projects.
PROVIDES the last-dollar investment needed to efficiently develop projects already capitalizing on proven affordable housing financing.
SCALES by targeting 200+ apartment projects, funding a few each year, empowering another 1,000 people annually to call Seattle home.
BUILDS on the Washington State Housing Finance Commission’s long-standing programs to increase housing access and affordability to Washingtonians; leveraging Seattle Foundation’s engagement, research, and focus on solving systemic inequities in our region.
Chief Impact Officer
Director, Multifamily Housing and Community Facilities
Washington State Housing Finance Commission
LEADING THE EVERGREEN IMPACT HOUSING FUND ADVISORY COMMITTEE
Faith Li Pettis
Pacifica Law Group
Gregory K. Johnson,
Chief Executive Officer
Wright Runstad & Company
The research and development of the Fund was generously underwritten by JPMorgan Chase & Co. with additional support from Tableau Foundation.
Launching in 2020. Now seeking expressions of interest.
TO GET INVOLVED AND FOR MORE INFORMATION
Make an investment. The success of EIHF in achieving its goals will depend in large part on participation by members of the community, through direct investments in EIHF. This above is a brief summary and is not intended to be an offer or agreement to sell interests in EIHF. Investments in EIHF are available to “accredited investors” pursuant to a subscription agreement.
Make a donation. Seattle Foundation is accepting charitable donations for the Foundation to invest in EIHF. Donors do not need to be “accredited investors” to make a donation. Eligible investors may make both a donation and a direct investment in EIHF.
To find out more about the Evergreen Impact Housing Fund, please mail Kris Hermanns at firstname.lastname@example.org.
Evergreen Impact Housing Fund focuses on growing the housing options for people who earn about half of our area’s median income, or around $40,000 to $60,000 per year. For occupations paying in this range click here to see more.
Median Household Income for King County was $108,600 in 2019. This means a single person at 60% of area median can’t afford more than about $1,200 rent with a $46,000 salary.
The information provided here describes the fund’s expected strategy and is intended for discussion purposes. It does not provide the information an investor would need to evaluate a potential investment in the fund, including the risks of making an investment. This summary is not intended as an offer to sell or solicitation of an offer to buy interests in the fund. An investment in the fund is suitable only for accredited investors.