The following letter to the editor originally appeared in The Seattle Times in response to “Seattle area doesn’t have ‘enough family-sized units to go around” (Aug. 14, Business)
Recent Seattle Times reporting highlighted a reality families across our communities are facing: There is a shrinking pool of affordable, larger-sized homes. Development of these projects historically faces barriers due to higher costs per unit (compared to studios and one-bedrooms) and a difficult to fill financing gap of 10%-12%.
With this in mind, Seattle Foundation launched the Evergreen Impact Housing Fund as a catalyst to overcome these barriers. EIHF incentivizes development of affordable family housing by providing low-interest capital that fills gaps left by traditional and public financing. EIHF is a strong public-private collaboration including the Washington State Housing Finance Commission for housing tax credits and tax-exempt bond capacity, and a wide range of credit union and corporate investment partners. By bringing private, philanthropic and public capital together, EIHF unlocks investment in large-scale, family-sized affordable housing across Washington state.
To date, EIHF has invested over $56 million in six projects that have created more than 1,300 affordable housing units, most of which are family-sized units. The need is clear, and so is the opportunity to do more. Seattle Foundation is looking to recapitalize EIHF so we can continue helping working families find a place to call home.
Ken Takahashi, director of social impact investing, Seattle Foundation
