Unlocking the Door to Affordable Housing
The Evergreen Impact Housing Fund (EIHF) ensures that working families have more housing options in Washington State.
The Evergreen Impact Housing Fund provides an innovative financing solution to build more affordable housing.
With the rapid pace of development in our region, rents have skyrocketed, and the supply of homes for people with modest incomes has dwindled.
Communities of color and working families are hit hardest by rising rents, reducing economic stability. But we have the power to change this situation.
EIHF, managed by Seattle Foundation, is first-of-its-kind financing that closes a critical gap in affordable housing developments. This increases the production of housing for working families and promotes health, well-being, and equity throughout Washington State.
An Innovative Approach to Housing
EIHF makes loans that fill the final 10-12% capital gap on large-scale, affordable housing developments. Our projects are primarily financed with tax-exempt bonds issued by the Washington State Housing Finance Commission (WSHFC) and funds raised through the federal “4%” Low Income Housing Tax Credit (LIHTC) program. Alignment with proven financing streamlines our process, decreases risk, and achieves maximum impact for our investment.
“The successful launch of the Watershed project captures what our region desperately needs: a broad network of public, private, and philanthropic organizations that all come together around shared solutions. This project is an important step towards addressing our region’s housing crisis, and while much remains to be done, initiatives like the Evergreen Impact Housing Fund are helping hundreds of people access affordable housing.”
EIHF Affordable Housing Projects
