Building homes, building communities
We help developers make large-scale affordable housing projects a reality.
Evergreen Impact Housing Fund (EIHF) works with developers to fill critical financing gaps and make projects pencil that otherwise would not. We provide catalytic capital to build more affordable apartments.
Our projects are primarily financed with tax-exempt bonds issued by the Washington State Housing Finance Commission (WSHFC) and equity raised through the federal “4%” Low Income Housing Tax Credit (LIHTC) program. EIHF complements the 4% LIHTC deal structure with long-term, low-interest loans to make large-scale affordable housing developments feasible.
Project Eligibility and Priorities
We welcome proposals to help developers make large-scale affordable housing projects a reality. Housing development projects supported by EIHF must be located within a HUD-identified “Difficult to Develop Area” (DDA) or “Qualified Census Tract” (QCT) and financed with housing bonds and 4% LIHTC through WSHFC.
Housing development projects that achieve the following objectives will be prioritized for EIHF investment:
Aim to create 200+ new units of housing
Provide apartments sized appropriately for families
Located close to high frequency transit service and/or in a highly resourced location, such as locations near fresh, healthy food options; community facilities relevant to the population being served; parks or green space; and quality public schools.
“Mission-driven investments from our region’s private sector, like those that created the Evergreen Impact Housing Fund, are the biggest transformation in affordable housing finance in decades. Instead of waiting in line for scarce state and local capital subsidies, a process that typically adds two years to our development timeline, we were able to get this development underway quickly. This means more families will have access to affordable housing much sooner than they otherwise would have without the EIHF.”