SEATTLE, WASH., JULY 11, 2024 —Seattle Foundation and the Washington State Housing Finance Commission (WSFHC) proudly celebrate the Evergreen Impact Housing Fund (EIHF) for earning the 2024 Secretary’s Award for Public-Philanthropic Partnerships from the U.S. Department of Housing and Urban Development (HUD), in partnership with the Council on Foundations.

The honor recognizes the Evergreen Housing Impact Fund for pairing private and corporate donations with the federal Low-Income Housing Tax Credit program to build 1,200 new affordable apartments in King County.

Kris Hermanns, former Seattle Foundation chief impact officer and EIHF fund manager, and Daniel Rothman, senior bond/tax credit analyst at the Washington State Housing Finance Commission, accepted the award on July 11 at HUD headquarters in Washington, D.C.

“It is a privilege to accept this award on behalf of the Evergreen Impact Housing Fund and Seattle Foundation,” shared Kris Hermanns. “At its core, EIHF is about creating affordable, stable housing for working families. This year, we have proven that this model of private-public partnerships works, opening new doors and opportunities for our community throughout Washington State. This innovative financing model is one for the entire country to follow.”

EIHF’s first-of-its-kind model is powered by partnerships with five area credit unions and the Microsoft Corporation. These investments supplement and extend the federal Low-Income Housing Tax Credit program, allocated by the Housing Finance Commission, to fill critical financing gaps and accelerate affordable housing production. To date, EIHF has invested more than $50 million in five affordable housing developments, leveraging an additional $450 million in public financing, to build 1,200 new homes for working families.

The fund invests in family-sized units in large properties (200+ units) near transit, job opportunities, schools, and essential services like grocery stores, childcare, and medical care for working families. Through its partnership with WSHFC, EIHF encourages Black, Indigenous, and People of Color developers and community-led developments to generate wealth and housing for working families.

“We’re proud to make affordable housing a reality for so many community members in Washington state,” shared Daniel Rothman of the Housing Finance Commission. “EIHF shows how private capital can stretch limited federal dollars to build more housing. By working with Seattle Foundation and the investors, we’ve shown that we can do more good—together.” 

The latest properties to be financed by the program, The Aries at Bitter Lake and the Watershed Apartments in Renton, welcomed new families in early 2024 with a combined 345 affordable housing units. By 2026, three more apartment communities will open to families.

About Evergreen Impact Housing Fund

Evergreen Impact Housing Fund (EIHF) provides catalytic impact capital to build more affordable apartments in Washington State. EIHF’s investments are designed to ensure financial feasibility of projects, counteract market distortions, complement established financing for affordable housing, and advance positive outcomes for Black, Indigenous, and People of Color communities.

EIHF is managed by the Seattle Foundation Impact Funds Manager and partners with the Washington State Housing Finance Commission to identify and invest in 200+-unit projects. EIHF is closely aligned with Seattle Foundation’s aims to advance racial justice and economic equity in our region through transformative capital. Learn more at evergreenimpact.org.

About the Seattle Foundation

Seattle Foundation ignites powerful, rewarding philanthropy to make Greater Seattle a stronger, more vibrant community for all. As a community foundation, it works to advance equity, shared prosperity, and belonging throughout the region while strengthening the impact of the philanthropists it serves. Founded in 1946 and with more than $1.3 billion in assets, the Foundation pursues its mission with a combination of deep community insight, civic leadership, philanthropic advising, and judicious financial stewardship. Learn more at www.seattlefoundation.org.

About the Washington State Housing Finance Commission

The Washington State Housing Finance Commission (wshfc.org) is a self-sustaining state agency committed to increasing housing access and affordability for the people of Washington while aligning our work with anti-racist values. We work to provide equitable access to capital through strong partnerships and innovative financing to create and sustain affordable rental housing, homeownership, and community spaces across Washington State.