Affordable Homes, Thriving Communities

Evergreen Impact Housing Fund will help thousands of working families gain access to affordable housing in Washington state.

We are providing affordable homes for decades, impacting generations of families.

Here’s what success will look like for us.

Housing that’s affordable for people in households earning less than 60 percent of local median income.

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More than 8,500 people in 3,750 modest-income, working households by 2028.

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Investments today deliver new homes in two years and ensure they remain affordable for decades.

EIHF’s projects are funded by Microsoft and a consortium of five credit unions: BECU, Salal Credit Union, Sound Credit Union, Verity Credit Union, and WSECU. Given high demand by developers for this type of financing, we welcome new investors.

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EIHF has already invested in three projects that will provide 600+ units of affordable housing for working families in our region.

  • Watershed opened in early 2024 and features two- and three-bedroom units for families. Developed by GMD, Watershed will be located within walking distance of downtown Renton and Rainier Avenue. The property has a total of 145 affordable housing units.

  • Copper Way is the second project supported by a consortium of local credit unions. Developed by Inland Group, Copper Way consists of 256 units of multifamily housing and a variety of amenities in Spanaway with easy access to a Bus Rapid Transit Line. Copper Way is expected to welcome residents in late 2024 or early 2025.

  • Solera was EIHF’s first project supported by a consortium of five local credit unions. Developer DevCo is expected to complete the project and welcome residents in early 2025. This mixed-income project is close to public transportation and centrally located in Renton. It consists of 550 multifamily units; half will be affordable housing units, 20% of which will be set aside for persons with disabilities.

Rendering of the Polaris affordable housing development.

  • Polaris at Totem Lake is in Kirkland near public transit and shopping. Developed by Inland Group with the support of Hopelink and using a variety of funding sources, Polaris will provide 260 affordable housing units and will feature two- and three-bedroom units for families. In addition, it will include 40 units for lower-income families, as well as supportive housing for formerly homeless families. Polaris is scheduled to open in 2026.

  • Aries is a property in the Bitter Lake neighborhood of Seattle that features two- and three-bedroom units for families. Developed by the nonprofit Bellwether, there will be 40 units dedicated to persons with disabilities. The project is close to public transit, including a future Sound Transit Light Rail station, and many neighborhood amenities. Aries opened in early 2024.

EIHF Project Locations

 

EIHF Case Study

Filene Case Study on EIHF. Learn more.

Produced by Ashley Archer Tindall at Film Archer