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DONOR PROFILE: Bank of America

Impact Capital is able to address the need for low-interest community development loans because of our strong partnerships in the lending community.


One of those key partnerships is with Bank of America. In 2005, Bank of America made a major multi-million dollar investment in Impact Capital, providing funds for low-interest loans we are currently allocating to community development projects across Washington State.  In addition, in 2008 Impact Capital received a grant from Bank of America to develop its Asset Management Portfolio Evaluation program which is part of the Affordable Housing Preservation Services. Projects utilizing the low-interest loans generated from the 2005 commitment include:

  • Rehabilitation of 30 units of workforce housing (Capitol Hill Housing Development Program)
  • The Strength of Place Village, 30 units of affordable housing in White Center (Delridge Neighborhoods Development Association)
  • The Methow Valley Assisted Living Facility, a new 27-unit facility in the rural community of Twisp (Housing Authority of Okanogan County)
  • Predevelopment funding for architectural work on housing for the mentally ill (Clallam County Housing Authority)

Jan Laskey, Senior VP of Community Development Lending at Bank of America, is the current Chair of the Impact Capital Board of Directors and has previously served on the Loan and Investment Committee.

"Bank of America recognizes that Impact Capital has the capacity and expertise to assist the organizations that can deliver affordable housing and community development throughout Washington," Laskey says. "As a statewide organization with terrific regional coverage, Impact Capital is a critical part of the delivery system."

Michael Dotson, a Senior VP and Community Impact Manager at Bank of America, preceded Laskey on the Impact Capital Board of Directors. He notes that Bank of America was a founding member of Impact Capital and has made an ongoing commitment to Impact Capital's work, both financial and non-financial.

"What Impact Capital does can be a little difficult to understand," Dotson said. "Community development projects start with some ideas, and then there are funds that need to be spent at various stages to get from those ideas to the point where you are actually building. Impact Capital does the critical piece to help community development groups implement the dream."

"And," Dotson adds, "groups that funded through Impact Capital are getting extra help-not just having the money available, but getting to work with somebody experienced who really understands what they are undertaking."