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DONOR PROFILE: The Seattle Foundation
The Seattle Foundation has provided support and leadership for Impact Capital for more than 20 years. The Seattle Foundation's involvement with Impact Capital goes back to the very beginning. In the early '80s, the Foundation was one of a group of large foundations and financial institutions that collaborated to bring the Local Initiatives Support Corporation (LISC) to Seattle. A Housing Hope nonprofit created to support the work of local community development corporations (CDCs), LISC works through regional affiliate agencies. In 1994, Impact Capital was established as the Washington state LISC affiliate.
"Since that time, Impact Capital has been involved in many housing achievements in King County," says Michael Brown, Vice President of Community Leadership at the Seattle Foundation.
The Seattle Foundation, one of the nation's largest community foundations, is dedicated to "improving the quality of life in King County and beyond." Currently, 12 percent of its community grants go to support agencies concerned with neighborhood and community improvement -- among them, Impact Capital.
"The Foundation wanted to ensure that the community development corporations and housing organizations were receiving the technical assistance they need to become strong organizations, ones that can really deliver on their missions," says Brown. "Impact Capital provides this resource. They are the predevelopment lender and the experts that the housing nonprofits can go to with their community development projects.
The Seattle Foundation currently provides $75,000 a year in support to Impact Capital. In the past, funding has supported the work Impact Capital does to build the capacity of nonprofit organizations including community development corporations in the Seattle area. Recently, the Foundation has shifted the focus of its support
"We've broadened our support to help Impact Capital build its own capacity," Brown says. "With the circumstances in the housing market affecting lending, it's critical that Impact Capital have the strength and effectiveness to address the needs of community development organizations."
The Seattle Foundation has been a continuing presence on the Impact Capital Board of Directors for more than 20 years. Brown, the Immediate Past President of the Board, sees that involvement continuing. "One thing that isn't going to change in this community, and around the state, is the need for affordable housing," Brown says. The Foundation's most recent reports on Trends in Neighborhoods and Communities clearly show the challenges King County is facing, including rising prices for single-family homes and few jobs paying a living wage.
"To ensure a range of affordable housing options, the Foundation needs to be providing support for effective organizations Board and staff, Breakfast event that are the neighborhood developers," Brown says. "One way to do that is by helping to ensure Impact Capital's continuing success. Through Impact Capital, the Foundation is able to respond to the needs of those nonprofit organizations. And that's important to us."