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Impact Capital Newsletter
June 2010
Impact Capital Proud to Support Affordable Condominium Development
The Pontedera, the most affordable new condominium development in South Downtown, celebrated its grand opening on April 19, 2010. This new property was developed by HomeSight, a local non-profit developer and construction 
was made possible in part through a $2.9 million loan provided by Impact Capital and their national partner, the Local Initiatives Support Corporation (LISC).
The Pontedera Condominiums create a remarkable opportunity for affordable home ownership close to downtown jobs, providing 94 residential condos and commercial live/work spaces, starting at $199,950 with assistance including property tax exemptions and up to $120,000 finance assistance.
Not only are The Pontedera Condominiums beautiful, they are cutting edge, featuring modern, high-quality construction, energy efficiency and revolutionary accommodations, such as an electric car re-charging station. Non-profit developers like HomeSight are able to bring these homes to Seattle families through the work of partners like Impact Capital and LISC that provide financing for pre-development and construction.
“We measure our success by reflecting on the accomplishments of our borrowers and our partners,” said Magda Herrera, Senior Fund Development and Communications Officer at Impact Capital, who spoke at the opening ceremony. “Impact Capital has supported Homesight for nearly 20 years and has had the privelege to see them grow into an organization receiving alcolades and accomodations for their work.”
Current Projects
Opening: Pacific Pearl
Impact Capital provided two pre-development loans to the Joint Pacific County
Housing Authority for their construction of the Pacific Pearl, a 15 unit multi-family project in South Bend, Washington.
This project primarily serves victims of domestic violence in partnership with support services provided by the Crisis Support Network. A priority project for the State of Washington, and a graduate of the State's Supportive Housing Institute, Impact Capital was able to provide over $350,000 in assistance to bring the project to fruition.
With our capital, the project was able to complete its architectural drawings, among other items to get the project permit ready. Impact Capital is thrilled to be a critical piece in the success of the Pacific Pearl.
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Cesar Chavez Village
On Wednesday, March 31st, to coincide with
Cesar Chavez's birthday, Sea Mar celebrated its opening of the Cesar Chavez Village in South Park with live mariachi music and dancing. Heyward Watson, CEO of Impact Capital, received the award on behalf of Impact Capital for their contribution to the successful development of Cesar Chavez Village. Impact Capital was the first funder to lend to Sea Mar in order to get the project off the ground.
Read the full press release here: http://www.impactcapital.org/PressRelease_4.27.10_SeaMar.html
Donor Profile: Washington Community Reinvestment Association
The Washington Community Reinvestment Association (WCRA) has been closely involved with Impact Capital from the time Impact Capital was established in 1994.
While Impact Capital focuses on pre-development and bridge loans for community development, WCRA is concerned with permanent loans that allow owners to offer quality rental housing at affordable prices.
Leaders of the two nonprofits sit on each other's boards, and WCRA provides annual grants to support Impact Capital's operating costs.
"We've been involved with Impact Capital since its inception," says Susan Duren, president of WCRA. "Impact Capital plays a significant role in providing affordable housing in Washington state, and we support that mission."
Click here to read more.
Impact Capital Update
Impact Capital recently hired two new people to join our team! Melanie Gillespie filled our Director of Lending position. She has worked over the past 16 years in non-proft and public sectors, developing numerous innovative projects. Reese Morikubo is our new summer intern and will be working on developing marketing materials, organizing events, and creating materials for lending and community building programs. He is currently attending University of Washington for Business Administration, Accounting and Finance.
Within the company, we are happy to recognize Elsa Kings' growth and tremendous contribution to the Impact Capital Lending team over the past three years by promoting her to Program officer in the Lending department.
Lending:
Currently Impact Capital has committed to 21 loans, with over $13,469,000 out in the community. There are also two more loans in the pipeline totaling $330,000.
Of the $13,469,000 dispersed, $6,200,000 is working in Puget Sound, $5,200,000 is working in Western Washington outside of Puget Sound and $1,900,000 is working in Eastern Washington.
Community Building:
Impact Capital helped to develop a training for White Center's Board of Directors. The training reviewed the real estate development process and the board's role in that process. The training led to a productive and interesting conversations with board members.
Upcoming Events
What's happening in Seattle
Fremont Fair
June 19th and 20th
Capitol Hill Block Party
July 23-25
Impact Capital Trainings
The Exit Strategies class was a great success earlier this month! Later this year we'll have one more class on Intermediate Topics in Asset Management. For more information please visit our website.