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FOR IMMEDIATE RELEASE
IMPACT CAPITAL JOINS SENATOR MARIA CANTWELL TO DISCUSS THE AMERICAN RECOVERY AND REINVESTMENT ACT
SEATTLE, Washington (February 17, 2009) - United States Senator Maria Cantwell (D-WA) along with representatives of housing authorities, non-profit developers, non-profit financial institutions, general contractors, first time homebuyers and renters met in Seattle to talk about the impact of the American Recovery and Reinvestment Act in Washington State.
In particular, the event was designed to highlight the how the revamped low income housing tax credits will be able to keep the production of affordable housing going during these tough economic times. "This legislation is incredibly important," said Heyward Watson, CEO of Impact Capital, who was invited to speak at the event. "The funds this provides will allow Impact Capital to move its pipeline of projects to completion - creating thousands of new affordable homes and even more jobs."
With corporations hemorrhaging jobs across the region, local nonprofits are happy to hear some good news. "People in our communities have worked hard, maintained a decent living and now find themselves in an economic crisis not of their making," said Tony To, Executive Director of HomeSight, an organization which Impact Capital has supported to build affordable housing in and around Seattle.
"Our homes are foundations for our families and anchors for our communities, and this bill will allow affordable housing organizations throughout the state to keep affordable housing construction on track," said Cantwell. "Without affordable housing, many low-income Americans would find themselves on the street."
Impact Capital's mission is to make strategic capital investments in nonprofit community development and affordable housing organizations in ways that enhance and sustain their ability to positively impact the quality of life in communities throughout Washington.
Contact:
Magda Herrera, Senior Program Officer - Fund Development & Communications
(206) 658-2604 or (206) 587-3200 Ext. 228
magda@impactcapital.org
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