Enter your email address here to receive announcements about our Technical Assistance and Training opportunities, as well as news about Impact Capital.

• About Us |

  • Our Community Impact
  • Board of Directors
  • Careers
    • Workplace Culture
    • Jobs
  • Our Donors
  • Annual Report
  • Contact Us

• Lending |

  • About Impact Capital Lending
  • Loan Products
  • Loan Application

• Community Building |

  • Vibrant Communities
  • Affordable Housing Preservation Services
  • Knowledge Bank

• Training |

• Donate
  

  • Ways to Give
  • Donor Reports
  • Success Stories

EMAILED
FOR IMMEDIATE RELEASE
CONTACT: Magda Herrera
(206) 658-2604
Magda@impactcapital.org

WASHINGTON COMMUNITY REINVESTMENT ASSOCIATION AWARDS $7,500 GRANT TO
IMPACT CAPITAL

 

SEATTLE, WA – August 17, 2010 – Washington Community Reinvestment Association (WCRA) awarded Impact Capital with a $7,500 grant to be used for operating support. The contribution will play a valuable role in covering the costs that Impact Capital incurs while building and sustaining lending and community building programs.

The WCRA has been a catalyst for the creation and preservation of affordable housing in Washington State for over eighteen years. WCRA obtains its funding from 40 banks operating in Washington who commit to three revolving loan pools that total over $107 million and a separate pool of $7 million from the Washington State Housing Finance Commission. The funds are used to provide long-term financing for the creation and preservation of affordable housing. Impact Capital, which provides predevelopment and short term bridge loans is often the first investor in affordable housing projects that later come to WCRA.

“As a small nonprofit organization, the WCRA is committed to providing a grant, whenever possible, to assist in the continuation of the development of affordable housing and economic improvement in communities throughout the State and recognizes the importance of the Impact Capital programs in this endeavor,” writes Susan Duren, President of WCRA.

WCRA’s operating grant comes at a crucial time as Impact Capital continues to makeloans to underserved communities in Washington despite the wavering economy.

Impact Capital staff spends on average between 85 -150 hours per loan providing technical assistance, support and oversight. “Without operating support from funders like WCRA, it would be impossible to work with our borrowers to help them build projects that serve families, students, workers, and organizations in our state,” says Heyward Watson, Executive Director of Impact Capital. “We sincerely appreciate WCRA’s generous contribution and continued support over the years.”

###

Impact Capital helps build and sustain vibrant neighborhoods in underserved communities throughout Washington.