It’s an exciting time at Impact Capital as we seek new leadership to guide our highly valued community development lending organization into the future. After a successful tenure for the past 7 years, Judith Olsen is retiring and the Board is well equipped to support an effective transition in leadership.
Impact Capital (IC) is a Community Development Financial Institution (CDFI). As such, IC is a catalyst and advocate for equitable, vibrant, and sustainable communities. The communities we envision have access to:
- Affordable housing
- Vibrant commercial districts
- Education and employment
- Strong civic institutions and local leadership
- Safe, healthy neighborhoods
- Public transportation
IC provides access to capital to organizations that build the foundation of our communities. Everyone needs a place to call home and a community that is safe with access to healthy food, education, employment and transportation. We provide “first-in capital” (pre-development funding) for affordable housing and community facilities in low- to moderate-income (LMI) communities serving LMI populations. Our lending products include Pre-development, acquisition, construction, tenant improvement and bridge loans for capital campaigns.
Impact Capital is a strong advocate for Transit Oriented Development (TOD) projects. In 2016 and 2017, we funded $22 million in loans on TOD projects, and helped leverage $308 million in developmental capital. These 23 projects helped create 1520 units of affordable housing, a food bank and early childhood education center. We continue to look for ways to finance our many partners in the region who are dedicated to TOD development projects.
Mission-fit, interest-free predevelopment loans are difficult to obtain, and very popular. Many meaningful and needed projects would not move forward without Impact Capital’s ability to deliver access to low-cost early capital. We also manage grants from the US Department of Treasury CDFI Fund to expand our work in the preservation of affordable housing, including over $162 million in loans that have leveraged $3.6 billion in permanent development funding.
Impact Capital had a number of noteworthy lending projects in 2016 and 2017. One of the highest impact is featured in our cover photo: we provided a bridge loan to the University District Food Bank for their capital campaign, raising funds for a larger space in a new mixed-use affordable housing complex. We played an instrumental role in the project by providing a guarantee to the construction lender that IC would cover the financing to repay that loan in full, regardless of the performance of the Food Bank’s capital campaign. The University District Food Bank’s new facility expands their distribution capacity to individuals and families who are in need, better connecting its customers to community resources that allow them to achieve self-sufficiency.
Throughout 2016 and 2017 we also provided lending for projects from Marysville to Oregon, including:
- A $2,000,000 revolving construction loan for Vashon Household’s Sunflower Project, part of the small home movement resulting in the creation of 14 tiny-homes for individuals and families.
- The Kneeland Park project of the Mason County Housing Authority (MCHA) in Shelton.
- The Riverview Housing Project through the Whitman Community Action Center (CAC): 52 units of affordable housing in Pullman with units dedicated to special needs populations.
- Safe Streets of the Catholic Housing Services of Western WA (CHSWW) in Everett, a 70-unit, permanent, residential facility with supportive services on site.
- Construction and preservation financing of $1.65 million to El Centro de la Raza to rehabilitate an existing 14-unit affordable housing project located in Seattle.
- Funding to support Hirabayashi Place, Interim’s newest affordable housing development with 96 apartments; 15 set aside for homeless families. The ground level is home to a childcare center run by El Centro De La Raza.
To build on this success and support even greater impact on the community, Impact Capital seeks a new Executive Director to manage the business and take the organization to the next level. Come and join a dedicated team of talented professionals and external stakeholder partners who are committed to making a difference every day in strengthening their communities and creating an environment where people thrive.
The Impact Capital offices are in a comfortable and spacious facility in the heart of downtown Seattle, steps from restaurants, shops and the lively city core. Our work environment cultivates a high degree of collaboration and encourages a service orientation towards stakeholder relationships, community engagement, leadership and initiative.
Specific Job Responsibilities
The Executive Director provides the day-to-day leadership and management to a staff of four to ensure that the organization has people and systems in place to effectively grow the organization, build financial strength and instill operating efficiency and quality work to achieve the organization’s mission. The role of the Executive Director is to promote effective community development strategies to attract resources to under-served neighborhoods and communities; oversee and direct the process for identifying creative approaches to providing capital funding to underserved communities and organizations; supervise and develop all staff (currently 5) in their achievement of our mission; and manage and grow a sustainable business model that includes sound financial management, risk management, product development, business development, competitive loan pricing, and asset and liability management.
- Ten years of progressively responsible management experience, including at least five years in an Executive Director or Senior Executive capacity.
- Undergraduate degree required; MPA, MBA, master’s in real estate or similar advanced degree highly desired
- Experience with at least two of the following required: public funding, commercial or residential real estate lending, affordable housing, portfolio and investment management, community banking, risk management, asset and liability management, and community redevelopment.
- Experience in executive management of a non-profit agency is strongly preferred.
Successful candidates will have
- A demonstrated awareness of issues related to the availability of affordable, quality housing
- High level networking and relationship building skills with stakeholders and funders
- Financial management skills including budget development and monitoring
- Experience and expertise in lending operations, loan product development and community development lending
- A successful track record in a leadership role working with a volunteer and investor
Board of Directors
The ideal candidate will value diversity, have an open and transparent management style, be decisive and accountable, be able to balance strategic thinking with sound implementation strategies, thrive on encouraging and developing staff, and have a strong and healthy network of relationships with stakeholders in the community redevelopment, public policy and affordable housing industries in the Puget Sound region and the Pacific Northwest.
Interested candidates should submit a cover letter and resume to HR@ImpactCapital.org telling us about yourself and why you are the right candidate for this position.
We’re an equal opportunity employer. All applicants will be considered for employment without attention to race, color, religion, sex, sexual orientation, gender identity, national origin, and veteran or disability status. Persons of color are strongly encouraged to apply.