Impact Capital strives to make it easier for nonprofits to access loans that don’t typically meet bank guidelines. These loans become seed money and, with Impact’s flexible lending policies and procedures, early capital can be provided to get projects off the ground quickly and help attract future investors.
Recently, Mount Baker Housing Association (MBHA) was looking for a loan to help purchase five heavily contaminated parcels in Southeast Seattle. Due to the complicated and large nature of the project clean-up, MBHA was unable to secure funding from local banks. Impact Capital stepped in with a $3.2 million acquisition loan to MBHA so that they would not encounter delays.
This Impact Capital loan will help provide MBHA the ability to clean up the contaminated land that is conveniently located in a TOD-rich area near a light rail station, which will lead to the creation of 150 units of affordable housing.
At a press conference held at MBHA’s site in February, City of Seattle Mayor Ed Murray signed a resolution designating it a Redevelopment Opportunity Zone (ROZ). Mayor Murray said, “This is a win for the environment, a win for affordable housing, and a win for a more livable Mt. Baker neighborhood.”
Photo courtesy of Seattle.gov.