Message From Judith Olsen

Message From Judith Olsen

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This Spring newsletter finds us a little anxious about funding and policies, not only for Impact Capital but for the many nonprofit partners we work with throughout our market. We ask everyone to take a moment out of your day to support CDFI funding and the many programs that provide for the delivery of affordable housing, such as CDBG. Here’s a link with some helpful suggestions –

We are excited to announce our new Preservation Loan Product. This product is in response to our region’s aging property portfolio, from LITHC projects to HUD 515s to the many USDA mortgages maturing in our rural communities. Our goal is to bring flexible and patient capital to the perseveration arena. We would love to hear about your needs in this area and, of course, any feedback you might have on the new product. Please feel free to email me at

Finally, a reminder that we’re also lending in Oregon, specifically the Portland MSA, which includes Multnomah, Washington and Clackamas Counties. If you want to talk about lending in Oregon or anywhere else in our service territory, please contact Seth Benziger at, or (206) 658-2605.

Mount Baker Housing Loan

Mount Baker Housing Loan

posted in: Affordable Housing, Loans, News | 0

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

Predevelopment Loan Limit Increase

posted in: Loans, News | 0

As many of our readers are aware, trends in the affordable housing industry are driving up expenses. In the Puget Sound region, construction costs have been escalating rapidly for the past few years. Somewhat overshadowed by the proliferation of cranes in the greater Seattle area are rapidly inflating underlying costs needed to bring projects to fruition. Outside Puget Sound, as pressure mounts to create more affordable housing units throughout the region, projects are becoming larger and more complex – necessitating increased predevelopment expenses.

In response to these changing conditions and to better serve our clients, on February 7th Impact Capital’s Board of Directors approved an increase to the maximum loan limit on our Phase 2 predevelopment loans from $750,000 to $1,000,000. These loans are largely provided on an unsecured basis and help a project move quickly from funding to construction closing. The increased loan limit helps cover these ever-increasing costs, ensuring our partners’ precious financial resources can be put to better use.

If you are interested in a Phase 2 predevelopment loan, please contact Seth Benziger at,or at 206-658-2605.

Celebrating Partner Anniversaries

Celebrating Partner Anniversaries

posted in: Anniversary, Board | 0

We wanted to give a quick shout out to two of Impact Capital’s most important partners, the Washington Community Reinvestment Association and the Washington State Housing Finance Commission. This year, WCRA celebrates their 25th anniversary, and WSHFC their 34th. Here’s to a continued long-lasting relationship.

Pictured above are (left to right):

Kim Herman, Executive Director, WSHFC
Impact Capital Board Member (Immediate Past Chair)

Susan Duren, President, WCRA
Impact Capital Board Member (Treasurer)



Message From Judith Olsen

Message From Judith Olsen

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As we come to the end of 2016, I would like to take a moment to thank our board of directors; our many partners, investors, and borrowers; the communities in which we work; and, of course, the Impact Capital team. This year we saw a record number of loan closures. In the Community Investment Fund portfolio, 12 loans were closed for a total of $10,337,092. This helped create, among other things, 502 units of affordable housing, and a fabulous community food bank in Seattle’s University District. We closed 10 loans in the Community Development Loan Fund portfolio which helped create 438 units of affordable housing, 44,362 square feet of commercial space, and 9,207 square feet of community space.


As a CDFI, our job is to be responsive to the credit needs of our communities. Impact Capital cannot do this work without each of you – we are just one piece of the capital stack. Frequently, Impact Capital is the first-in, catalytic capital when a project is just an idea. It takes many talented and dedicated individuals and organizations to develop the idea, and produce a pathway that ultimately creates a new community facility, or a place for people to call home. Right now, as we look at vacancy rates across Washington State and the Portland Oregon MSA, we see the need for clean, safe, and affordable housing continue to grow. At the same time, the need for more community facilities continues to grow as well, facilities that can provide services, job training, and space to deliver basic needs.


As we enter in to a new era of federal policy, it is not the time to throw up our hands in frustration. Our work will change, it may become more complex, and many low-income families will continue to struggle. More than ever, it is time to set aside differences. It is our job to articulate the community need, to help support programs that work, to find and develop new programs and policies, and to move forward in being part of the solution.


My most sincere thank you to each of you for what you do for our communities. I look forward to your partnership in 2017.

Impact Capital Has Moved

Impact Capital Has Moved

posted in: Inside News | 0

After 15 years in Pioneer Square, just a block and a half north of CenturyLink Field, Impact Capital relocated to One Convention Place as of October 17th, 2016. Our new address is:

Impact Capital

701 Pike Street
Suite #1645
Seattle, WA 98101

The rest of our contact information remains the same.


We’re all settled in now, and even hosted our annual reception here earlier in the month to showcase our new space. If you’d care to stop by for a visit we’d love to see you. You can send a note to Michael Murray ( to set up a time, or just drop by if you’re in the area. There are many parking options near us around the convention center, and the Westlake Light Rail Station is only a couple of blocks away. Also? Up here on the 16th floor we have east and south facing windows, with stunning views of Mt. Rainier on a clear day. And, if you lean just a little, pretty good views of Mt. Baker, too.

Our Most Recent Investor

Our Most Recent Investor

posted in: Loans, News | 0

Impact Capital is happy to salute the most recent investor into our loan fund, Yakima Federal Savings. Impact Capital is based in Seattle, some 150 miles from Yakima, but IC strives to create and preserve affordable housing across the state of Washington (and in the Oregon counties of Multnomah, Washington, and Clackamas). The commitment of institutions such as Yakima Federal enables us to achieve our mission over this expanded geography. In addition, CEO Leanne Antonio flattered us by joining the Impact Capital board this month, and our once a year “board meeting on the road” will find us in Yakima this summer. We value this new partnership immensely, as we value all our community partnerships, whether they be next door or across the state.


If you are interested in investing with Impact Capital, please reach out to Judith Olsen at We have CRA credit opportunities and, with our focus on affordable housing, a good mission-fit for your community development program.

2017 Impact Capital Board of Directors

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In addition to Leanne Antonio of Yakima Federal Savings, Impact Capital is also pleased to welcome Greg Winter (Opportunity Council, Bellingham) and Mark Smith (Housing Consortium of Everett and Snohomish County) to the IC Board of Directors this calendar year.


As a CDFI, Impact Capital is tasked with responding to community need for access to capital. The diversity of our board, both in expertise and geography (our statewide footprint), enables Impact Capital to successfully work in low- and moderate-income communities to build and preserve affordable housing, and to create community facilities – like food banks and day care centers – that provide needed services.


Impact Capital Board of Directors

Leanne Antonio
Yakima Federal

Susan Duren (Board Treasurer)
Washington Community Reinvestment Association

Kim Etherton
Umpqua Bank, Spokane

Maureen Fife
Tacoma-Pierce County Habitat for Humanity

Saeed J. Hajarizadeh (Vice Board Chair)
Vancouver Housing Authority

Kim Herman (Immediate Past Board President)
Washington State Housing Finance Commission

Bryan Ketcham
Catholic Charities Housing Services of Yakima

Lowel Krueger (Board Chair, Executive/Finance Committee Chair)
Yakima Housing Authority

Doug Prince (Board Secretary)
Foster Pepper PLLC

Randy Robinson
Heritage Bank

Mark Smith
Housing Consortium of Everett and Snohomish County

Steve Walker
Office of Housing, City of Seattle

Greg Winter
Opportunity Council, Bellingham

Board Meeting on the Road

Board Meeting on the Road

posted in: Board | 0

Bakerview Farmworker Project, courtesy of Catholic Community Services of Western WA, Jenny Weinstein

Bellingham, August 2016

Impact Capital’s Board of Directors ventured north to Bellingham for their August meeting.  Part of the morning was spent visiting several projects/sites, all of which were funded by the Bellingham Housing Levy.

On the list were:

  • Francis Place, Catholic Housing Services of Western Washington – COMPLETED
  • 22 North Site, Opportunity Council and Northwest Youth Services – FUTURE SITE
  • Aloha Motel redevelopment site, Bellingham Housing Authority – FUTURE SITE
  • Bakerview Farmworker Project, Catholic Housing Services of Western Washington – UNDER CONSTRUCTION


In the afternoon, after the board meeting and tour, area leaders joined in a roundtable to discuss their current initiatives and the challenges they face in their jurisdictions, which include Skagit, Whatcom, and San Juan Counties. Many of the issues faced in these northern counties, such as homelessness and a lack of affordable housing, are beginning to mimic in severity the problems seen in larger cities like Seattle.

Invited speakers included our community partners:

  • Lisa Byers, Executive Director, OPAL Community Land Trust
  • Dean Fearing, Executive Director, Kulshan Community Land Trust
  • Mauri Ingram, President and CEO, Whatcom County Community Foundation
  • Samya Lutz, Housing & Services Program Manager, City of Bellingham
  • John Moon, Executive Director, Habitat for Humanity in Whatcom County
  • Greg Winter, Executive Director, Opportunity Council (and Impact Capital board member)

Preservation Loan Product

Impact Capital is excited to announce our new Preservation Loan Product, which will provide financing with terms up to five years, to help preserve affordable housing projects. (It should be noted we define “preservation” broadly, and includes efforts to preserve existing market rate buildings that provide rents at affordable levels) This product was developed as a response to the impending wave of affordable housing projects nearing the end of their required affordability period, and in danger of converting to market rate housing. This product offers flexibility to our borrowers, allowing them to combine multiple forms of financing, like acquisition, construction, and pre-development into one loan with the goal of preserving affordable housing.


Here are two examples of recently funded projects:

El Patio – El Centro de la Raza

Impact Capital provided $1.65 million for construction and predevelopment financing to El Centro de la Raza to rehabilitate an existing 14-unit affordable housing project located in Seattle. The project is undergoing renovations to address deferred maintenance issues, improve energy efficiency, and extend the project’s useful life. The loan will be repaid through El Centro fundraising efforts, and possible additional investment from public funders.


Kneeland Park – Mason County Housing Authority

Impact Capital provided a construction and predevelopment loan for Mason County Housing Authority’s (MCHA) Kneeland Park project to position it for a long-term refinance. Kneeland Park, located in Shelton, is a former tax credit project that was taken over by MCHA and is currently five years past its 15-year compliance period, but the property still has a deed restriction that requires it to provide affordable housing. This loan is being used to pay for expenses related to resolving deferred maintenance, in-unit repairs to expedite re-occupancy, roof and fencing replacements, security system and fire suppression upgrades, and other significant exterior improvements.


For more information on this new product, visit our website, or contact our Lending Team at,, or

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