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.