Judith Olsen Executive Director

Message From Judith Olsen

posted in: News

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 new offices at one convention place

Impact Capital Has Moved

posted in: Inside News

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 (MichaelM@impactcapital.org) 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.

yakima federal savings bank logo

Our Most Recent Investor

posted in: Loans, News

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 Judith@impactcapital.org. 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

posted in: Board

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

Bakerview Housing exterior shot

Board Meeting on the Road

posted in: Board

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 www.impactcapital.org/services/, or contact our Lending Team at seth@impactcapital.org, rachel@impactcapital.org, or michael@impactcapital.org.

John & Jayne, we will miss you

In Memoriam

posted in: Memoriam

In 2016, Washington lost two individuals who not only made their mark on Impact Capital, but on communities across our great state.

Photo of Berdes and three others

Photo credit Impact Capital – IC Emeritus Board at the December 2015 Annual Meeting at Foster Pepper Law Offices – Michael Brown, Seattle Foundation; Ann Melone, U.S. Bank; Jan Laskey, Bank of America; John Berdes, Craft3


John Berdes was the founder of the original LISC office in Seattle. Over the years, that organization changed with the times to become what Impact Capital is today. John was passionate about IC’s work, and everyone benefited from his brilliant mind. Over the last several years we were privileged to share a suite with Craft3 in Pioneer Square and saw him on a regular basis around the office.


Photo of Jayne Auld

At Kensington Dedication, Spokane Housing Ventures / Becky Schmidlkofer


Jayne Auld was a former Impact Capital Board member and true advocate for community development, not just in the sense of putting a roof over someone’s head, but enabling people to reach their true potential by connecting them to resources that would improve their lives. Jayne was a strong voice for Eastern Washington, and her compassion and dedication made her extremely effective.


We will all miss them both very much.

KICK-OFF: Inaugural Impact Capital Newsletter

Welcome to the launch of the Impact Capital Newsletter and blog. We will use these channels to tell you about the great work happening in communities throughout our service territory of Washington State and the Portland metropolitan area. We invite you to subscribe to our newsletter by email.

As you may (or may not) know, Impact Capital is a Community Development Financial Institution (CDFI) that supports nonprofit community building organizations. In September we were the proud recipient of a $900,000 CDFI Program Award, which will allow us to bring a new focus as well as new capital to the aging stock of affordable housing units in our service territory. And, as community development has everything to do with partnership, we want to salute some of our great community partners like Craft3, HomeSight, CASA of Oregon, and the Office of Rural and Farmworker Housing who were also awardees this year. For a complete list of awardees (including other important Impact Capital partners), take a look at the full 2015 CDFI Program Award Book (PDF).

In other news, we have a new website up and running (finally!), and are also very busy formulating a new strategic plan. I look forward to fruitful conversations with many of you throughout this planning process, and thanks to those of you with whom I’ve already spoken!

We encourage you to Like Impact Capital on Facebook, Follow Us on Twitter @impactcapital, and by all means let us know what you think of our newsletter and blog.

Judith Olsen, President

Housing Washington Logo

Housing Washington October 5-7 in Spokane


Next week meet the Impact Capital team at the annual Housing Washington conference in Spokane. Now in its 22nd year, Housing Washington is presented by the Washington State Housing Finance Commission and the Department of Commerce, in partnership with the Washington Low Income Housing Alliance.


When:  October 5-7, 2015

Where:  Spokane Convention Center

              334 West Spokane Falls Boulevard, Spokane, WA 99201

Who:  Open to the Public

Cost:  Full Registration (purchased after 9/10): $375

Housing Washington is a fantastic opportunity to network, discuss policy, plan future collaborations, check out sponsor showcases, or just catch up with affordable housing colleagues. Wednesday afternoon’s keynote speaker will be former U.S. Congressman Barney Frank, who will share his insights on affordable housing policy, elections, and impacts.


Planning to attend the conference? Unwind Tuesday evening with Impact Capital, JP Morgan Chase, the National Equity Fund, and the Beacon Development Group at our casual wine and cheese soiree, 6:30-8pm at the Davenport Grand Hotel, Birch Ballroom, 333 West Spokane Falls Boulevard (right across the street from the Convention Center). We’d love to see you there. Download the invitation (PDF).

Logo for Sacred Land Common Ground

Affordable Housing Forum on October 18

Forum organized by Sacred Land Common Ground

Join us October 18 at Seattle University for Sacred Land Common Ground, a forum for housing providers and the faith community. This forum is an opportunity for organizations to engage in the critical discussion surrounding affordable housing, as we work to make our communities more equitable for all people, regardless of income.


When:  October 18, 2015, 12:30pm – 5:00pm

Where:  Seattle University, Campion Ballroom

              901 12th Avenue, Seattle, WA 98122

Who:  Open to the Public


Sacred Land Common Ground is presented by Bellwether Housing, the Church Council of Greater Seattle, Kantor Taylor law firm, the University of Seattle School of Theology and Ministry, and Impact Capital. Impact Capital provided Bellwether Housing with a U.S. Department of Housing and Urban Development (HUD) Section 4 grant to cover staff time needed for planning this event, and to cover the cost of a videographer.

Please bring a friend and feel free to spread the word. We look forward to meeting you there.


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