2010 Annual Report

Impact Capital

Impact Capital is an intermediate lender providing credit, financial, and technical assistance services to non-profit community development organizations in underserved communities across the State of Washington. In addition to its own programming, Impact Capital originates new programmatic and financing business for LISC within the region.

Investment in Housing & Real Estate

In an economy where credit has become scarce, Impact Capital’s role in funding community development projects is more important than ever. In 2010, Impact Capital approved 18 loans totaling over $9.8 million in order to build 749 new units of affordable housing and 96,917 square feet of non profit community facility space. To date, Impact Capital has financed 18,623 housing units, 13 child care facilities, 12 community centers, two job training facilities, four arts and cultural facilities, and 649,162 square feet of retail and industrial space.

Preserving the Physical Environment

Impact Capital partnered with the State of Washington’s Housing Trust Fund to provide asset management technical assistance. They also facilitate a peer network through the Seattle/King County Housing Consortium to bring greater attention to preservation and maintenance efforts necessary to keep our existing portfolio affordable and sustainable.

In 2010, Impact Capital approved a $3.8 million bridge loan for the non profit agency, Manufactured Housing Community Preservationists, to complete their purchase and infrastructure improvements of the Bonel Mobile Home Park in South King County. The Park is home to 107 low-income households, mainly families and seniors, most of whom have lived there for over 20 years.

Stimulating Economic Development

Impact Capital partnered with the City of Seattle to provide $829,000 in operating support and capacity-building investment in seven neighborhood commercial district revitalization programs. Ninety-five percent ($9.4 million) of Impact’s new loans in 2010 went to projects that included new construction or rehabilitation, directly creating and preserving jobs in Washington State.

Comprehensive Neighborhood Investment

Impact Capital provided $138,440 in operating support and over 1,000 hours of direct technical assistance to two neighborhoods, White Center in Western Washington, and the Spokane International District in Eastern Washington, to implement comprehensive neighborhood action plans.

Fostering Livable, Safe, and Healthy Communities

A consortium led by the Puget Sound Regional Council received a 3-year, $5 million "Sustainable Communities Regional Planning Grant" from HUD to support planning and implementation associated with the region’s growing network of high capacity transit corridors. Impact Capital and the Community Development Collaborative, collectively The Equity Partnership, are the equity co-applicants in this project. The Equity Partnership will create an Equity Network that will be responsible for ensuring that a broad range of equity issues is the core foundation of the entire project. The Equity Network will also manage $480,000 in grant funds that will be made to community-based organizations in low-income communities and communities of color impacted by the transportation improvements covered in this grant.