Salal Credit Union

About the fund

Launched in 2020 through a public-private partnership between Seattle Foundation and the Washington State Housing Finance Commission, the Evergreen Impact Housing Fund addresses critical financing gaps for affordable housing developments serving working families earning below 60% of the area median income. With a goal to raise and deploy $150 million, the fund offers patient, low-interest loans designed to ensure project feasibility, counteract market distortions, and complement existing affordable housing finance programs. EIHF has contributed to multiple large-scale projects, including the 590-unit Solera in Renton and a 200-unit development in Seattle’s Bitter Lake neighborhood, both emphasizing accessibility for disabled residents and BIPOC families. The fund aims to increase affordable housing supply for over 8,500 people by 2028, addressing acute regional housing affordability and racial equity challenges.