What You’ll Learn
- Salal joined four other Seattle-area credit unions to fund the Evergreen Impact affordable housing program.
- Learn about how the Evergreen Impact Housing Fund will impact affordable housing in the Seattle region.
Many small actions can add up to real impacts, both big and small. We often say that simply by being a member of Salal Credit Union you are making a difference. By choosing to do your banking with a credit union, you’re helping your community in real, tangible ways. The Evergreen Impact Housing Fund is a classic example of the power of credit unions in action.
In 2021, Salal and four other member-owned credit unions—BECU, Sound Credit Union, Verity Credit Union, and WSECU—joined together to give $11.1 million to the Evergreen Impact Housing Fund. Later that year, ground was broken on the first ELHF project, the Solera development in Renton, WA. The Solera project, which is planned to open in 2025, will include 277 affordable family-sized units. The apartments and townhomes will also feature extensive use of solar panels and will be built using environmentally sustainable building practices. ELHF has since started two more major housing development projects in Renton and Seattle’s Bitter Lake neighborhood.
About the Evergreen Impact Housing Fund
The EIHF can trace its origins to the recommendations of Seattle’s 2014 Housing Affordability and Livability Task Force. The task force found that one of the challenges facing large-scale housing development in the area was a lack of “patient, flexible capital.” An effort by the City of Seattle to carry out the task force’s recommendations led to the Seattle Foundation agreeing to provide support for the project. Initial funding came from Microsoft and the group of five local credit unions. It’s a collaboration that builds on a long history of credit unions working together, sharing best practices, and advancing equity and positive change.
More About the Solera Development
As the EIHF’s first project, the Solera development gives us a look at what life will be like for new residents. The Solera complex will have easy access to public transit and will include a childhood development center and a dental care facility. Located close to community service partners, future residents of Solera will have connections to housing assistance, childcare resources, and other support for working families. The development’s location was also chosen, in part, to help address affordable housing challenges of BIPOC communities in the area. Apartment sizes range from one to four bedrooms. There will also be attached townhomes available. The Solera will also feature free Wi-Fi in all common areas, a 24-hour gym, an indoor sports court, multiple play areas, an off-leash dog park, and a business center.
Salal is excited to join with our partner credit unions to support the Evergreen Impact Housing Fund and its ambitions long-term goals. By 2028, the EIHF hopes to have built housing for 3,750 households that earn less than 60% of the local median income. This housing is planned to serve more than 8,500 people. We’re looking forward to seeing the positive impacts this affordable housing will have on our communities.