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 Solera project in Renton, WA, is a classic example of the power of credit unions in action.
Last year, 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 project. The development, which officially broke ground in August, 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.
The credit unions made their donations through the Evergreen Impact Housing Fund to help address the affordable housing crisis in the Seattle region. It’s a collaboration that builds on a long history of credit unions working together, sharing best practices, and advancing equity and positive change.
Public-Private Partnership in Action
The Solera development is also a great example of what public-private partnerships can achieve. The EIHF, which is managed by the Seattle Foundation, partners with the Washington State Housing Finance Commission to identify and invest in 200+-unit projects. Project funding comes from federal and state sources, with private money bridging the gap for the final 10-12% funding. For the Solera project, the five credit unions pitched in the private funds to make the project happen.
Ensuring Affordable Housing Stability for 100s of Families
Solera will also 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 also 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. The project is planned to be finished and ready to welcome residents in 2024.
Learn more about the Solera development.
Learn more about Salal’s community impact.