September 27, 2021

Evergreen Impact Housing Fund Closed Its First Financing for Solera

Pacifica partner, Faith Pettis, helped establish the fund.

The Evergreen Impact Housing Fund (EIHF) announced a major milestone in the financing of its first project, Solera, in Renton, Washington. Scheduled to open in 2024, the 686-unit Solera project will provide thousands of people access to housing. Pacifica Law Group partner, Faith Pettis, helped to found the EIHF, which, using funding secured from five credit union investors, provided a $10.5 million subordinate loan to Solera. The loan, combined with tax-exempt bonds and low-income housing tax credits, provided the financing for the 275-unit rent and income restricted portion of the mixed income project. Solera will enable lower-income working families earning 60% of the local median income—approximately $42,000 – $65,000 per year—to obtain housing in a residential market that has seen rents skyrocket in recent years. This enables essential employees, such as elementary school teachers, store clerks and those who care for the elderly to live in residences closer to their work. To learn more about the EIHF, please see Evergreen Impact Housing Fund (seattlefoundation.org).