JBG SMITH (NYSE: JBGS) said the Washington Housing Initiative Impact Pool closed 2020 with $114.5 million in private sector capital commitments for the acquisition and development of affordable workforce housing.
The Impact Pool is an investment vehicle managed by JBG SMITH that provides capital for the preservation or development of affordable workforce housing in high-opportunity neighborhoods. The Impact Pool, along with the Washington Housing Conservancy, a nonprofit housing provider, comprises the Washington Housing Initiative.
The final closing of the Impact Pool admitted MainStreet Bank and other investors. Prior to year-end, the Impact Pool provided a $6.7 million subordinate loan to the Washington Housing Conservancy for the purchase of Crystal House, an 825-unit apartment complex in Arlington, Virginia.
“By combining Impact Pool capital with JBG SMITH’s real estate expertise and senior financing from Amazon’s new Housing Equity Fund, we were able to help the Washington Housing Conservancy execute the purchase of Crystal House in less than two months,” said AJ Jackson, EVP of social impact investing at JBG SMITH. “We hope that the Impact Pool can serve as the foundation of a replicable model to preserve affordable workforce housing locally and in other jurisdictions,” he added.
To date, the Impact Pool has deployed $21.8 million to preserve 1,151 units of affordable workforce housing, according to JBG SMITH.