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August 3, 2020 Comments Off on EagleBank Invests $5M in Washington Housing Initiative Views: 466 D.C. Metro News, Washington, D.C. News

EagleBank Invests $5M in Washington Housing Initiative

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Washington D.C. community bank EagleBank has committed $5 million to the Washington Housing Initiative’s Impact Pool, a market-driven approach to preserving and creating affordable housing in the D.C. region.

Launched in 2018 by JBG Smith, the Washington Housing Initiative’s Impact Pool now has commitments exceeding $110 million. In January, the Impact Pool made its inaugural investment in the form of a $15.1 million mezzanine loan toward the Alexandria Housing Development Corporation’s purchase of Parkstone Apartments in Alexandria. AHDC has committed to keep the property affordable for middle-income renters through long term covenants.

“EagleBank’s commitment is an incredible example of a local institution investing in the future of the community which they serve,” said AJ Jackson, executive vice president of social impact investments at JBG Smith. “During a time when accessible, affordable housing is more important than ever, an investment in the Impact Pool is an investment in a more inclusive and sustainable region.”

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