Homestead Capital Raises $30M for Affordable Housing in Washington

SEATTLE, WA-Homestead Capital of Portland said this week that its latest equity funds raised over $30 million in capital from Washington-based investors that will be used to support affordable housing projects throughout the state.

Homestead is a nonprofit syndicator that forms investment partnerships with major corporations, reinvests the capital it raises in high-quality affordable housing projects, and delivers tax credits to the investors. Congress created the tax credit program in 1986 to provide incentives for private investment in multi-family affordable housing projects.

The latest funds were marketed to community banks. Partners in the funds include: Washington Federal Savings, Banner Bank, Sterling Savings Bank, Columbia Bank, Pacific Northwest Bank, Cashmere Valley Bank, Washington First International Bank, American Marine Bank, Cowlitz Bancorporation, The Commerce Bank of Washington, and Bank of the Pacific.