EagleBank Invests in Washington Housing Initiative
29 Juli 2020 - 12:00PM
EagleBank, one of the largest community banks in the Washington, DC
area, is pleased to announce that it has committed $5 million to
the Washington Housing Initiative (WHI) Impact Pool, which invest
in the preservation and creation of affordable workforce housing in
the DC region.
“We are delighted to invest in the Washington
Housing Initiative Impact Pool,” said Susan Riel, President and
Chief Executive Officer of EagleBank. “The work being done by WHI
complements the mission of EagleBank in fostering inclusivity,
building local neighborhoods and sustaining our local economy,” Ms.
Riel added.
“EagleBank’s commitment to the Washington
Housing Initiative is a perfect example of a local institution
investing in the successful future of the community which they
serve,” said AJ Jackson, Executive Vice President of Social Impact
Investments at JBG SMITH. “The preservation of affordable housing
ensures that the local workforce can live locally creating a
healthy economy, vibrant communities, and diverse neighborhoods
throughout the region.”
Launched in 2018 by JBG SMITH and the Federal
City Council, the Washington Housing Initiative is a
transformational market-driven approach to preserve and create
affordable workforce housing in rapidly changing communities
throughout the DC region. The Initiative’s focus is on what the
company calls “the missing middle” - those who earn too much for
traditional rental assistance but still struggle to pay for
housing. The Impact Pool serves as the financing component of WHI,
while the independent nonprofit Washington Housing Conservancy
purchases and owns the properties. Leading local developers and
financial institutions have collectively committed more than $120
million to WHI.
“We see this as yet another step in EagleBank’s
investment in supporting and financing affordable housing in a
highly complementary way with our FHA Multifamily business,” said
Antonio Marquez, President of Commercial Banking at EagleBank. “As
one of the few commercial banks with FHA financing capabilities,
EagleBank is proud of its leadership role and its commitment to
this extraordinarily underserved market,” Mr. Marquez added.
EagleBank has a long history of working to
create affordable housing in the DC Metro area. The Bank is a
lender partner for Washington, DC Mayor Muriel Bowser’s Work in DC,
Buy in DC program, offering mortgage loan options to District
Government employees looking to buy and live in the District.
In addition to below-market interest rates, these loans also come
with closing cost credits, a broad array of loan products and
dedicated service teams.
In addition to the Work in DC, Buy in DC
program, EagleBank also established the Gaithersburg Heroes program
in 2019. In partnership with the City of Gaithersburg,
EagleBank provides down payment assistance for teachers,
firefighters, police and first responders seeking to buy
homes. By contributing up to $25K in down payment assistance,
the Bank can help bridge any financing gaps for civil servants
interested in acquiring homes where they work.
Last fall, EagleBank also announced that it
would be participating with Landed, a financial services company
providing down payment support and homebuyer education programs
aimed at teachers and school employees searching for new affordable
home buying options. The program is open to K-12 educators
and school staff in the District of Columbia.
The Washington Housing Initiative’s approach
conforms to EagleBank’s dedication to supporting affordable housing
options throughout the District region. As a socially responsible
CRA eligible rental housing investment fund sponsored by JBG SMITH,
the Impact Pool is an investment vehicle that targets after-tax
returns similar to many traditional investment funds and which
provides critical positive social impact. In January, the
Impact Pool made its inaugural investment in the form of a $15.1
million mezzanine loan towards the Alexandria Housing Development
Corporation’s (AHDC) purchase of Parkstone Apartments in
Alexandria, Virginia. WHI is currently working to preserve an
additional 2,000 – 3,000 units of affordable workforce housing
across the DC region.
About Eagle Bancorp, Inc. and EagleBankEagle
Bancorp, Inc. is the holding company for EagleBank, which commenced
operations in 1998. EagleBank is headquartered in Bethesda,
Maryland, and conducts full service commercial banking through 20
offices, located in Suburban, Maryland, Washington, D.C. and
Northern Virginia. EagleBank focuses on building relationships with
businesses, professionals and individuals in its marketplace.
EagleBank ContactVikki Kayne, Chief Marketing Officer
301.986.1800
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