The Evergreen Impact Housing Fund (EIHF) and GMD Development hosted the grand opening of the Watershed apartment community, a new 145-unit affordable housing project located in Renton.

Watershed offers a mix of units, including two- and three-bedroom apartments. “By investing in innovative funding solutions and working in collaboration with seasoned partners like GMD, the Washington State Housing Finance Commission (WSHFC), and Microsoft, we can bring more housing to more working families,” said Kris Hermanns, fund manager of EIHF at Seattle Foundation.

Microsoft has pledged $50 million to the Evergreen Impact Housing Fund to support affordable housing in the region.WSHFC’s Expanded Land Acquisition Program, supported by Microsoft, facilitated the land purchase. The AOF/Pacific Affordable Housing Corp provided the predevelopment financing.

The permanent financing for Watershed included LIHTC Tax Credits allocated by the WSHFC, tax credit equity investment from Boston Financial, construction and permanent financing from Citi Community Capital and gap funding from Microsoft through EIHF.

“Watershed is proof of what can happen when the public and private sectors work together to address our region’s housing and affordability crisis.”

Jane Broom, senior director at Microsoft Philanthropies