Washington Housing Initiative Impact Pool Wraps Up 2022 with $50M Provided for Three Multifamilies

The Washington Housing Initiative Impact Pool, an affordable housing investment platform managed by Bethesda, MD-based JBG SMITH, provided $50 million in 2022 to acquire 955 units of workforce housing across three residential communities in the Washington, DC region.

• Earle Manor – a 140-unit multifamily in Wheaton, MD
• The Gale Eckington, a 603-unit multifamily in Washington, DC
• The Loree Grand, a 212-unit multifamily in Washington, DC

With its 2022 investments, the Impact Pool has helped create and preserve more than 2,500 units of quality workforce housing since 2020 and is on pace to exceed its goal of delivering between 2,000 and 3,000 units by 2028.

As part of the Washington Housing Initiative that was launched by JBG SMITH and Federal City Council, the Impact Pool leverages private capital to help combat the scarcity of housing for middle-income families throughout the DC region’s most up-and-coming neighborhoods.

The Washington Housing Initiative targets high-impact, rapidly changing communities, which are relatively affordable today but vulnerable to rising housing costs. Through its investment, the Impact Pool preserves affordability, prevents displacement, and allows long-time residents to benefit from improvements in schools, neighborhood services and transit.

“We created the Impact Pool to steer private investment into housing for teachers, nurses, EMTs and other workers who are essential to their communities,” said AJ Jackson, EVP of social impact investing at JBG SMITH.

Photo: Earle Manor