Washington Housing Initiative Impact Pool (WHIIP)

The Washington Housing Initiative Impact Pool (WHIIP) is an approximately $115 million investment vehicle that targets after-tax returns equivalent to many traditional investment funds. The Impact Pool is managed by JBG SMITH Impact Manager, a subsidiary of JBG SMITH Properties.

The Impact Pool provides mezzanine/second trust financing, coordinates placement of qualified 501 (c)(3) bonds and measures and reports impact outcomes. The Impact Pool provides up to 20% of project costs. Washington Housing Conservancy (WHC) provides anywhere between 5-10% equity of the total project costs. The remainder of the capital is sourced from a traditional first mortgage to cover approximately 70% of the total project costs. WHC intends to acquire a first mortgage financing facility through a lender such as Fannie Mae and Freddie Mac so that it can quickly and efficiently acquire properties. With clearly defined loan terms and exits, the Impact Pool allows a property to remain in the hands of a community-serving nonprofit like WHC to preserve affordable homes for the long-term.