JBG Smith raises $115m for Washington Housing Initiative Impact Pool

JBG Smith has closed its Washington Housing Initiative Impact Pool with $114.5 million in investor commitments at the end of 2020.

MainStreet Bank and other investors were involved in the final closing of the pool, which provides capital for the preservation or development of affordable workforce housing in high-opportunity neighborhoods,

“One of the biggest challenges to preserving affordability in high-growth locations is getting the funding together quickly enough to compete with other potential buyers,” said AJ Jackson, executive vice president of social impact investing at JBG. “We hope that the Impact Pool can serve as the foundation of a replicable model to preserve affordable workforce housing locally and in other jurisdictions.”

According to JBG, in 2020 the Impact Pool provided a $6.7 million subordinate loan to the Washington Housing Conservancy for the purchase of an 825-unit apartment complex in Arlington, Va.

“By combining Impact P