IMPACT CAPITAL PRESS RELEASE

FOR IMMEDIATE RELEASE                                                                                 

CONTACT: Tracy Reich

(509) 624-5936

 Tracy@impactcapital.org 

 

 

SPOKANE, WA – February 12, 2009 – The City of Spokane and Impact Capital are pleased to announce the selection of Spokane Neighborhood Action Programs as the lead organization to implement a new neighborhood revitalization initiative in a district of the East Central neighborhood.

 

“Impact Capital’s Vibrant Communities initiative in Spokane is a partnership with the City of Spokane to redevelop a key commercial corridor and surrounding neighborhood in East Central bounded by Helena to the west, Crestline to the east, I-90 to the south, and the railroad tracks to the north,” says Impact Capital Senior Program Officer Tracy Reich. “We are excited to work with SNAP and the City to implement a comprehensive community development effort in East Central. This is Impact Capital’s first comprehensive neighborhood revitalization program outside of King County and I’m thrilled to be able to launch it in Spokane.” 

 

As the lead organization, SNAP will direct the comprehensive neighborhood action plan, attract and manage the partners needed to implement the action plan, and develop capacity to sustain activities. Impact Capital will provide technical assistance to SNAP to build capacity and to implement the comprehensive community development program. “SNAP is looking forward to working in partnership to create a vibrant, prosperous revitalized east central neighborhood,” says Julie Honekamp, SNAP’s Deputy Director.

 

The partnership between the City and Impact Capital is the direct effort of Councilperson Mike Allen and Mayor Mary Verner. Impact Capital discussed the possibility of launching a Vibrant Communities initiative in Spokane with the Mayor last summer, an effort similar to what Impact Capital is conducting in neighborhoods in Seattle and King County. Through their support, City staff have worked hand in hand with Impact Capital to create the targeted area and coordinate activities to gain momentum for the initiative.

 

“This news means we can move ahead in partnership with East Spokane residents and businesses to target our economic development efforts, revitalizing the area and creating jobs,” says Spokane Mayor Mary Verner.  

 

“The East Spokane Business District has had many good people working on economic revitalization for quite some time. It’s exciting to see their plans join with expertise and resources of Impact Capital, SNAP and our City Staff to help make this revitalization a reality,” added Councilperson Mike Allen.

 

“Councilperson Allen and the Mayor have been so supportive, as have City staff, in helping us launch this initiative,” said Reich.

 

Based on successful models in Chicago, Indianapolis, and San Francisco, Vibrant Communities is a comprehensive community development model that realizes that the physical environment is only part of what makes a community vibrant. Impact Capital works with partners to strengthen neighborhood commercial districts, increase public safety, create parks and open space, improve educational opportunities and help families build assets. The goal of Vibrant Communities is to support the development of communities of choice - where people want to live, work, do business and raise families. 

 

Since 1995, Impact Capital has invested more than $4 million into the City of Spokane; these funds have targeted the development of 708 units of housing for families earning up to 80% of area median income (AMI). In addition to capital investments through our Lending Program, Impact Capital has provided thousands of dollars in direct investments and technical support resources in Spokane to nonprofit community development organizations.

 

Impact Capital’s mission is to make strategic capital investments in nonprofit community development and affordable housing organizations in ways that enhance and sustain their ability to positively impact the quality of life in communities throughout Washington.

###