The Evergreen Impact Housing Fund (EIHF), in partnership with developer Inland Group and Microsoft, has successfully financed the Polaris at Totem Lake affordable housing development in Kirkland, Washington. This project will provide over 440 apartments for individuals of varying income levels and is expected to be completed by 2026.
Microsoft’s support for the Polaris project includes assistance with land acquisition through the Washington State Housing and Finance Commission (WSHFC), direct construction financing, and permanent financing through EIHF.
This collaboration marks the second joint effort between EIHF and Inland Group, which currently manages a portfolio of 17 affordable apartment communities throughout western United States. The WSHFC played a crucial role in coordinating resources for this project by providing bond cap allocations and tax credits. Additionally, they administer the Expanded Land Acquisition Program – a partnership between WSHFCand Microsoft that enables developers to acquire land or real property for affordable rental housing or single-family homes.
The announcement of this exciting new development showcases how EIHF, Inland Group,and Microsoft are working together to bring much-needed affordable housing options to Kirkland residents.
