Bank makes impactful investment to grow affordable housing

Affordable housing and the funding to make more development possible is lacking across the country and in Idaho as well. One financial institution is taking steps to help alleviate the problem.

Sunwest Bank announced on Oct. 2 that it was making a social impact investment of $500,000 in the LEAP Housing Impact Fund to grow statewide affordable housing efforts.

The investment marks the bank’s 10-year anniversary of serving the Treasure Valley.

LEAP Housing’s Impact Fund helps to address the need for affordable housing in the state, and “deploys below-market interest-rate lending to make affordable housing possible in Idaho,” a statement read.

The fund’s activities are geared toward low-income households or affordable housing projects that also have low-income designated units.

With the investment by Sunwest Bank, LEAP Housing’s Impact Fund has assets of more than $5 million. Previously, Intermountain Health invested $2 million and private individuals also invested $2 million.

“This partnership will enable us to continue our mission of creating affordable housing across Idaho, offering below-market interest rate lending that ensures more families have access to stable, affordable homes,” said Bart Cochran, CEO of LEAP Housing. “Sunwest Bank’s commitment to our community is a powerful step toward addressing Idaho’s housing crisis, and we are excited to see the impact this investment will have throughout the state.”

Organizations and individuals who wish to contribute to the impact fund can either make a social-impact investment or a charitable donation, according to LEAP.

“We are pleased to partner with LEAP Housing by investing in the LEAP Housing Impact Fund that will help preserve and add affordable housing opportunities,” said Justin Archuleta, senior vice president regional president in Idaho of Sunwest. “Affordable housing challenges in Idaho are unique, and they require local attention and focused solutions. We believe investing in an organization with deep community roots will create significant opportunities where we love to live and work.”