CUs Support Washington’s First Land Bank to Develop Low-Income Housing

A new initiative has been launched by the GoWest Foundation, credit unions, and the Spokane Low Income Housing Consortium to establish Washington’s first land bank, which will make property available for the development of low-income housing.

The $5.2 billion STCU in Liberty Lake, the $29.5 billion BECU in Tukwila, and the $207 million Canopy Federal Credit Union in Spokane, brought the idea of the opportunity to the GoWest Foundation, which has provided a $45,000 grant to get the project rolling.

“This initiative removed a significant barrier — upfront costs — for the development of low-income housing,” GoWest Foundation Executive Director Sharee Adkins said in a prepared statement. “Through their collaboration and partnership with the consortium, Spokane credit unions are at the intersection of a critical need and the solutions that will ultimately provide housing for people.”

In Spokane, the waiting list for low-income housing can be as long as three years, according to the foundation.

“While there is no one solution to the challenges we face, the land bank is an important part of the puzzle,” STCU President/CEO Ezra Eckhardt said. “As the top local real estate lender in Spokane, we’re pleased to play a role in this important initiative.”

What’s more, credit unions supported legislation passed by the Washington State legislature earlier this year, which makes land available for low-income housing development. The bill, sponsored by Washington’s Senate Majority Leader Andy Billig, allows the state’s Department of Transportation to lease surplus land at minimal costs for use such as affordable housing.

The consortium’s board of directors completed the steps to create the land bank and will raise funds for land acquisitions.

Ben Stuckart, executive director of the consortium, said the goal is to raise $1 million over the next year, according to an August local media report.