825 Workforce Housing Units Added In Arlington By JBG Smith Investment

ARLINGTON, VA — Thanks to the Impact Pool, an affordable housing investment platform managed by developer JBG Smith, more than 3,000 workforce housing units have been added to the Washington, D.C. region since 2020. This outpaces the platform's original goal of add 3,000 units by 2025.

“The Impact Pool has surpassed what we set out to achieve – the creation and preservation of affordable homes for thousands of workers in communities throughout the Washington region, and we are proud to have reached our goal ahead of schedule and with additional funds to continue our efforts,” said AJ Jackson, executive vice president of Social Impact Investing at JBG Smith. “This is a moment of celebration and provides impetus to keep going. Investing at scale allows us to have a meaningful impact, and this milestone reinforces our commitment to preventing displacement and preserving affordability in rapidly changing neighborhoods vulnerable to rising housing costs. Consequently, we plan to continue to finance workforce housing through other vehicles even after the Impact Pool’s funds have been fully deployed.”

The 3,000+ units added to the region's workforce housing market included 825 at the Crystal House, which is located at 1900 S Eads St. in Arlington. Impact Pool financing served as a subordinate loan for the property, where 619 of the units were priced at 80 percent of the average median income. That equals $123,760 for a four-person household. The property also includes a 99-year affordability covenant.

Other affordable housing projects around the region that benefited from Impact Pool funds include:

• Parkstone Alexandria (Alexandria, Virginia) 326 units
• Hamilton Manor (Hyattsville, Maryland) 245 units
• Huntwood Courts (Washington, D.C.) 214 units
• Earle Manor (Wheaton, Maryland) 140 units
• The Gale Eckington (Washington, D.C.) 603 Units
• Loree Grand (Washington, D.C.) 212 units
• Falkland Chase (Silver Spring, Maryland) 268 units
• Franklin Apartments (Takoma Park, Maryland) 185 units.

JBG Smith launched the Impact Pool in 2019 as part of its Washington Housing Initiative and the Federal City Council. Managed by the developer, the Impact Pool leverages private capital to counter the loss of housing for middle-income families in the greater Washington, D.C. region. It accomplishes this by working with non-profit and for-profit sponsors to acquire privately owned and unsubsidized housing, with the goal of keeping the properties affordable for middle-income families. In addition, the Impact Pool invests the buildings and uses strategies to stabilize residents rather than push their rents.