Mission
PRIMARY EXEMPT PURPOSE IS TO SERVE OR PROVIDE INVESTMENT CAPITAL TO LOW-INCOME COMMUNITIES OR LOW-INCOME PERSONS. THE CORPORATION WAS THE RECIPIENT OF AN ALLOCATION OF NEW MARKET TAX CREDITS AS PART OF THE NEW MARKETS TAX CREDIT PROGRAM, PURSUANT TO SECTION 45D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"). THE ALLOCATION WAS SUB-ALLOCATED TO A SUBSIDIARY OF COMMUNITY DEVELOPMENT ENTITY, SEATTLE COMMUNITY INVESTMENTS SUB-CODE I, LLC, WHICH IN TURN RECEIVED QUALIFIED EQUITY INVESTMENTS TO MAKE LOANS TO QUALIFIED ACTIVE LOW-INCOME COMMUNITY BUSINESS (QALICBS), AS DEFINED IN THE CODE. FIVE LOANS IN TOTAL WERE MADE AT INTEREST RATES BELOW MARKET INTEREST RATES, RECIPIENTS INCLUDED: NEIGHBORHOOD HOUSE HIGH POINT QALICB, YWCA GREENBRIDGE, LLC AND THE YOUNG WOMEN'S SERVICE ASSOCIATION OF SEATTLE-KING COUNTY. ALL RECIPIENTS QUALIFIED AS QALICBS, AS DEFINED IN THE CODE PROCEEDS OF THE LOANS ARE USED TO REVITALIZE AND BENEFIT THE LOW-INCOME COMMUNITIES IN WHICH THEY OPERATE.