About
Our History
In 1990 a group of 19 Washington financial institutions joined together to create a consortium devoted to multifamily affordable housing. Their goal was to generate a revolving, shared-risk loan pool that would provide a renewable source of permanent financing. In addition, they were looking for a way to reduce and control administrative costs, develop and share expertise in the specialized underwriting and lending functions of affordable and special needs housing and assist member financial institutions in meeting the community development needs of their communities.
The group contracted with The Development Fund (a nonprofit organization that develops innovative model programs in affordable housing) and set to work analyzing housing needs, planning the structure, operations and lending products of the new organization, and preparing the first operating budget.
Washington Community Reinvestment Association opened its doors in February of 1992 with 35 member institutions and a $75 million loan pool to provide long-term permanent financing for affordable housing projects across the state.
Over the last 34 years, WCRA has expanded our lending capacity in response to banking and community needs. The original loan pool has been enhanced through the creation of two additional lending pools and as of 2026 total lending capacity from our member banks stands at $170 million.
To date, our member bank pools have provided over $420 million of CRA qualified financing for housing and economic development across 36 of the 39 counties in Washington.
In addition, WCRA has increased our funding sources and has grown to provide additional lending opportunities via the Capital Plus and the Washington Early Learning Loan Fund programs.
In 2003, WCRA partnered with the Washington State Housing Finance Commission (WSHFC) to create the Capital Plus program. Capital Plus provides both real estate and equipment lending to nonprofits. This revolving loan pool has grown from initial funding of $3 million to $21.5 million of committed funds. Projects financed with Capital Plus include community centers, housing for seniors and disabled adults, and transitional housing for victims of domestic violence.
In 2019, WCRA was awarded lending and technical assistance contracts by the Department of Commerce to administer funds from the Washington Early Learning Loan Fund. Funding has grown from an initial $5 million to $25.5 million and allows WCRA and our partners to provide loans and grants to early learning centers across the state.
As of FY 2026, WCRA manages over $200 million of lending capacity on behalf of our member banks and public funders in support of affordable housing and economic development across Washington.
Our Mission
To meet Washington's affordable housing and economic development needs through partnership
