About

Our History

In 1990 a group of 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 otherwise assist member financial institutions in meeting the community development needs of their communities.

Under the leadership of Gerry Cameron, then US Bank of Washington President, the group contracted with The Development Fund (a nonprofit organization that develops innovative model programs in affordable housing) and set to work. Over the next few months, a Task Force representing 19 financial institutions met to analyze housing needs across the State, plan the structure, operations and lending products of the new organization and prepare the first operating budget.

The Washington Community Reinvestment Association opened its doors in February of 1992 with 35 member institutions and a $75 million loan pool.

Over the last 32 years, the WCRA has expanded our lending capacity in response to banking and community needs. The original loan pool was enhanced through the creation of two additional lending pools and total lending capacity from our member banks stands at $170 million as of the end of 2024. To date, our member bank pools have provided over $400 million of financing for housing and economic development across 36 of the 39 counties in Washington.

In addition, the 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 at the end of 2024. Projects financed with Capital Plus include community gardens for at risk youth, housing for seniors and disabled adults, and transitional housing for victims of domestic violence.

In 2019, the WCRA began contracting with the Department of Commerce to administer funds from the Washington Early Learning Loan Fund. This $19 million in revolving financing is administered by the WCRA and our partners and provides loans and grants to early learning centers across the state.