JBG SMITH Announces Initial Closing for Washington Housing Initiative Impact Pool

JBG SMITH (NYSE: JBGS), a leading owner and developer of high-quality, mixed-use properties in the Washington, DC market, announced the first closing of its newly established Impact Pool, a social impact investment vehicle managed by JBG SMITH to support the creation and preservation of affordable workforce housing across the Washington, DC area. Investors, including leading local developers and some of the country’s largest banking institutions, have committed more than $78 million to the Impact Pool, including a commitment from JBG SMITH of approximately $7.6 million.

The Impact Pool is the social impact investment vehicle of the Washington Housing Initiative, a transformational market-driven approach to preserving affordable workforce housing, preventing displacement, and sharing the benefits of economic growth in the Washington, DC region. The Initiative was launched by JBG SMITH and the Federal City Council in June 2018 as a scalable market-driven model that uses private capital to help address the scarcity of housing for middle income families. The program expects to preserve or build between 2,000 and 3,000 units of affordable workforce housing in the Washington metro region.

“We are excited to bring new private capital to the preservation and production of affordable workforce housing in our region. Having the support of so many institutional investors allows us to hit the ground running with a scalable, replicable, market-based approach to preserving affordability, preventing displacement, and strengthening inclusive communities,” said JBG SMITH Executive Vice President of Social Impact Investing, AJ Jackson. “To make a meaningful difference for our region’s working families, we need solutions that can invest private capital at scale. We believe that the Impact Pool will be an important tool to improve housing affordability for working families.”

The first closing of the Impact Pool is another example of JBG SMITH’s continued commitment to invest in communities across the DC region. “The closing of the Impact Pool is a crucial step in fulfilling our mission to provide innovative, resident-focused affordable housing for working Washingtonians,” said JBG SMITH CEO, Matt Kelly. “Access to affordable housing is as important to economic growth as education and job skills. We are excited to combine our platform and the financial resources of the Impact Pool to address this critical need in our local economy.”