NorthMarq’s Seattle office provides SouthEast Effective Development with 2020 Community Involvement Grant
MINNEAPOLIS, MINNESOTA (January 11, 2021) — SouthEast Effective Development (SEED) received a 2020 Community Involvement Grant from NorthMarq’s Seattle office. The organization’s mission is to improve quality of life in Southeast Seattle by creating partnerships and inspiring investments in housing, arts, and economic development, with a special focus on residents with fewer opportunities and resources.
Founded in 1975 by community members searching to improve the quality of life in Southeast Seattle, SEED has assisted in the revival of the historic Columbia City business district, as well as improving access to health care for residents, expanding affordable housing, and nurturing the arts/culture. SEED partners with education and training partners to find skills development pathways for residents to meet the needs of local businesses through custom training/education programs, employment recruitment, labor market and wage analysis, internships, and apprenticeships.
“Our office was introduced to SEED in 2018 by US Bank who was underwriting a construction loan for them on a 100 percent affordable, 4 percent tax credit project. NorthMarq provided a Freddie Mac TEL loan commitment for SEED for this 4 percent project in 2018. Later in 2018, we closed a conventional Freddie Mac loan on an existing 100 percent affordable project that had 9 percent tax credits. We are grateful to support and be in business with such a mission-driven company,” said Stuart Oswald, managing director – debt/equity.
In the third year of NorthMarq’s Community Involvement Grant program, the company has awarded grants to 18 non-profits in 16 cities. The program solicits nominations from each local office, and had an increase of 20 percent from 2019, with a total of 18 non-profits focused on affordable housing and reducing homelessness receiving these grants in 2020. NorthMarq’s 2020 grant to New Hope Housing represents its third award under the Community Involvement Grant program.