Affordable Housing

A woman and three children sit in front of their home, provided through Our Just Future, a Beneficial State Bank client. — Photo by Christine Dong, courtesy of Our Just Future.

Affordable housing is a necessity

Housing is one of our most basic human needs. We make a positive impact through our lending practice — investing depositor dollars in endeavors that serve our communities. That includes financing the development, preservation, and renovation of affordable housing on the West Coast. Supporting deed-restricted affordable housing development and renewal is central to our mission.

California, Oregon, and Washington are all in the top 7 states with highest levels of unhoused individuals in the country, with California in the top position.¹ We have lent hundreds of millions of dollars to affordable housing developers in all three states, supporting the development of over 8,400 units.²

We’re proud to be a Community Development Financial Institution (CDFI)

As one of the nine CDFI banks on the West Coast, our impact is rooted in our commitment to shared prosperity. With our focus on lending to affordable housing, local businesses, and impactful nonprofits, Beneficial State Bank is creating positive impacts in low-to-moderate income (LMI) communities.

Our affordable housing impact

California

6,488 Affordable Units

Oregon

1,492 Affordable Units

Washington

854 Affordable Units

Impact data as of December 31, 2021.

The exterior of an affordable housing development — Photo courtesy of Do Good Multnomah.

Competitive terms. High-touch service.

High-touch client service with an experienced and dedicated Affordable Housing team
Competitive fixed rates
Reduced origination and bank fees
Efficient underwriting and closing

Supportive banking services

Operating and Treasury services
Property management deposit accounts
Individual Development Accounts (IDAs) and Sponsor Programs
Financial wellness educational classes or 1-on-1 financial coaching

Our clients

The vast majority of our housing development lending goes to affordable housing projects, specifically deed-restricted and HUD Housing Assistance Payments properties (Section 8 housing). Affordable housing is a foundational part of our lending and we are proud of what our clients do every day to combat our housing crisis.