The Seattle Bank offers two programs that are ideal for Seattle Bank members looking to support affordable housing and economic development initiatives with a lower-cost loan:

• The Community Investment Program (CIP) offers loans for affordable housing.
• The Economic Development Fund (EDF) offers loans for community economic development.

These loan programs are unique in that Seattle Bank members can apply for discounted advances for terms from three to 30 years. Rate locks are available for periods up to 24 months.

CIP/EDF loans have been used to finance affordable homes, multi-family rental projects, new small businesses, new roads and bridges, and sewage treatment plants. They are especially effective when used to support housing and commercial development in distressed or rural areas where financial resources are scarce.

Projects funded with CIP/EDF advances may also benefit from our Standby Letters of Credit (LOCs), which provide Seattle Bank members with an efficient and low-cost way to secure contractual agreements with third parties and guarantee their financial strength to perform as agreed in a contract. Standby LOCs may be issued for up to 20 years when used to finance housing or to support an interest-rate swap and may be secured with a variety of collateral types. 

Eligibility

• CIP loans supporting affordable housing must benefit households that earn up to 115 percent of area median income.
• EDF loans supporting business or commercial projects must benefit households earning up to 115 percent of area median income in rural areas and up to 100 percent of area median income in urban areas.

Application
Funding is available continuously through a noncompetitive application process. To apply, please review the Community Investment Cash Advance Regulation and complete and submit the CIP/EDF Application (PDF).

For more information on CIP/EDF, contact Tracy Brewer, senior community programs analyst, at 206.340.8748.