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Summer 2005 Funding Round
Seven financial institutions will receive Challenge Fund grants totalling $140,000 to support affordable housing initiatives. Challenge Fund is the Seattle Bank's revolving loan fund that provides grants on a quarterly basis to financial institutions to pay for predevelopment expenses associated with affordable housing. The grants must be repaid if the projects are successful.
Hawaii
Honokaa Affordable Housing Community
The project will provide 125 rental units in the rural town of Honokaa, Hawaii. 100 of the units will be for families earning up to 60% of the area median income, with the remaining 25 units for families below 80% of area median income. Many of the households will be Native Hawaiians, and many will be elderly. The 65-acre site is being acquired from a Native Hawaiian. The project will be developed over 20 acres and constitutes phase one of a three- phase project.
Montana
Southside Building
First Interstate Bank, in partnership with homeWORD, will work with the City of Billings to create 13 units of affordable housing with commercial space for a neighborhood business and a community meeting space targeted to a historically low-income population of the city.
Burns Street Common
First Security Bank of Missoula, in partnership with the North Missoula CDC, will develop the residential portion of a mixed-use development creating 18 affordable homeownership units, as well as, the rehabilitation of a storage building for use as a food cooperative and community gathering space.
Stewart Home Rehabilitation
Valley Bank of Helena, in partnership with the Helena Housing Authority, will redevelop Stewart Homes, an existing public housing site, into a mixed-use community site with commercial space and 90 residential units to include public housing, affordable housing and market rate housing.
Washington
Bethel Court
America West Bank, in partnership with Bethel African Methodist Episcopal Church, will rehabilitate the Richard Allen Apartment complex, a HUD Section 236 project, and create 79 units in a senior housing complex on the site of the Bethel AME Church campus that currently provides community services.
Cascade View Homes
Banner Bank, in partnership with the Columbia Valley Housing Authority, will provide six to eight single family homes for low-income, first-time homebuyers in Douglas County. Homeowners, many of them farmworkers, will have access to a variety of social services.
YWCA Passage Point
HomeStreet Bank, in partnership with the YWCA of Seattle, King County, Snohomish County, will create transformational housing for women wishing to re-enter society and the workforce. The unique community will house 70 families working to break the cycle of poverty and homelessness.
Wyoming
Sheridan Housing - Downer Addition
Sheridan State Bank, in partnership with the Volunteers of America, plans to acquire 15 infill lots to develop affordable housing in a model project for neighborhood revitalization. Renewal of the Downer Addition, a neighborhood falling into blight, will have an impact on the long-term affordble housing strategy for the city of Sheridan.
Program Details
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