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December 18, 2007
Dear Seattle Bank Members and Community Investment Project Sponsors,
We are very pleased to announce that the Seattle Bank’s Board of Directors has awarded $4.66 million in 2007 Affordable Housing Program (AHP) subsidy. The 2007 AHP awards will help to construct and rehabilitate 859 units of affordable housing for low- and moderate-income households in Alaska, Hawaii, Idaho, Oregon, Utah, and Washington.
Our 2007 AHP awards will benefit first-time homebuyers, homeless individuals and families, and those affected by disabilities, among others. Twelve of the projects funded will support homeownership, and 11 will provide affordable rental housing. Twelve of the projects will be located in urban areas, and 11 will be located in rural areas. Eleven of the projects will serve the homeless. For mixed-income projects that include both affordable and market-rate units, only the affordable units will receive AHP subsidy.
Sixteen Seattle Bank members will receive the AHP awards: Albina Community Bank, Bank of America Oregon, N.A., Bank of American Fork, Bank of the Cascades, Banner Bank, Charter Bank, Citizens Bank, Credit Union 1, Evergreen FS & LA, First FS & LA of Port Angeles, Frontier Bank, Sterling Savings Bank, Umpqua Bank, Washington Mutual Bank, FSB, Wells Fargo Bank Northwest, N.A., and Westsound Bank. Six of our members—Bank of American Fork, Bank of America Oregon, N.A., Charter Bank, Sterling Savings Bank, Umpqua Bank, and Wells Fargo Bank Northwest, N.A.—received multiple awards.
The Board of Directors also approved four alternate projects that will be funded if sufficient AHP subsidy is returned to the Seattle Bank from previously approved applications by August 1, 2008. Those projects are sponsored by Cowlitz Bank, Peoples Bank, Rainier Pacific Bank, and Umpqua Bank.
AHP awards are allocated through a competitive application process. The Seattle Bank received 43 applications for AHP funding in 2007 requesting $9.1 million. All projects receiving awards met the Seattle Bank’s funding priorities for 2007.
Each year, the Seattle Bank contributes 10 percent of its net income from the previous year to fund affordable housing under its AHP. Since the program’s inception in 1990, the Seattle Bank has contributed more than $133 million to help finance 26,301 affordable homes.
Please contact Jennifer Ernst at 206.340.8737 or jennifere@fhlbsea.com with any questions regarding our AHP or other community investment programs.
Congratulations to our 2007 AHP award recipients!
2007 AHP Awards
This Community Investment News contains forward-looking statements that are subject to risk and uncertainty. These forward-looking statements may contain terms such as “will,” “believe,” “expect,” “intend,” “may,” “could,” “should,” and “anticipate” and describe our expectations regarding future events and developments. Future events are difficult to predict, and actual events, actions, or results may differ from those we currently anticipate. Any forward-looking statements made in this Community Investment News speak only as of the date hereof, and we do not undertake to update any such statements.
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