Seattle Bank Announces $2.8 Million in 2009 Affordable Housing Program (AHP) Awards
December 17, 2009
Dear Seattle Bank Members and Community Investment Sponsors,
We are very pleased to announce that the Seattle Bank’s Board of Directors has awarded approximately $2.8 million in Affordable Housing Program (AHP) subsidy for 2009. The 2009 AHP awards will help to acquire, construct, and rehabilitate 258 units of affordable housing for very-low, low-, and moderate-income households in Hawaii, Oregon, Washington, and Wyoming.
Our 2009 AHP awards will benefit homeless individuals and families, Native peoples, and those affected by disabilities, among others. Five of the 10 projects awarded will support homeownership, and five will provide affordable rental housing. Six of the projects will be located in rural areas, and four will be located in urban areas. All of the projects will reserve at least 20 percent of their units for households with special needs, five projects will serve the homeless, and three will serve Native peoples.
Nine Seattle Bank members received AHP awards: Bank of America Oregon, N.A., Banner Bank, Citizens Bank, First Hawaiian Bank, First Interstate Bank, Golf Savings Bank, Peoples Bank, Sterling Savings Bank, and Washington Trust Bank.
The Seattle Bank’s Board of Directors also approved four alternate projects that may be funded if sufficient AHP subsidy becomes available. Those projects are sponsored by Bank of the Cascades, Banner Bank, Citizens Bank, and Sterling Savings Bank.
AHP awards are allocated through a competitive application process. The Seattle Bank received 32 applications requesting a total of $7.5 million of AHP funding in 2009. All projects receiving awards met the Seattle Bank’s 2009 funding priorities.
Since the AHP’s inception in 1990, the Seattle Bank has contributed nearly $139.0 million to help finance more than 27,000 affordable homes.
A complete listing of approved 2009 projects and alternate projects is available on the Seattle Bank’s Web site at www.fhlbsea.com. 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 2009 AHP recipients!
2009 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.