Seattle Bank Announces $2.3 Million in 2011 Affordable Housing Program (AHP) Awards
December 15, 2011
Dear Seattle Bank Members and Community Partners,
The Federal Home Loan Bank of Seattle (Seattle Bank) is pleased to announce that
its Board of Directors has approved the award of approximately $2.3 million of Affordable
Housing Program (AHP) funding for 2011. The 2011 AHP awards will support nine projects
providing 189 units of affordable housing for very low-, low-, and moderate-income
households in Montana, Oregon, Washington, and Wyoming.
The Seattle Bank’s 2011 AHP awards will benefit households with special needs, homeless
individuals and families, veterans, Native peoples, and farmworkers, among others.
One of the projects awarded will support homeownership, and eight will provide affordable
rental housing. Four of the projects will be located in rural areas, and five will
be located in urban areas. Seven of the projects will reserve at least 20 percent
of their units for households with special needs, six projects will serve the homeless,
two will provide housing to veterans, one will serve Native peoples, and one will
provide housing to farmworkers.
AHP awards are allocated through a competitive application process. In 2011, the
Seattle Bank received 28 applications requesting a total of $6.9 million of AHP
funding. Six Seattle Bank members received 2011 AHP awards: Banner Bank, First Interstate
Bank, Sterling Savings Bank, Twin City Bank, Umpqua Bank, and Yakima Federal Savings
and Loan Association, which partnered with Central Valley Bank to co-sponsor an application.
The Seattle Bank’s Board of Directors also approved four alternate projects that
may be funded if sufficient AHP subsidy becomes available. All awarded and alternate
projects met the Seattle Bank’s 2011 funding priorities.
Since its inception in 1990, the Seattle Bank’s AHP has contributed $142.8 million to help fund nearly 27,200 affordable homes. In addition to the AHP, the Seattle Bank supports affordable housing and community and economic development projects through its Home$tart Program, Community Investment Program (CIP), and Economic Development Fund (EDF). Since its inception in 1995, the Home$tart Program has disbursed $42.2 million of downpayment assistance to more than 8,500 first-time homebuyers; since their inception in 1990, the CIP and EDF have provided $3.6 billion of reduced-rate loans supporting over 49,000 units of affordable housing and nearly 360 economic development projects.
Funding availability for the 2012 AHP and the Home$tart Program will be announced on or around March 1, 2012. CIP and EDF funding is available on a year-round basis.
A complete listing of the
Seattle Bank’s approved and alternate 2011 AHP projects
and information regarding the bank’s community investment programs are available
on the Seattle Bank’s website at
www.fhlbsea.com. Please contact
Jennifer Ernst
(206.340.8737) with any questions regarding the Seattle
Bank’s community investment programs.
Congratulations to our 2011 AHP recipients!
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.