2009 News Releases

    Federal Home Loan Bank of Seattle Announces Availability of $2.6 Million of Affordable Housing Program (AHP) Funding

    News Release: May 27, 2009
    Contact: Connie Waks
    206.340.2305

    Seattle – The Federal Home Loan Bank of Seattle (Seattle Bank) today announced the availability of at least $2.6 million in subsidy for affordable rental and owner-occupied housing through the bank’s 2009 Affordable Housing Program (AHP).

    AHP subsidy, which is offered through a competitive application process, may be used to acquire, construct, and/or rehabilitate affordable housing for households earning up to 80 percent of area median income, adjusted for family size. AHP applications are sponsored by members of the Seattle Bank cooperative, who work with their community partners to address local needs.

    “The need for affordable housing continues to grow,” said Seattle Bank President and CEO Richard M. Riccobono, “and particularly in this difficult time, we are pleased to be able to make these funds available to help our members address the needs of individuals and families in their communities.”

    Funded with 10 percent of the Seattle Bank’s annual net income, AHP is designed to create affordable rental and homeownership opportunities for low- and moderate-income households. Since the program’s inception in 1990, the Seattle Bank has contributed nearly $140.0 million to help finance more than 27,000 affordable homes.

    The 2009 AHP application is available on the Seattle Bank’s Web site (www.fhlbsea.com), and applications are due August 1, 2009.

    About the Seattle Bank
    The Federal Home Loan Bank of Seattle is a financial cooperative that provides liquidity, funding, and services to enhance the success of its members and support the availability of affordable homes and economic development in the communities they serve. Our funding and financial services enable 380 member institutions to provide their customers with greater access to mortgages, commercial lending, and affordable housing. The Seattle Bank commits 10 percent of its annual profits to help fund affordable housing and homeownership.

    The Seattle Bank serves eight states, American Samoa, Guam, and the Northern Mariana Islands. Our members include commercial banks, credit unions, thrifts, industrial loan corporations, and insurance companies.

    The Seattle Bank is one of 12 Federal Home Loan Banks in the United States. Together, the Federal Home Loan Banks represent one of the country’s largest private sources of liquidity and funding for community financial institutions, as well as funding for affordable housing.

    This press release contains forward-looking statements. Forward-looking statements are subject to known and unknown risks and uncertainties. Actual performance may differ materially from that expected or implied in forward-looking statements because of many factors. Such factors may include, but are not limited to, demand for advances, business and capital plan adjustments and amendments, changes in the bank's management and Board of Directors, regulatory actions or approvals, competitive pressure from other Federal Home Loan Banks and alternative funding sources, accounting adjustments or requirements, interest-rate volatility, the bank's ability to maintain adequate capital levels, changes in projected business volumes, our ability to appropriately manage our cost of funds, changes in our membership profile or the withdrawal of one or more large members, the cost-effectiveness of our funding, hedging and asset-liability management activities, shifts in demand for our products and consolidated obligations, and general economic conditions. Additional factors are discussed in the Seattle Bank's first-quarter 2008 Form 10-Q filing and its 2007 Form 10-K filing with the SEC, which are available on the Seattle Bank’s Web site at www.fhlbsea.com. The Seattle Bank does not undertake to update any forward-looking statements made in this announcement.

    ###