Federal Home Loan Bank of Seattle Pledges Support for Bike & Build Program to Promote Affordable Housing
News Release: July 25, 2012
Contact: Connie Waks
The Federal Home Loan Bank of Seattle (Seattle Bank) is pleased to announce its support of Bike & Build, a non-profit organization promoting affordable housing across the United States.
In the Bike & Build program, volunteers ages 18 through 25 participate in cross-country bike trips, making stops along the way to help construct affordable housing. Participants agree to raise a minimum of $4,500 in donations, which are subsequently awarded to affordable housing organizations through a competitive grant process.
“Bike & Build provides a great opportunity for young people to gain a better understanding of the affordable housing needs across our country and to participate in helping to meet those needs,” said Seattle Bank President and CEO Michael Wilson. “As a Federal Home Loan Bank, we have a strong commitment to affordable housing and community economic development, and we are pleased to partner with Bike & Build on this effort.”
The 12 Federal Home Loan Banks, including the Seattle Bank, will contribute a total of $60,000 in support of Bike & Build’s affordable housing mission. In 2012, Bike & Build is participating in 11 affordable housing projects across the Pacific Northwest, including projects in: Caldwell, Coeur d’Alene, and Idaho Falls, Idaho; Missoula and Whitefish, Montana; Portland, Oregon; Moab, Provo, and St. George, Utah; and Casper and Jackson, Wyoming.
More than 250 riders participate in Bike & Build’s eight cross-country routes each summer. Since its inception in 2002, Bike & Build has engaged more than 1,500 volunteers and donated more than $3.3 million to fund affordable housing projects.
About the Seattle Bank
The Seattle Bank 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. The Seattle Bank's funding and financial services enable approximately 350 community financial institutions to provide their customers with greater access to mortgages, commercial loans, and funding for affordable housing and economic development.
The Seattle Bank serves Alaska, Hawaii, Idaho, Montana, Oregon, Utah, Washington, Wyoming, American Samoa, Guam, and the Northern Mariana Islands. Its 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. The Federal Home Loan Banks commit 10 percent of their annual income for affordable housing and, together, represent one of the country's largest private sources of funding for affordable housing, as well as liquidity and funding for community financial institutions.
About Bike & Build
Bike & Build is a 501(c)(3) independent non-profit organization that works with participants ages 18 through 25 to produce cross-country fundraising cycling trips. Event proceeds are disbursed to affordable housing organizations to underwrite projects chiefly planned and executed by young adults in this age group. These contributions are allocated through a competitive grant application process. Over the course of nine seasons, Bike & Build has contributed more than $3.3 million to fund affordable housing projects. This includes more than $605,000 donated during the summer of 2011.