Federal Home Loan Bank of Seattle Awards $5.5 Million for Affordable Housing
Funds Will Help Create 640 Affordable Housing Units in Five States
News Release: December 18, 2013
Seattle – The Federal Home Loan Bank of Seattle (Seattle Bank) is pleased to announce the award of $5.5 million in Affordable Housing Program (AHP) funds to support 14 projects providing 640 units of affordable housing in Idaho, Montana, Oregon, Utah, and Washington.
The Seattle Bank distributes its AHP funding through its member institutions, which work with for-profit and nonprofit organizations in their communities to address local housing needs. The Seattle Bank’s 2013 AHP awards will benefit households with special needs, homeless individuals, Native peoples, and veterans, among others.
“We are very pleased to provide this funding for affordable housing, and we know it will be put to good use,” said Seattle Bank President and CEO Michael L. Wilson. “We have a large and diverse district, with a broad range of populations and housing needs. Our members and their community partners live and work in the communities they serve, and they are keenly aware of local housing needs and how best to meet them. We look forward to the completion of these projects and the positive impact they will undoubtedly have on their residents and communities overall.”
2013 AHP Awards page on the Seattle Bank’s website for a more complete description of the projects receiving 2013 AHP awards.
2013 Affordable Housing Program Awards
$474,350 for Hudson Park in Coeur d’Alene
Sponsored by Glacier Bank and Commonwealth Agency, Inc. in partnership with Whitewater Creek, Inc.
- $375,000 for Valencia Apartments in Fruitland
Sponsored by Idaho Independent Bank and Northwest Integrity Housing Co.
- $63,800 for Coeur d’Alene Tribal Housing Authority Rehabilitation Project in Plummer and Worley
Sponsored by Sterling Bank and Coeur d’Alene Tribal Housing Authority
- $700,000 for Apsaalooke Warrior Apartments in Crow Agency
Sponsored by First Interstate Bank and Crow Tribal Housing Authority
- $520,000 for Poverello Center Emergency Facility in Missoula
Sponsored by First Montana Bank and The Poverello Center, Inc.
- $80,991 for Allen Estates Phase 1 and 2 in Beaverton
Sponsored by Sterling Bank and Willamette West Habitat for Humanity
- $386,957 for Self-Help Homes Project in Payson, Heber, and Elk Ridge
Sponsored by Bank of American Fork and Rural Housing Development Corporation
- $310,000 for Northern Utah Neighborhood Improvement in Tremonton, Brigham City, and Logan City
Sponsored by Bank of American Fork and Neighborhood Nonprofit Housing Corporation
$700,000 for Homestead Acquisition – Rehab at scattered sites across King County
Sponsored by Banner Bank and Homestead Community Land Trust
- $655,000 for Lilac Plaza in Spokane
Sponsored by Glacier Bank and Spokane Baptist Association Homes
- $395,956 for University Commons in Seattle
Sponsored by Sterling Bank and Low Income Housing Institute
- $338,200 for Lilac Place in Woodland
Sponsored by Twin City Bank and Longview Housing Authority
- $323,964 for Multi-Service Center’s Veteran’s Housing Project in Federal Way
Sponsored by Sterling Bank and Multi-Service Center
- $215,976 for Appleway Court II in Spokane Valley
Sponsored by Sterling Bank and Spokane United Methodist Homes
AHP funds are awarded on a competitive basis. To receive an AHP award, an organization must demonstrate its ability to effectively create affordable housing and promote community stability.
In addition to the AHP, the Seattle Bank supports affordable housing and community and economic development projects through its Home$tart Program, Community Investment Program (CIP), and Economic Development Fund (EDF).
Additional information regarding the Seattle Bank’s 2013 AHP awards and community investment programs is available on the Seattle Bank’s website at www.fhlbsea.com.
About the Seattle Bank
The Federal Home Loan Bank of Seattle (Seattle Bank) is a member-owned cooperative, serving approximately 330 financial institutions. The Seattle Bank provides its members with access to wholesale funding, which they use to make home mortgages, small business, and other loans in their communities.
The Seattle Bank also works with its members and their community partners to promote affordable housing and economic development. Each year, the bank provides 10 percent of its profits to fund affordable housing—both rental and homeownership—and provides millions of dollars in reduced-rate loans for affordable housing and community economic development.
The Seattle Bank’s Affordable Housing Program provides subsidy to acquire, construct, or rehabilitate affordable rental or owner-occupied housing for low- and moderate-income households. The Home$tart Program provides downpayment assistance to first-time homebuyers earning up to 80 percent of area median income. The Community Investment Program / Economic Development Fund offer reduced-rate loans for affordable housing and community economic development.
One of 12 Federal Home Loan Banks in the United States, the Seattle Bank serves Alaska, Hawaii, Idaho, Montana, Oregon, Utah, Washington, Wyoming, American Samoa, Guam, and the Northern Mariana Islands.