If you’re in the business of financing affordable housing or economic development initiatives in your community, the Seattle Bank has two programs that offer the opportunity for real savings. In fact, for the 20 to 30 minutes it takes to complete the applications, you can save up to 20 basis points on a Seattle Bank advance.

	The Community Investment Program (CIP) provides long-term, reduced-rate advances to fund investments in New Market Tax Credits, affordable housing, and economic development benefiting communities with low to moderate incomes.
	The Economic Development Fund (EDF) provides long-term, reduced-rate advances to fund loans that support commercial, industrial, manufacturing, social service, public facility, or public infrastructure projects.

CIP/EDF advances can be used for any of the following:

	To fund loans for construction, rehabilitation, or purchase, or to refinance existing loans needed for rehab or preservation of affordable housing
	In conjunction with HUD, FHA, state- and local-government, and secondary-market agency programs
	To purchase state housing finance agency bonds or mortgage-backed securities representing pools of loans that could be funded directly with CIP/EDF advances
	To fund investments in lender consortia or affordable housing tax credits—as long as the underlying mortgages could be funded directly with a CIP/EDF advance

The advances are priced at the Seattle Bank's cost of funds and available for terms from five to 30 years. CIP/EDF also offer discounted letters of credit, and rate locks of up to two years at the highly favorable rate of 25 basis points per annum.

Kicking yourself for not using a CIP/EDF advance to fund the economic development loan you made just last month? Well, don’t because it’s not too late. CIP/EDF advances are available for up to three months after you’ve funded a qualifying project. One caveat: you must originate the loan within three months prior to receiving the funding.

Seattle Bank members have used CIP/EDF loans to finance:

	Affordable homes
	Multi-family rental projects
	New small businesses
	New roads and bridges
	Sewage treatment plants
	Water storage facilities

CIP/EDF advances are particularly effective when they support housing and commercial development in distressed or rural areas where financial resources are scarce. While limited to 100% of AMI in urban areas, CIP/EDF advances can go up to 115% of AMI in rural areas.

How to Apply
Funding is available through a noncompetitive application process. And it’s easy. Simply download, complete, and submit a CIP/EDF Application. Our Community Investment Department will review the proposed project and, upon approval, will send a fax authorizing the advance under the agreed-upon terms.

When you’re ready to take down your advance or lock in a rate, contact our Customer Funding Department.

After you drawn your advance, our Community Investment Department will ask you to provide information regarding disbursement, but there are no ongoing monitoring requirements.

Great rates. Flexible terms. No ongoing monitoring.

What are you doing for the next 20 minutes?

For more information about the types of projects available for CIP/EDF funding, please contact Kimberly Strahm in Community Investment at 206.340.8741; for details regarding Seattle Bank advance structures, call the Customer Funding Desk at 800.340.FHLB.

IMPORTANT DISCLAIMER, PLEASE READ: The Federal Home Loan Bank of Seattle ("Seattle Bank") publishes What Counts for educational and promotional purposes only. The data and analysis presented are based upon information obtained from sources that we consider reliable. The opinions expressed represent the current opinions of our staff and are subject to change without notice. We make no warranties, express or implied, regarding the accuracy or completeness of any information, analysis, or opinions presented. No part of this newsletter may be reproduced in any manner without the written permission of the Seattle Bank. The Seattle Bank, its employees, agents, and contractors are not registered investment advisors, financial advisors, or broker dealers, and they are not acting in a fiduciary capacity. The information contained in this newsletter does not constitute a recommendation, offer to sell, or solicitation of an offer to purchase any particular investments or products, including without limitation securities of any companies discussed, and it should not be construed as such. It is the reader’s responsibility to evaluate the suitability, risks, and merits of any investment, funding strategy, or business proposal presented in this newsletter. Newsletter content is for our readers' informational purposes only. Please refer to our Terms of Use for details.