Federal Home Loan Bank of Seattle Awards $3.35 Million for Affordable Housing in Washington State

The Federal Home Loan Bank of Seattle (Seattle Bank) has announced the award $3.35 million in Affordable Housing Program (AHP) funds to support 13 projects that will provide 351 units of affordable housing in Washington state.

The Seattle Bank is a wholesale financial cooperative, and it distributes AHP funding through its community financial institution members, who work with for-profit and nonprofit organizations in their communities to address local housing needs. The AHP subsidy provides funding for affordable rental and owner-occupied housing for very low-, low-, and moderate-income households. As part of the Seattle Bank’s 2012 AHP, the following Washington projects received awards:

• $116,900 for Desoto Senior Housing in Walla Walla, sponsored by Banner Bank and Blue Mountain Action Council
• $320,000 for Summit Ridge in Spokane, sponsored by Banner Bank and Commonwealth Agency, in partnership with Whitewater Creek
• $220,000 for Arrowleaf Townhomes in Airway Heights, sponsored by Mountain West Bank, Banner Bank, and Commonwealth Agency, in partnership with Whitewater Creek
• $300,000 for Valor Apartments in Seattle, sponsored by Sterling Savings Bank and Community Psychiatric Clinic
• $647,928 for Compass on Dexter in Seattle, sponsored by The Commerce Bank of Washington and Compass Housing Alliance
• $240,000 for Greenbridge Home Sight Phase II in Seattle, sponsored by Boeing Employees Credit Union and HomeSight
• $187,500 for Homestead Acquisition/Rehab in King County, sponsored by HomeStreet Bank and Homestead Community Land Trust
• $449,950 for Ballard Senior Housing in Seattle, sponsored by Banner Bank and Low Income Housing Institute
• $150,000 for Lower Elwha Homes II on the Lower Elwha Reservation, sponsored by First Federal Savings and Loan of Port Angeles and Lower Elwha Housing Authority
• $197,978 for Pear Tree Place III in Yakima, sponsored by Banner Bank and Next Step Housing
• $161,982 for PC2 Homeownership III in Pierce County, sponsored by Umpqua Bank and Pierce County Coalition for Developmental Disabilities
• $252,000 for Argonaut House 2 in Seattle, sponsored by The Commerce Bank of Washington and Plymouth Healing Communities
• $107,346 for Marcus Place Senior Apartments in Colfax, sponsored by AmericanWest Bank and Whitman Community Action Center

“At a time when so many are in need, the Seattle Bank is very pleased to partner with its members to bring affordable housing to their communities,” said Seattle Bank President and CEO Michael L. Wilson. “We commend our members and their community partners for providing individuals and families with the opportunity to live in safe, healthy, and affordable housing.”

The Seattle Bank contributes 10 percent of its annual profits to support the development of affordable housing. 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$tart Program, Community Investment Program (CIP), and Economic Development Fund (EDF). Together, AHP and Home$tart have provided nearly $79.9 million of subsidy to support affordable rental and owner-occupied housing for over 15,000 Washington households, and the CIP and EDF have provided $1.9 billion of reduced-rate loans to support nearly 28,900 units of affordable housing and 3 economic development projects in Washington.

For 2012, the Seattle Bank awarded $6.7 million of AHP subsidy in support 24 projects providing 782 units of affordable housing in six states. Additional information regarding the Seattle Bank’s 2012 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 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 338 member financial institutions to provide their customers with greater access to mortgages, commercial lending, and affordable housing.

The Seattle Bank serves Alaska, Hawaii, Idaho, Montana, Oregon, Utah, Washington, Wyoming, American Samoa, Guam, and the Northern Mariana Islands. Seattle Bank members include commercial banks, credit unions, thrifts, industrial loan corporations, and insurance companies.

One of 12 Federal Home Loan Banks in the United States, the Seattle Bank has provided $195.8 million in grants and $3.0 billion in reduced-rate loans to help support more than 93,000 units of affordable housing and 364 economic development projects. 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.