The Federal Home Loan Bank of Seattle (Seattle Bank) has announced the award of $900,000 in Affordable Housing Program (AHP) funds to provide 153 units of affordable housing in Utah. The funding will help to create affordable rental and owner-occupied housing for very low-, low-, and moderate-income households, including homeless veterans and families with special needs.
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. As a result of their partnership efforts, three projects in Utah received 2012 AHP awards:
- $150,000 for NNHC First-time Homebuyer Program in Logan, sponsored by Bank of American Fork and Neighborhood Nonprofit Housing Corporation
- $350,000 for New Valor House in Salt Lake City, sponsored by Zions First National Bank and Housing Authority of Salt Lake City
- $400,000 for Bud Bailey Apartments I, LLC in Salt Lake City, sponsored by Zions First National Bank and Housing Authority of the County of Salt Lake City (dba Housing Opportunities)
“We are honored to support our Utah members and their community partners in addressing such a broad range of housing needs,” said Seattle Bank President and CEO Michael L. Wilson. “We are grateful for their participation in our AHP and commend them for their partnership and commitment to affordable housing. We look forward to the completion of this work and to the positive impact it will have for the residents of these homes.”
The Seattle Bank contributes 10 percent of its annual profits to support the development of affordable housing. AHP funds are awarded on a competitive basis. To receive an AHP award, an organization must demonstrate its ability to effectively develop, rehabilitate, or acquire affordable housing.
In addition to the AHP, the Seattle Bank supports affordable housing and community and economic development projects through its Home$tart Program, Community Investment Program (CIP), and Economic Development Fund (EDF). Together, AHP and Home$tart have provided nearly $18.3 million of subsidy to support affordable rental and owner-occupied housing for 3,700 Utah households, and the CIP and EDF have provided $152.6 million of reduced-rate loans to support more than 2,744 units of affordable housing and 13 economic development projects in Utah.
For 2012, the Seattle Bank awarded $6.7 million of AHP funding to 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.
Connie Waks, 206-340-2305
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