Seattle Bank Announces $2.8M Of Affordable Housing Program Awards

The Federal Home Loan Bank of Seattle (Seattle Bank) has announced it will provide nearly $2.8 million in Affordable Housing Program (AHP) subsidies to fund 10 projects in Hawaii, Oregon, Washington and Wyoming. The AHP awards will be used to help create 258 units of housing for very-low-, low- and moderate-income households, including those with special needs, homeless individuals and families, and Native peoples.

‘We are very pleased to announce our 2009 AHP awards,’ says Seattle Bank President and CEO Richard M. Riccobono. ‘Our contribution to affordable housing is an important part of the Seattle Bank's mission, and it is particularly gratifying to be able to provide this funding at a time when so many communities are stressed and so many households are at risk of losing their incomes and their homes.’

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.

In 2009, six of the 10 projects receiving AHP awards will be located in rural areas, and four will be located in urban areas. Five of the projects awarded will support homeownership, and five will provide affordable rental housing. All of the projects will reserve at least 20% of their units for households with special needs, five projects will serve the homeless and three will serve Native peoples.

Since the program's inception in 1990, the AHP has contributed nearly $139 million to help finance more than 27,000 affordable rental and owner-occupied homes for families or individuals earning 80% or less of their area's median income.

The AHP awards are allocated through a competitive application process and may be used to fund the acquisition, rehabilitation or construction of new or existing housing structures; to reduce mortgage principal or interest rates on loans; or to provide down-payment and closing-cost assistance.

SOURCE: Federal Home Loan Bank of Seattle

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