SEATTLE--()--The Federal Home Loan Bank of Seattle (Seattle Bank) has announced the award of more than $485,000 in Affordable Housing Program (AHP) funds to help create 48 units of affordable rental housing in Montana. The housing will serve households earning up to 60 percent of area median income, including some with special needs.
“We look forward to the completion of these valuable projects and to the positive impact they will have for the residents and communities they serve.”
The Seattle Bank is a wholesale financial cooperative and 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 2012, two Montana projects received AHP awards:
- $270,939 for Crestview Senior Apartments in Bigfork, sponsored by Glacier Bank and American Covenant Senior Housing Foundation, Inc.
- $215,000 for Fort Peck Homes on the Fort Peck Reservation, sponsored by Independence Bank and Fort Peck Housing Authority
“We are very pleased to work with our members and their community partners to address the need for affordable housing in Montana,” said Seattle Bank President and CEO Michael L. Wilson. “We look forward to the completion of these valuable projects and to the positive impact they will have for the residents and communities they serve.”
The Seattle Bank contributes 10 percent of its annual profits to support the development of affordable housing. AHP funds are awarded on a competitive basis. To receive an AHP award, an organization must demonstrate its ability to effectively create affordable housing and promote community stability.
In addition to the AHP, the Seattle Bank supports affordable housing and community and economic development projects through its Home$tart Program, Community Investment Program (CIP), and Economic Development Fund (EDF). Together, AHP and Home$tart have provided $16.4 million of subsidy to support affordable rental and owner-occupied housing for nearly 3,300 Montana households, and the CIP and EDF have provided $112.7 million of reduced-rate loans to support 1,888 units of affordable housing and 55 economic development projects in Montana.
For 2012, the Seattle Bank awarded a total of $6.7 million of AHP subsidy in support of 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.