Affordable housing development for Snohomish County seniors breaks ground.EVERETT, Wash.--(BUSINESS WIRE)--Nov. 17, 1995--Construction of 51 affordable apartments for senior citizens in Snohomish County began in earnest ear·nest 1 adj. 1. Marked by or showing deep sincerity or seriousness: an earnest gesture of goodwill. 2. Of an important or weighty nature; grave. See Synonyms at serious. today with a groundbreaking ceremony attended by representatives of the project's funding sources including financial institutions, state and county government officials and non-profit organizations A non-profit organization (abbreviated "NPO", also "non-profit" or "not-for-profit") is a legally constituted organization whose primary objective is to support or to actively engage in activities of public or private interest without any commercial or monetary profit purposes. . Lake Woods II will provide senior citizens earnings up to $18,000 a year with affordable one- and two-bedroom apartments as well as access to on-site services to ensure they maintain the highest level of independent living possible. An Adult Day Health Center managed by Senior Services is located adjacent to the Lake Woods projects to provide residents with medical and therapeutic services. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Senior Services of Snohomish County, developer of Lake Woods II, the number of Snohomish County residents over age 75 grew nearly twice as fast as the rest of the population in the 1980s. Senior Services owns and manages four elderly housing facilities in the county, including Lake Woods I, located next to the new development on 19th Place West in South Everett. "We have more than 400 elderly individuals on our waiting list for housing and the average waiting period is two years," explains Keith Spelhaug, executive director of Senior Services. "Lake Woods II will not just create much-need housing for some of these individuals, it will provide them with a home where they can receive the specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. care they require now and as they continue to age, while helping them maintain independence and dignity." Norma Metcalf, wife of U.S. Rep. Jack Metcalf Jack Metcalf (November 30 1927 – March 15 2007) was an American politician who served as a member of the United States House of Representatives from 1995 to 2001. He represented the 2nd Congressional District of Washington as a Republican. (R-2nd), spoke on behalf of her husband who remained in Washington, D.C., due to the budget impasse im·passe n. 1. A road or passage having no exit; a cul-de-sac. 2. A situation that is so difficult that no progress can be made; a deadlock or a stalemate: reached an impasse in the negotiations. . She hailed the Lake Woods project as an example of a successful public/private partnership. "Collaborations like this -- between different levels of government, non-profits and financial institutions -- are the key to improving the quality of life of both the young and old," she explained. "As the number of elderly continues to increase at a faster rate than the rest of the population, these partnerships will be an invaluable tool in meeting their special needs, including housing." A partnership between the Federal Home Loan Bank of Seattle and Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. , F.S.B. is helping to finance the development of Lake Woods II. Bank of America secured a $147,000 targeted grant from the Seattle Bank's Affordable Housing Program (AHP AHP Assistant House Physician. ). The grant will be used to reduce the principal on Bank of America's $1.16 million permanent loan for the project. Bank of America is also providing a $2.4 million construction loan. Through the AHP, the Seattle Bank provides targeted grants and reduced-rate loans to help financial institutions support community organizations with the development of affordable housing. The AHP is funded annually with 10 percent of the Seattle Bank's profits. AHP grants leverage funding from financial institutions, federal, state, and local governments, and private donations. "The private sector is a powerful ally in the development of affordable housing," explained James R. Faulstich, president and chief executive officer of the Federal Home Loan Bank of Seattle. "More than 80 percent of the funding for Lake Woods II is from financial institutions in the form of grants, loans and the purchase of tax credits. We are proud to be a partner with Bank of America and Key Bank as they step forward to meet the housing needs of the elderly citizens of this county." Additional funding for the $3.8 million Lake Woods II project is from several public and private sources. Equity of $1.8 million was obtained through Key Bank of Washington's investment in Low-Income Housing Tax Credits The Low Income Housing Tax Credit (LIHTC; often pronounced "lye-tech") is a tax credit created under the Tax Reform Act of 1986 (TRA86) that gives incentives for the utilization of private equity in the development of affordable housing aimed at low-income Americans. . Snohomish County will provide a low-interest loan of $294,000 with funds from the HUD Hud (h  d), a pre-Qur'anic prophet of Islam. Hud unsuccessfully exhorted his South Arabian people, the Ad, to worship the One God. HOME program and the Community Housing Development Organization. The Washington State Housing Trust Fund provided a $247,000 low-interest loan. Senior Services will also provide equity to support the development. The Federal Home Loan Bank of Seattle's mission is to expand housing and economic opportunities in the region by providing funding and other banking services essential to community-based financial institutions. One of 12 Federal Home Loan Banks Federal Home Loan Banks The institutions that regulate and lend to savings and loan associations. The Federal Home Loan Banks play a role analogous to that played by the Federal Reserve Banks vis-à-vis member commercial banks. in the nation, the Seattle Bank serves more than 250 financial institutions in Alaska, Hawaii, Guam, Idaho, Montana, Oregon, Utah, Washington and Wyoming. The Seattle Bank is privately owned and managed, and has total assets of over $16 billion. CONTACT: Federal Home Loan Bank Darcy Minter mint 1 n. 1. A place where the coins of a country are manufactured by authority of the government. 2. A place or source of manufacture or invention. 3. An abundant amount, especially of money. , 206/340-8703 or Senior Services Keith Spelhaug, 206/290-1251 |
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