Bank of America Idaho and West One Bank, Idaho awarded Grants for affordable housing; Funds will provide homeownership opportunities and affordable apartments across state.SEATTLE--(BUSINESS WIRE)--Dec. 27, 1995--The Federal Home Loan Bank of Seattle today awarded grants totaling more than $822,000 to 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. Idaho, N.A. and West One Bank, Idaho to aid their efforts to fund affordable housing in Idaho communities. The grants will fund the purchase, repair and construction of 369 homes affordable to lower-income families and individuals, including the developmentally disabled and migrant mi·grant n. 1. One that moves from one region to another by chance, instinct, or plan. 2. An itinerant worker who travels from one area to another in search of work. adj. Migratory. farmworkers, announced James R. Faulstich, the Seattle Bank's president and chief executive officer. A private, wholesale bank, the Federal Home Loan Bank of Seattle is providing the funds through its Affordable Housing Program (AHP AHP Assistant House Physician. ) which offers 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 ten percent of the Seattle Bank's profits. Bank of America Idaho, N.A. and West One Bank, Idaho together secured an AHP grant of $117,000 to provide downpayment and closing cost assistance to 39 first-time homebuyers First-Time Homebuyer An IRA owner who is exempt from the early-distribution penalty (which applies to IRA distributions that occur before the IRA owner reaches age 59.5) for distributing funds from his or her IRA to buy, build, or rebuild a home when having had no interest in a with developmental disabilities developmental disabilities (DD), n.pl the pathologic conditions that have their origin in the embryology and growth and development of an individual. DDs usually appear clinically before 18 years of age. . Rural homebuyers across the state (with the exception of the city of Boise) earning at or below 50 percent of the median income in their community are eligible for assistance through the Home of Your Own program. Homebuyers must also qualify for financing and participate in homebuyer home·buy·er n. One who is in the process of buying a home. counseling. Bank of America and West One Bank will provide individual mortgages. The Idaho State Council on Developmental Disabilities is sponsoring the program. Home of Your Own is an example of initiatives launched through National Partners for Homeownership, a network of financial institutions, trade organizations and government agencies, 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. Faulstich of the Seattle Bank. Created at the request of President Clinton, the network is implementing 100 various recommendations aimed at improving the U.S. homeownership rate. The Federal Home Loan Bank of Seattle, a private-sector, wholesale bank, is a network member. Bank of America Idaho and West One Bank, Idaho also secured AHP grants for the following projects: Silver Valley Home Repair, Shoshone County Bank of America Idaho, N.A. secured an AHP grant of $195,688 to help the Silver Valley Economic Development Corporation provide loans for home repair to 80 lower-income homeowners in towns throughout Shoshone County, including Kellogg, Mullan, Osborne, Pinehurst, Silverton, Wallace Wal·lace , Alfred Russel 1823-1913. British naturalist who developed a concept of evolution that paralleled the work of Charles Darwin. and Smelterville. The AHP grant will be used as downpayment assistance and to reduce the interest rate on the home improvement loans. Parkview Lane, Caldwell Bank of America Idaho, N.A. secured an AHP grant of $209,400 to help The Turning Point, a nonprofit A corporation or an association that conducts business for the benefit of the general public without shareholders and without a profit motive. Nonprofits are also called not-for-profit corporations. Nonprofit corporations are created according to state law. housing developer, build a 60-unit affordable apartment building for Caldwell s lower-income families, including migrant farmworkers. The AHP grant will reduce the principal on a permanent loan from Bank of America. Oak Park Village, Boise West One Bank, Idaho, secured an AHP grant of $300,000 to help the Boise Housing Corporation construct 147 rental apartments and 43 townhomes for purchase by families, including single parents and the homeless. The grant will reduce the purchase price of the land and provide capital during construction. These programs are among 79 awarded $8.4 million in targeted grants through the AHP in 1995. Since the AHP was launched in 1990, the Seattle Bank has provided $2.4 million in Idaho to support the purchase, construction or renovation of 814 affordable homes. AHP grants leverage additional funding from financial institutions, federal, state, and local governments, and private donations. 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 260 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 of Seattle 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 |
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