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FEDERAL HOME LOAN BANK OF SEATTLE, SECURITY PACIFIC TO FUND AFFORDABLE RENTAL HOUSING FOR LOW-INCOME, HOMELESS INDEPENDENCE, ORE. RESIDENTS

FEDERAL HOME LOAN BANK OF SEATTLE, SECURITY PACIFIC TO FUND AFFORDABLE RENTAL HOUSING FOR LOW-INCOME, HOMELESS INDEPENDENCE, ORE. RESIDENTS
 SEATTLE, Dec. 18 /PRNewswire/ -- The Federal Home Loan Bank of Seattle (FHLB) and Security Pacific Savings Bank are partners with the Polk County Community Development Corp. (CDC) in a program that will provide affordable rental housing for low- and very low-income and homeless Independence, Ore., residents.
 The FHLB announced today that partial funding for this program will be provided through its Affordable Housing Program (AHP). The AHP funds will be used to keep the rents affordable for very low- income individuals. The Polk County CDC will build a 19-unit apartment building on a vacant lot.
 "These new apartments, called Park West, will help relieve the community's critical housing shortage," said Ric Weaver of the Polk County CDC. "The units will be permanent housing for our many homeless and over-crowded families, including the Hispanic farm workers and their families whom the city's economy has attracted. The City of Independence and its people have shown a commitment to affordable housing by being willing to negotiate development fees and property taxes for Park West."
 Ed DeWald, CRA officer at Security Pacific in Portland, added, "Independence currently has an almost zero vacancy rate. While there have been no new multi-family units built in the last five years, the population has increased 10 percent in the same time period. This project, which will help in addressing the housing and related needs of the homeless and overcrowded families in Independence, will help stabilize this segment of the community."
 The FHLB sets aside 5 percent of its net income each year, rising to 10 percent in 1996, to subsidize interest rates on loans advanced under the Affordable Housing Program. During 1991, the FHLB will provide approximately $4 million in subsidies. The Park West program is one of 32 AHP-funded initiatives this year.
 Through the Affordable Housing Program, member financial institutions such as Security Pacific Savings Bank can receive subsidies from the FHLB to support housing developers and community organizations providing homeownership and rental housing programs targeted to lower-income families. The Affordable Housing Program was introduced by the FHLB in 1990.
 "The FHLB of Seattle is proud to offer our Affordable Housing Program, because we are in business to help our lenders compete in their markets," said James R. Faulstich, FHLB president. "Addressing the needs of their communities through financing low-income housing is an important way for our members to remain competitive."
 The FHLB of Seattle is a stockholder-owned wholesale bank providing credit and correspondent banking services to housing lenders. The FHLB's mission is to promote the availability of housing finance and consumer financial services, and to support housing lenders' efforts to compete successfully in their chosen markets. With assets of $9.8 billion, the FHLB of Seattle serves financial institutions in Alaska, Hawaii, Idaho, Montana, Oregon, Utah, Washington, Wyoming and the Territory of Guam.
 -0- 12/18/91
 /CONTACT: Ellie Altenhof of FHLB, 206-340-8703; or Ron Lehr of Security Pacific, 206-585-5526; or Ric Weaver of Polk County CDC, 503-623-8387/ CO: Federal Home Loan Bank of Seattle; Security Pacific Savings Bank;
 Polk County CDC ST: Oregon, Washington IN: FIN SU:


JH-SC -- SE019 -- 3494 12/18/91 14:48 EST
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Publication:PR Newswire
Date:Dec 18, 1991
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