Four Alaska Financial Institutions Receive Grants for Low-Income Housing Initiatives.SEATTLE--(BUSINESS WIRE)--Oct. 1, 1999-- Low- to moderate-income mod·er·ate-in·come adj. Of or relating to people or households supported by an average or slightly below average income: moderate-income housing. individuals, families, and senior citizens in six Alaska Alaska (əlă`skə), largest in area of the United States but third smallest (exceeding only Vermont and Wyoming) in population, occupying the northwest extremity of the North American continent, separated from the coterminous United States communities will benefit from the more than $179,000 in grants the Federal Home Loan Bank of Seattle Seattle (sēăt`əl), city (1990 pop. 516,259), seat of King co., W Wash., built on seven hills, between Elliott Bay of Puget Sound and Lake Washington; inc. 1869. (Seattle Bank) awarded to lenders to support low-income low-in·come adj. Of or relating to individuals or households supported by an income that is below average. housing initiatives in the state. The following financial institutions received grants for housing developments in the communities indicated (see attached table for details): -0-
-- Northrim Bank -- received one grant in Anchorage.
-- National Bank of Alaska -- received three grants for projects
in Dillingham, Naknek, Unalaska.
-- First Bank -- received one grant in Ketchikan.
-- First National Bank of Anchorage -- received one grant in
MatanuskaSusitna.
The Seattle Bank awarded more than $6 million to fund housing initiatives across its region that spans eight states, American Samoa American Samoa, officially Territory of American Samoa, unincorporated territory of the United States (2000 pop. 57,291), comprising the eastern half of the Samoa island chain in the South Pacific. and Guam Guam (gwäm), Chamorro Guåhan, the largest, most populous, and southernmost of the Mariana Islands (see also Northern Mariana Islands, an unincorporated territory of the United States (2005 est. pop. . The Seattle Bank, a wholesale bank serving more than 300 financial institutions, provides grants semi-annually through its Affordable Housing Program (AHP AHP Assistant House Physician. ). The AHP supports community organizations' affordable housing initiatives and is funded annually with ten percent of the Seattle Bank's profits. "We support local financial institutions who in turn support their communities," said Norman Norman, city (1990 pop. 80,071), seat of Cleveland co., central Okla.; inc. 1891. It is the center of a livestock region. Oil wells, food processing, and printing and publishing contribute to the economy, and there is diverse manufacturing (machinery, communication B. Rice, president and chief executive officer of the Federal Home Loan Bank of Seattle. "It's it's 1. Contraction of it is. 2. Contraction of it has. See Usage Note at its. it's it is or it has it's be ~have the lenders and 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. sponsors who transform our grants into homes for hundreds of deserving de·serv·ing adj. Worthy, as of reward, praise, or aid. n. Merit; worthiness. de·serv  ing·ly adv. residents."The initiatives selected for AHP grants met the Seattle Bank's criteria criteria (krītēr´ē  ),n. to create affordable housing, promote community stability, and encourage public/private partnerships. The two district priorities this year are homes for families (two or more bedrooms) and housing in rural areas. Since 1990, the Seattle Bank has provided $16 million in AHP grants to support affordable housing developments in Alaska and $65 million in grants throughout the region. The Federal Home Loan Bank of Seattle expands housing and economic opportunities 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 nearly 300 financial institutions in Alaska, Hawaii Hawaii, island, United States Hawaii, island (1990 pop. 120,217), 4,037 sq mi (10,456 sq km), largest and southernmost island of the state of Hawaii and coextensive with Hawaii co.; known as the Big Island. , Idaho Idaho (ī`dəhō), one of the Rocky Mt. states in the NW United States. It is bordered by Montana and Wyoming (E), Utah and Nevada (S), Oregon and Washington (W), and the Canadian province of British Columbia (N). , Montana Montana (mŏntăn`ə), Rocky Mt. state in the NW United States. It is bounded by North Dakota and South Dakota (E), Wyoming (S), Idaho (W), and the Canadian provinces of British Columbia, Alberta, and Saskatchewan (N). , Oregon Oregon, city, United States Oregon, city (1990 pop. 18,334), Lucas co., NW Ohio, a suburb adjacent to Toledo, on Lake Erie; inc. 1958. It is a port with railroad-owned and -operated docks. The city has industries producing oil, chemicals, and metal products. , Utah, Washington Washington, town, England Washington, town (1991 pop. 48,856), Sunderland metropolitan district, NE England. Washington was designated one of the new towns in 1964 to alleviate overpopulation in the Tyneside-Wearside area. , Wyoming Wyoming, city, United States Wyoming, city (1990 pop. 63,891), Kent co., W Mich., in the greater Grand Rapids metropolitan area, on the Grand River; settled 1832, inc. 1959. , American Samoa and Guam. The Seattle Bank is privately owned and managed and has assets of $33 billion. ALASKA Grants are listed alphabetically al·pha·bet·i·cal also al·pha·bet·ic adj. 1. Arranged in the customary order of the letters of a language. 2. Of, relating to, or expressed by an alphabet. by community. -0-
Community: Anchorage
Project Name: The AMBA House, Interfaith Council House, Habitat
for Humanity
Population Served: Three single-family homeownership units for very
low-income families
Local Sponsor: Habitat for Humanity
Local Contact: Caroline Bolar, 907/272-0800
Lender: Northrim Bank
Local Contact: Julie Bailey 907/261-3534
Description:
The Federal Home Loan Bank of Seattle awarded a $15,000 AHP grant
to help the sponsors provide home ownership opportunities for three
families earning 50 percent or less of area median income, or $29,600
annually for a family of four. Habitat for Humanity will direct the
effort that will be built by the homeowners and community volunteers.
Other funding sources for the $210,500 project include the Alaska
Mortgage Bankers' Association, member churches of the Interfaith
Council of Anchorage, and individual donations. Homes are expected to
be completed in September 1999.
Community: Dillingham
Project Name: Marrulut Eniit Assisted Living (MEAL)
Population Served: 10 rental units for low and very-low income
frail senior citizens
Local Sponsor: Marrulut Eniit Assisted Living
Local Contact: Rose Heyano, 907/842-5257
Lender: National Bank of Alaska
Local Contact: Jeri Walters, 907/265-2901
Description:
The Federal Home Loan Bank of Seattle will provide MEAL with a
$48,000 AHP grant to construct 10 assisted living units for senior
citizens in Dillingham. Eight of the units will be available for
seniors earning less than 50 percent of area median income, or $17,800
annually for an individual, and two of the units will be available for
seniors earning less than 80 percent of area median income, or $28,500
per year for an individual. The facility will include a large central
living area and kitchen. Construction began in spring 1999. Additional
funding for the $2.1 million development comes from the Indian
Community Development Block Grant, Alaska Senior Citizens Housing
Development Grant and a Mental Health Trust Beneficiary Housing Grant.
Community: Ketchikan
Project Name: Park Avenue Temporary Housing (PATH) Homeless
Shelter
Population Served: 31 beds, laundry and shower facilities for
very low-income homeless individuals
Local Sponsor: Ketchikan Committee for the Homeless
Local Contact: Lisa Scarborough, 907/225-4194
Lender: First Bank
Local Contact: Michael Medford, 907/228-4222
Description:
The Federal Home Loan Bank of Seattle will provide a $20,000 AHP
grant to renovate the 30-year-old PATH Homeless Shelter. The shelter
provides 30 beds, laundry and shower facilities for individuals
earning less than 50 percent of the area median income ($22,300 per
year for an individual) and a unit for the on-site resident manager.
Completion of the improvements is scheduled for September 1999.
Community: MatanuskaSusitna Borough
Project Name: Habitat for Humanity Mat Su 1999-2000 Helping Hand
Project
Population Served: Three single-family homes for purchase by very
low-income families
Local Sponsor: Habitat for Humanity
Local Contact: Bob Pickett, 907/373-7278
Lender: First National Bank of Anchorage
Local Contact: Gail West, 907/777-3014
Description:
The Federal Home Loan Bank of Seattle awarded a $13,500 AHP grant
to help construct three single-family homes for families earning 50
Local Contact: percent or less of area median income, or $27,800 for a
family of four. Selected homeowner families will contribute a minimum
of 500 hours affiliate fundraising activities. Targeted completion
dates are October 1999 for one home and summer 2000 for other two
homes.
Community: Naknek
Project Name: Southwest Elders Home
Population Served: 10 one-bedroom apartments for low and very-low
income seniors who can live independently
Local Sponsor: Bristol Bay Elders Action Group
Local Contact: Edwin Anderson, 907/246-4449
Lender: National Bank of Alaska
Local Contact: Jeri Walters, 907/265-2901
Description:
The Federal Home Loan Bank of Seattle will provide a $48,000 AHP
grant to help construct Southwest Elders Home, 10 one-bedroom
apartments for senior citizens living independently. Eight units will
be for persons earning less than 50 percent of area median income, or
$23,400 per year for an individual; two of the units will be for
persons earning between 51 percent and 80 percent of area median
income, or $33,450 annually for an individual. Total construction
costs are $2.1 million. Additional funding sources include USDA Rural
Development, State of Alaska Senior Citizen Housing Grant, and Alaska
HOME funds. The home is scheduled for completion in December 1999.
Community: Unalaska
Project Name: Tradewinds Apartments
Population Served: 16 rental units for low-income families
Local Sponsor: Aleutian Housing Authority
Local Contact: Jacques Smith, 907/563-2146
Lender: National Bank of Alaska
Local Contact: Jeri Walters, 907/265-2901
Description:
The Federal Home Loan Bank of Seattle will provide a $48,000 AHP
grant to help construct 16 affordable rental units. Twelve of the
units are designated for families earning less than 50 percent of area
median income, or $25,050 per year, and three are for families earning
less than 80 percent of area median income, or $40,100 per year for a
family of four. A children's play yard is included in the plans that
are expected to be completed in July 2000. Other funding for the $3.3
million in development costs comes from USDA rural development,
Low-Income Housing Tax Credits, HOME funds, and the Alaska Housing
Finance Corporation.
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