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HOUSING FOR HOMELESS IN EVERETT AREA RECEIVES FUNDING FROM THE FEDERAL HOME LOAN BANK OF SEATTLE

 HOUSING FOR HOMELESS IN EVERETT AREA RECEIVES FUNDING
 FROM THE FEDERAL HOME LOAN BANK OF SEATTLE
 SEATTLE, Dec. 18 /PRNewswire/ -- The Federal Home Loan Bank of Seattle (FHLB) and Pioneer Savings Bank are partners with Housing Hope of Everett which will rehabilitate two separate buildings to provide a total of 49 units of affordable rental housing for low- income and homeless families in Everett.
 Federal Home Loan Bank President James R. Faulstich announced today that partial funding for the rehabilitation of these buildings will be provided through the FHLB's Affordable Housing Program. Through the Affordable Housing Program member financial institutions, such as Pioneer Savings Bank, can receive subsidies from the FHLB to support housing developers and community organizations providing home ownership and rental housing programs targeted at lower-income families. The Affordable Housing Program was introduced by the FHLB in 1990.
 "Over the last several years, the number of families on fixed or lower incomes has risen steadily," said Aat Bontje of Housing Hope. "With the tremendous influx of population to our area during the past several years, there has been an increase in rents which makes it difficult for low-income families to find adequate housing. The most obvious indication of this is the drastically increasing numbers of homeless families in Snohomish County. This program will house 49 more of those families."
 "Pioneer Savings Bank recognizing the need to provide this type of housing in our area, and is pleased to be able to secure the FHLB subsidy as an enhancement to this program," said Mark Beales, vice president of Pioneer Savings Bank.
 The FHLB sets aside five 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 $4 million in subsidies.
 "Housing affordability, housing for the homeless, and community investment are among the most pressing issues facing our nation today," said Faulstich. "The Affordable Housing Program enables our member institutions, such as Pioneer Savings Bank, to finance more low-income housing initiatives and to better address the needs of their communities."
 The Federal Home Loan Bank of Seattle is a stockholder-owned bank providing credit and correspondent banking services to housing lenders. The bank'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 $8.5 billion, the Federal Home Loan Bank of Seattle services financial institutions in Alaska, Hawaii, Idaho, Montana, Oregon, Utah, Washington, Wyoming and the Territory of Guam.
 -0- 12/18/91
 /CONTACT: Linda Pomarantz of the Federal Home Loan Bank of Seattle, 206-340-8700; or Mark Beales of Pioneer Savings Bank, 206-622-9865; or Aat Bontje of Housing Hope, 206-258-2214/ CO: Federal Home Loan Bank of Seattle ST: Washington IN: FIN SU:


EH-DM -- SE011 -- 3358 12/18/91 11:03 EST
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Publication:PR Newswire
Date:Dec 18, 1991
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