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Lender Consortium Hits $54 Million Mark to Fund 2,098 Affordable Housing Units in Washington.

SEATTLE--(BUSINESS WIRE)--Feb. 6, 1995--The Washington Community Reinvestment Association, a non-profit mortgage banking consortium of 36 financial institutions, announced today that it has funded and committed over $54 million in loans over its first three years of operation to create 2,098 new units of affordable and special needs housing units in Washington.

There were 18 new projects in 1994 totaling $21,552,500, which included units in Kennewick, Hoquiam, Olympia, Port Orchard, Poulsbo, South Bend, Vancouver, Seattle and Burlington.

Financial institutions in the state pooled $75 million in February of 1992 to create WCRA to provide permanent financing for affordable, low income, multi-family rental housing projects in Washington.

"The lenders who support the WCRA demonstrate the truest spirit of the Community Reinvestment Act through their cooperation in bringing the expanded resources of a consortium to the communities they serve," said WCRA President Judy Reed. By working together, the state's leading financial institutions have created a meaningful private sector resource to help meet Washington's affordable housing needs.

At the annual meeting, Karen McCormick, senior vice president of First Federal of Port Angeles, was elected chair of the WCRA board and David Thatcher, senior vice president of Key Bank of Washington, was elected vice chairman.

WCRA is available to projects sponsored by non-profit and for-profit housing developers throughout Washington. The group is actively accepting applications.

CONTACT: Washington Community Reinvestment Association

Judy Reed, 206/292-2922
COPYRIGHT 1995 Business Wire
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Copyright 1995, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Business Wire
Date:Feb 6, 1995
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