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 For the county seat of Kitsap County, see .
Port Orchard, part of Washington state's Puget Sound, is the strait that separates Bainbridge Island on the east from the Kitsap Peninsula on the west. , Poulsbo, South Bend South Bend, city (1990 pop. 105,511), seat of St. Joseph co., N Ind., on the great south bend of the St. Joseph River, in a farming and mint-growing region; inc. as a city 1865. , Vancouver, Seattle and Burlington.
Financial institutions in the state pooled $75 million in February of 1992 to create WCRA WCRA West Coast Railway Association
WCRA Washington Community Reinvestment Association
WCRA Wisconsin Court Reporters Association
WCRA Washington Cartridge Recyclers Association
WCRA Workers Compensation Reimbursement Amount
WCRA Workers Compensation Reinsurance Administration to provide permanent financing Permanent financing
Long-term financing using either debt or equity.
The long-term financing that supports a long-term asset. 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 Community Reinvestment Act (CRA)
Enacted by Congress in 1977, the CRA encourages banks to help meet the credit needs of their communities for housing and other purposes, particularly in neighborhoods with low or moderate incomes, while maintaining safe and sound operations. 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 Port Angeles (ăn`jələs), city (1990 pop. 17,710), seat of Clallam co., NW Wash., on Juan de Fuca Strait opposite Victoria, British Columbia; inc. 1890. , 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