Three Hawaii Financial Institutions Receive $1.7 million in Affordable Housing Grants.SEATTLE--(BUSINESS WIRE)--Oct. 1, 1999-- Low- to moderate-income residents and senior citizens in two Hawaii communities will benefit from the more than $1.3 million in grants the Federal Home Loan Bank of Seattle (Seattle Bank) awarded to lenders to support low-income housing initiatives in the state. The following financial institutions received grants (see attached table for details): --Bank of America, F.S.B. - received one grant in Kailua-Kona. --Bank of Hawaii - received one grant in Waianae. --American Savings Bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. - received one grant in Waianae. 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. 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 B. Rice, president and chief executive officer of the Federal Home Loan Bank of Seattle. "It's the lenders and nonprofit sponsors who transform our grants into homes for hundreds of deserving residents." The initiatives selected for AHP grants met the Seattle Bank's criteria 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 $7.6 million in AHP grants to support affordable housing developments in Hawaii 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 more than 300 financial institutions in Alaska, Hawaii, Idaho, Montana, Oregon, Utah, Washington, Wyoming, American Samoa and Guam. The Seattle Bank is privately owned and managed and has assets of $33 billion. HAWAII 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. Community/Project Name: Kailua-Kona Kaniohale at the Villages Population Served: 225 single-family homes for low-income Native Hawaiians Local Sponsor: Dept. of Hawaiian Home Lands/ La'I'opua Joint Venture Local Contact: Jobie Yamaguchi 808/586-3802 Lender: Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. , FSB (FrontSide Bus) See system bus. FSB - front side bus Project Contact: Ed De Wald, 503/275-2303 DESCRIPTION: The Federal Home Loan Bank of Seattle has awarded a $332,500 grant to support construction of a 225-unit single-family resident subdivision at Kealakehe, North Kona, island of Hawaii. Two-thirds of the homes are reserved for residents earning 80 percent of the area median income, or $40,700 per year for a family of four. The homes will be sold only to native Hawaiians This is a list of notable Native Hawaiians:
Community/Project Name: Waianae Ohana Ola O Kahumana II Population Served: 34 units of rental housing for very low-income residents Local Sponsor: Alternative Structures International Local Contact: Annie Walenta, 808/696-4280 Lender: Bank of Hawaii Bank of Hawaii, a subsidiary of Bank of Hawaii Corporation (NYSE: BOH), is a regional commercial bank headquartered in Honolulu, Hawaii. It is Hawaii's second oldest bank and its largest locally owned bank in that majority of the voting stockholders reside within the state. Local Contact: Dennis Costigan, 808/693-1412 DESCRIPTION: The Federal Home Loan Bank of Seattle awarded a $680,000 AHP grant to expand a local transitional housing program for the homeless. The $5.2 million Ohana Ola II includes 28 two-bedroom units and six three-bedroom units with a community center for access to child care and a range of social services social services Noun, pl welfare services provided by local authorities or a state agency for people with particular social needs social services npl → servicios mpl sociales . Residents on welfare who earn less than 50 percent of the area's median income (less than $32,300 for a family of four) are eligible. Construction is slated to begin January 2000 with an October 2000 completion date. Other funding sources for $5.25 million development include the city and county of Honolulu, the Weinberg Foundation, City HOME Funds and State Rental Housing Trust Fund. Community/Project Name: Waianae Kaiaulu Senior Apartments Population Served: 76 apartments for low-income seniors Local Sponsor: Hawaii Intergenerational in·ter·gen·er·a·tion·al adj. Being or occurring between generations: "These social-insurance programs are intergenerational and all Community Development Association Local Contact: Mike Klein, 808/524-5414 Lender: American Savings Bank Local Contact: Clyde Tanaka, 808/539-7251 DESCRIPTION: The Federal Home Loan Bank of Seattle will provide a $350,000 AHP grant to help fund new construction of an apartment complex for low-income senior citizens in Waianae on the Island of Oahu. The $9.9 million development will provide 76 affordable rental units for seniors earning less than 80 percent of area median income, or $33,450 annually for an individual. Residents of the 20 two-bedroom and 56 one-bedroom units will have access to a community center and a range of social services. Additional funding for the $10 million complex is provided by Low-Income Housing Tax Credits The Low Income Housing Tax Credit (LIHTC; often pronounced "lye-tech") is a tax credit created under the Tax Reform Act of 1986 (TRA86) that gives incentives for the utilization of private equity in the development of affordable housing aimed at low-income Americans. , Rental Housing Trust Fund, and City and County of Honolulu. Construction is scheduled to begin in November 1999 and be completed in October 2000. |
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