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WASHINGTON MUTUAL INVESTS $2 MILLION TO DEVELOP AFFORDABLE HOUSING IN KING, SNOHOMISH AND PIERCE COUNTIES

WASHINGTON MUTUAL INVESTS $2 MILLION TO DEVELOP AFFORDABLE HOUSING
 IN KING, SNOHOMISH AND PIERCE COUNTIES
 SEATTLE, Sept. 29 /PRNewswire/ -- Washington Mutual (NASDAQ: WAMU) announced a $2 million investment Tuesday in a $20 million fund to develop affordable housing in King, Snohomish and Pierce counties.
 William Longbrake, Washington Mutual's chief financial officer, and Lee Lannoye, executive vice president for lending, made the announcement at Larned Apartments in downtown Seattle.
 The $20 million will support affordable housing development in Washington through the National Equity Fund (NEF), created in 1987 by the national nonprofit housing group Local Initiatives Support Corp.
 The Larned, the first NEF development in the Northwest, was vacant for 10 years before Capitol Hill Housing Improvement Program, chaired by Longbrake, renovated the 33-unit building using $980,000 in NEF money. The Larned provides housing for people on Social Security and for people earning between minimum wage and $7.50 an hour. Monthly rents range from $175 to $375.
 "Northwest companies must help keep hardworking men and women and their families in affordable housing," Longbrake said. "The Larned, NEF and Washington Mutual's involvement are good examples of public-private partnerships that work."
 Affordable housing has always been a priority of Washington Mutual, the state's largest independently owned, locally managed bank, Longbrake said.
 Washington Mutual is the state's No. 1 housing lender, with assets of $8 billion and operating 117 financial centers and 17 home loan centers in Washington and Oregon.
 -0- 9/29/92
 /CONTACT: Roger Nyhus of Washington Mutual Savings Bank, 206-461-6390/
 (WAMU) CO: Washington Mutual Savings Bank ST: Washington IN: FIN SU:


LM -- SE005 -- 4407 09/29/92 13:00 EDT
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Publication:PR Newswire
Date:Sep 29, 1992
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