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AFFORDABLE HOUSING PROGRAMS IN ANCHORAGE TO BE FUNDED BY FHLB, SECURITY PACIFIC SAVINGS BANK, NORTHRIM BANK, ANCHORAGE NHS

 AFFORDABLE HOUSING PROGRAMS IN ANCHORAGE TO BE FUNDED BY FHLB,
 SECURITY PACIFIC SAVINGS BANK, NORTHRIM BANK, ANCHORAGE NHS
 SEATTLE, Dec. 18 /PRNewswire/ -- The Federal Home Loan Bank of Seattle (FHLB) and Security Pacific Savings Bank and Northrim Bank are partners with the Anchorage Neighborhood Housing Service (NHS) in providing 160 units of mutual housing for moderate- and low-income households.
 Federal Home Loan Bank of Seattle President James R. Faulstich announced today that partial funding for the purchase and renovation of Stephens Park in Anchorage will be provided through the FHLB's Affordable Housing Program. Through the Affordable Housing Program, member financial institutions such as Security Pacific Savings Bank and Northrim Bank can receive subsidies from the FHLB to support housing developers and community organizations providing homeownership and rental housing programs targeted at lower-income families. The Affordable Housing Program was introduced by the FHLB in 1990.
 Stephens Park is a 160-unit, multi-family complex located in midtown Anchorage. It's comprised of one-, two- and three-bedroom units. There is a centrally located recreational building on site, which ANHS hopes to convert to a day care center for area residents. Twenty-five percent of the units at Stephens Park will be reserved for families with incomes at 50 percent or below the area median low- income guidelines. Over the last several years, the number of families on fixed or lower incomes has risen steadily," said Cynthia Parker, executive director of Anchorage Neighborhood Housing Services. "The development of the Stephens Park mutual housing site will help meet the significant need for quality affordable housing in the Anchorage area."
 The FHLB sets aside 5 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 Security Pacific Savings Bank and Northrim 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 FHLB, 206-340-8700; or Ron Lehr of Security Pacific, 503-796-2652; or Bob Shake of Northrim Bank, 907-562-0062; or Cynthia Parker of Anchorage NHS, 907-243-3214/ CO: Federal Home Loan Bank of Seattle; Security Pacific; Northrim
 Bank; Anchorage Neighborhood Housing Service ST: Alaska IN: FIN SU:


SC -- SE007 -- 3360 12/18/91 11:04 EST
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Publication:PR Newswire
Date:Dec 18, 1991
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