Printer Friendly

FEDERAL HOME LOAN BANK OF SEATTLE, DOUGLAS NATIONAL BANK TO FUND AFFORDABLE RENTAL HOUSING IN ROSEBURG

 FEDERAL HOME LOAN BANK OF SEATTLE, DOUGLAS NATIONAL BANK
 TO FUND AFFORDABLE RENTAL HOUSING IN ROSEBURG
 SEATTLE, Dec. 18 /PRNewswire/ -- The Federal Home Loan Bank (FHLB) of Seattle and Douglas National Bank are partners with the Umpqua Community Development Corp. (CDC) in a program that will provide affordable rental housing for low-income and homeless Roseburg, Ore., residents.
 The FHLB announced today that partial funding for this program will be provided through its Affordable Housing Program (AHP). The AHP funds will finance Douglas National Bank's construction loan to the CDC. The FHLB of Seattle will also fund the permanent mortgage through Douglas National Bank and the FHLB's other affordable housing fund, the Community Investment Fund. The Umpqua CDC will construct a 26-unit apartment building on a vacant lot. These units will be affordable to low- and very low-income Roseburg residents.
 "This project, called 'Housing Our People' represents the first time in Douglas County that the county, city, social service agencies, local banks, CDC and construction professionals have joined in a cooperative effort to construct new affordable housing," said Hanan Bowman of the Umpqua Community Development Corp.
 Bill Roberts Jr., Douglas National Bank's senior vice president and credit administrator, added, "Roseburg needs affordable housing to help us weather the timber supply shortage and national recession. Douglas National Bank is pleased to participate in this boost to the local economy."
 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 approximately $4 million in subsidies. The Housing Our People program is one of 32 initiatives funded so far this year through the Affordable Housing Program.
 Through the Affordable Housing Program, member financial institutions such as Douglas National Bank can receive subsidies from the FHLB to support housing developers and community organizations providing homeownership and rental housing programs targeted to lower- income families. The Affordable Housing Program was introduced by the FHLB in 1990.
 "The FHLB of Seattle is proud to offer our Affordable Housing Program, because we are in business to help our lenders compete in their markets," said James R. Faulstich, FHLB president. "Addressing the needs of their communities through financing low-income housing is an important way for our members to remain competitive."
 The FHLB of Seattle is a stockholder-owned wholesale bank providing credit and correspondent banking services to housing lenders. The FHLB'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 $9.8 billion, the FHLB of Seattle serves financial institutions in Alaska, Hawaii, Idaho, Montana, Oregon, Utah, Washington, Wyoming and the Territory of Guam.
 -0- 12/18/91
 /CONTACT: Ellie Altenhof of FHLB, 206-340-8703; or Bill Roberts Jr. of Douglas National Bank, 503-440-2645; or Hanan Bowman of Umpqua CDC, 503-440-4231/ CO: Federal Home Loan Bank of Seattle; Douglas National Bank; Umpqua
 Community Development Corp. ST: Washington, Oregon IN: FIN SU:


JH-SC -- SE020 -- 3492 12/18/91 14:44 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 18, 1991
Words:515
Previous Article:CONSTITUTIONAL DEVELOPMENTS IN CANADA -- A CREDIT QUALITY PERSPECTIVE
Next Article:ATRIX INTERNATIONAL ANNOUNCES AGREEMENT WITH CDP
Topics:


Related Articles
HOUSING FOR HOMELESS IN EVERETT AREA RECEIVES FUNDING FROM THE FEDERAL HOME LOAN BANK OF SEATTLE
SPOKANE NEIGHBORHOOD CENTERS RECEIVES FUNDING FROM FEDERAL HOME LOAN BANK OF SEATTLE FOR HOMELESS HOUSING PROGRAM
AFFORDABLE HOUSING PROGRAMS IN ANCHORAGE TO BE FUNDED BY FHLB, SECURITY PACIFIC SAVINGS BANK, NORTHRIM BANK, ANCHORAGE NHS
UTAH HOMEOWNERSHIP PROGRAM FOR LOW-INCOME FAMILIES RECEIVES FUNDING FROM THE FEDERAL HOME LOAN BANK OF SEATTLE
HOMEOWNERSHIP PROGRAM FOR PORTLAND'S LOWER-INCOME FAMILIES TO BE FINANCED BY FEDERAL HOME LOAN BANK OF SEATTLE, SECURITY PACIFIC
FEDERAL HOME LOAN BANK OF SEATTLE AND ALASKA FEDERAL SAVINGS FUND AFFORDABLE RENTALS FOR LOW-INCOME, HOMELESS JUNEAU RESIDENTS
FHLB SEATTLE, WASHINGTON MUTUAL, FSB TO FUND AFFORDABLE MUTUAL HOUSING IN SOUTH SEATTLE'S CHICANO/LATINO COMMUNITIES
FHLB OF SEATTLE, PIONEER SAVINGS BANK TO FUND HOUSING FOR CHRONICALLY MENTALLY DISABLED RESIDENTS IN SOUTH SNOHOMISH COUNTY
Chemical creates $100M housing development fund.
FEDERAL HOME LOAN BANK OF PITTSBURGH PROVIDES FUNDS TO SUBSIDIZE $54 MILLION OF LOW-COST HOUSING IN DISTRICT

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters