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FEDERAL HOME LOAN BANK OF SEATTLE AND ALASKA FEDERAL SAVINGS FUND AFFORDABLE RENTALS FOR LOW-INCOME, HOMELESS JUNEAU RESIDENTS

 FEDERAL HOME LOAN BANK OF SEATTLE AND ALASKA FEDERAL SAVINGS


FUND AFFORDABLE RENTALS FOR LOW-INCOME, HOMELESS JUNEAU RESIDENTS
 SEATTLE, Dec. 18 /PRNewswire/ -- The Federal Home Loan Bank (FHLB) of Seattle and Alaska Federal Savings and Loan Association of Juneau are partners with Housing First Inc. in a program that will provide affordable rental housing in Juneau.
 The FHLB announced today that partial funding for this program will be provided through its Affordable Housing Program (AHP). The AHP funds, which are the first funds to be committed in this new project, will be used for up-front equity for the program. Housing First will purchase land and build the 7-unit Gastineau Avenue Apartments.
 "There is little incentive for private developers to build affordable housing in Juneau, a community in which the median family income is approximately $62,000," said John Egan of Housing First, Inc. "Housing First's project, if fully financed, will provide modestly priced housing for low-income and homeless renters a fair chance to obtain decent housing."
 "With the vacancy rate at one percent and all public housing units full, this program couldn't come at a better time," said Paul Mitchell, president of Alaska Federal Savings and Loan Association. "Alaska Federal is pleased to be part of Housing First's effort."
 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 Gastineau Avenue Apartments 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 Alaska Federal 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 Paul Mitchell of Alaska Federal Savings & Loan, 907-789-4844; or John Egan, Housing First, 907-463-3303/ CO: Federal Home Loan Bank of Seattle; Alaska Federal Savings & Loan;
 Housing First ST: Alaska, Washington IN: FIN SU:


JH -- SE015 -- 3363 12/18/91 11:06 EST
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Publication:PR Newswire
Date:Dec 18, 1991
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