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FEDERAL HOME LOAN BANK OF SEATTLE COMMITS NEARLY $1 MILLION IN SUPPORT OF AFFORDABLE HOUSING IN OREGON

 FEDERAL HOME LOAN BANK OF SEATTLE COMMITS NEARLY $1 MILLION
 IN SUPPORT OF AFFORDABLE HOUSING IN OREGON
 SEATTLE, June 25 /PRNewswire/ -- The Federal Home Loan Bank (FHLB) of Seattle announced today it is joining with Oregon financial institutions to help fund six affordable housing programs in western Oregon. The Seattle bank is committing $989,000 in direct subsidies which will leverage $26.5 million in total development costs and help create 299 units of affordable housing in Cannon Beach, Coos Bay, Hood River, Portland, Silverton and Woodburn.
 Federal Home Loan Bank of Seattle President James R. Faulstich announced today that funding for this effort will be provided through the bank's Affordable Housing Program (AHP). The AHP offers direct subsidies and reduced-rate loans to financial institutions, enabling them to support community organizations with the development of affordable housing.
 West One Bank, Oregon, U.S. Savings Bank and Security Pacific Savings Bank will use the AHP funds to support the following projects:
 - Elk Creek Apartments, Elk Creek
 U.S. Bank of Oregon, through its affiliate, U.S. Savings Bank, will help the Cannon Beach Community Development Corp. build a 46-unit multifamily rental building in Cannon Beach to house very low- income families in transition from homelessness. The Elk Creek Apartments will house residents at or below 50 percent of area median income. The $184,000 direct subsidy provided by the AHP will be used to reduce the principal on a long-term, permanent mortgage.
 Contacts: Hannah Graziano, U.S. Bank, 503-731-1695, Jim Tierney, Cannon Beach Community Development Corp., 503-397-1675.
 - Pisgah Home Colony, Portland
 U.S. Bank of Oregon, through its affiliate, U.S. Savings Bank, will use an AHP subsidy to assist the Southeast Mental Health Network in developing a new housing program to serve mentally ill low-income individuals in urban Portland. Southeast Mental Health Network will convert the Pisgah Home Colony to provide housing, treatment, skills training and other support services to 30 mentally ill residents. The $60,000 subsidy provided by the AHP will help Southeast Mental Health Network cover rehabilitation costs.
 Contacts: Hannah Graziano, U.S. Bank, 503-731-1695, Neal Beroz, Southeast Mental Health Network, 503-238-0705.
 - Park Avenue Apartments, Coos Bay
 Security Pacific Savings Bank will help the Southwestern Oregon Community Action Committee construct the Park Avenue Apartments, 22 multifamily rental units for moderate-, low- and very low-income families, single parents, the mentally ill, the handicapped and the homeless in Coos Bay. The $77,000 direct subsidy provided by the AHP will be used to reduce the principal on the mortgage.
 Contacts: Ron Lehr, Security Pacific Savings Bank, 206-585-5526, Bob More, Southwestern Oregon Community Action Committee, 503-269-0443.
 - Frankton Hills Park, Hood River
 Security Pacific Savings Bank will help Housing for People Inc. develop a 40-unit mobile home park in Hood River. Frankton Hills Park will contain 35 rental mobile homes for moderate- and very low-income households, and five manufactured homes available on a rent-to-own basis. Approximately 165 mobile homes in Hood River are located on commercially zoned property designated for development, and as a result, many residents are being displaced. The $214,960 direct subsidy provided by the AHP will be used to reduce the principal on the permanent mortgage.
 Contacts: Ron Lehr, Security Pacific Savings Bank, 206-585-5526, Wayne Cordrey, Housing for People, 503-386-9144.
 - Portland Nehemiah, Portland
 Security Pacific Savings Bank and U.S. Bank of Oregon, through its affiliate, U.S. Savings Bank, will work with the Northeast Community Development Corp. (NECDC) to help fund the construction, rehabilitation or purchase of 65 single-family homes in Portland targeted to moderate-, low- and very low-income families, homeless, single parents and the elderly. Known as the Portland Nehemiah project, the program involves the development of 250 homes in the distressed, inner-city Portland neighborhoods of Boise, King, Humboldt and Vernon. Nearly 700 potential buyers are being given the opportunity to purchase their first home through this program. The $195,000 direct subsidy provided by the AHP will be used to assist buyers with downpayments and closing costs.
 Contacts: Ron Lehr, Security Pacific Savings Bank, 206-585-5526, Hannah Graziano, U.S. Bank, 503-731-1695, Jaki Walker, Northeast Community Development Corp., 503-282-5482.
 - Silvertowne II, Silverton
 Security Pacific Savings Bank will help Oregon Housing and Associated Services (OHAS) construct 46 multifamily rental units for the very low-income elderly in Silverton. Silvertowne II will be 20-percent occupied by households at or below 50 percent of the area median. According to a study by Property Dynamics of Kirkland, Wash., 69 elderly households in Silverton need rental assistance. Currently, 50 households are on the waiting list for Silvertowne I, a similar project developed by OHAS and located next to the Silvertowne II site. The $57,700 direct subsidy provided by the AHP will be used for site improvements and environmental assessment.
 Contacts: Ron Lehr, Security Pacific Savings Bank, 206-585-5526, George Samaan, Oregon Housing and Associated Services, 503-585-6193.
 - FHDC-Woodburn, Woodburn
 West One Bank, Oregon will help Farmworker Housing Development Corp. (FHDC) develop a new housing program serving very low-income farmworker families in Woodburn. FHDC will contract with CASA of Oregon to build 50 multifamily rental units for households at or below 40 percent of the area median income. According to Salud Medical Center, a health-care center for migrant workers in Marion County, approximately 11 percent of the county's farmworkers are without housing. The $200,000 direct subsidy provided by the AHP will be used to reduce the principal on a construction loan.
 Contacts: Peter Herman, West One Bank, Oregon, 503-225-1745, Charlie Harris, CASA of Oregon, 503-537-0319.
 "We have been given the opportunity to make the difference between mediocrity and excellence," said Jaki Walker, executive director of the Northeast Community Development Corp., developers of the Portland Nehemiah Project. "We have all responded to this ambitious project with obvious enthusiasm and innovative ideas. NECDC thanks the Federal Home Loan Bank for its support and assistance in making this project a reality."
 According to Jim Tierney, director of the Cannon Beach Community Development Corp., developers of the Elk Creek Apartments, "The Affordable Housing Program truly meets the needs of housing developers -- especially nonprofits. The AHP can be the first 'non-market' funding committed to a project. That really adds credibility to a small nonprofit in the eyes of other players. This program makes a big difference."
 The Network for Oregon Affordable Housing (NOAH), a nonprofit consortium of 15 Oregon banks, has been chosen to be the prospective permanent lender for four of the housing programs receiving AHP funding including: FHDC-Woodburn, Park Avenue Apartments, Frankton Hills Mobile Home Park and the Elk Creek Apartments.
 "NOAH highly values the contributions AHP funding makes to low- income housing in Oregon," said NOAH President Ian McKechnie. "It enables project sponsors to move their targeting of tenants to those with lower levels of household income, and hence, higher degrees of need."
 "Affordable housing is a front-and-center issue for communities across our region, yet state and federal housing dollars can't begin to meet the funding demands," reported Faulstich, president of the Federal Home Loan Bank. "Efforts such as our Affordable Housing Program channel private sector financing into low-income housing development, leveraging other funding and enabling lenders to better address their community's housing needs."
 The Federal Home Loan Bank sets aside 5 percent of its profits each year to fund the AHP. The program will disburse $2.4 million in 1992. Since the AHP was launched in 1990, the bank has provided $9.5 million to support the creation of 3,016 units of affordable housing. The Federal Home Loan Bank of Seattle has funded 12 initiatives through the AHP so far this year.
 The Federal Home Loan Bank of Seattle is a shareholder-owned corporation chartered by the federal government to promote the availability and affordability of housing finance. By providing a steady source of low-cost funds, the Seattle bank supports the home mortgage lending activities of community-based financial institutions in the region. With $11.2 billion in assets, the Federal Home Loan Bank of Seattle serves 142 commercial banks, savings institutions, credit unions and federally insured financial services loan companies in Alaska, Hawaii, Idaho, Montana, Oregon, Utah, Washington, Wyoming and the Territory of Guam.
 -0- 6/25/92
 /CONTACT: Darcy Minter of Federal Home Loan Bank of Seattle, 206-340-8703/ CO: Federal Home Loan Bank of Seattle ST: Oregon IN: FIN SU:


LM-SC -- SE003 -- 3851 06/25/92 14:09 EDT
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Date:Jun 25, 1992
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