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FHLB OF SEATTLE, PIONEER SAVINGS BANK TO FUND HOUSING FOR CHRONICALLY MENTALLY DISABLED RESIDENTS IN SOUTH SNOHOMISH COUNTY

 FHLB OF SEATTLE, PIONEER SAVINGS BANK TO FUND HOUSING


FOR CHRONICALLY MENTALLY DISABLED RESIDENTS IN SOUTH SNOHOMISH COUNTY
 SEATTLE, Dec. 18 /PRNewswire/ -- For the second time, Pioneer Savings Bank and the Federal Home Loan Bank (FHLB) of Seattle will work together to fund affordable housing for mentally ill individuals. They are partners with Counterpoint Community Mental Health Services (Counterpoint) in a program that will provide affordable housing for very low-income, chronically mentally disabled residents in South Snohomish County.
 The FHLB announced today that partial funding for this program will be provided through its Affordable Housing Program (AHP). The AHP funds will be used to fund the mortgage on a single-family house, which will be home to four very low-income Counterpoint clients. The residents will manage the home and its upkeep. This is the second such program that Counterpoint has sponsored. They purchased a house for four clients in 1990.
 "Three of the four clients who moved into our first house in 1990 still live there," said David Zeigen of Counterpoint Community Mental Health Services. "All three individuals report that the stability of this permanent housing provided them is key to their 'mental stability improvement.'"
 "Snohomish County is known in this region as a leader in the area of providing stable, long-term housing for mentally ill individuals," said Mark Beales, vice president of Pioneer Savings Bank. Pioneer Savings Bank has helped earn that reputation for the county through this program and another last year. They used FHLB of Seattle AHP funds in 1990 to house 15 chronically mentally disabled individuals in the city of Snohomish through Family Counseling Service Inc.
 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 Counterpoint Housing 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 Pioneer Savings 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 Mark Beales of Pioneer Savings Bank, 206-622-9865; or David Zeigen of Counterpoint Community Mental Health Services, 206-778-2644/ CO: Federal Home Loan Bank of Seattle; Pioneer Savings Bank;
 Counterpoint Community Mental Health Services ST: Washington IN: FIN SU:


SC -- SE021 -- 3499 12/18/91 14:58 EST
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Publication:PR Newswire
Date:Dec 18, 1991
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