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FHLB SEATTLE, WASHINGTON MUTUAL, FSB TO FUND AFFORDABLE MUTUAL HOUSING IN SOUTH SEATTLE'S CHICANO/LATINO COMMUNITIES

FHLB SEATTLE, WASHINGTON MUTUAL, FSB TO FUND AFFORDABLE MUTUAL HOUSING
 IN SOUTH SEATTLE'S CHICANO/LATINO COMMUNITIES
 SEATTLE, Dec. 18 /PRNewswire/ -- The Federal Home Loan Bank (FHLB) of Seattle and Washington Mutual, FSB are partners with El Centro de la Raza in a program that will provide affordable mutual housing for low-income Chicano/Latino residents in South Seattle.
 The FHLB announced today that partial funding for this program will be provided through its Affordable Housing Program (AHP). The AHP funds will finance Washington Mutual, FSB's construction loan to El Centro de la Raza. El Centro de la Raza will construct a 15-unit apartment building in South Seattle for 59 low-income Chicano/Latino individuals. The complex will be managed through mutual housing, where the residents act as property managers.
 "The goal of resident management dovetails with El Centro de la Raza's overall theme of empowering persons both economically as well as politically to become involved in their community, thus building self-esteem and a sense of 'somebodyness,'" said Roberto Maestas, executive director of El Centro de la Raza.
 "Washington Mutual, FSB is pleased to finance the El Centro de la Raza program for the Chicano/Latino community in South Seattle," said Robert J. Flowers, vice president of Washington Mutual, FSB. "We hope to serve the community's children, as 65 percent of them are living in poverty."
 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 El Centro de la Raza 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 Washington Mutual, FSB 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 Robert J. Flowers of Washington Mutual, FSB, 206-461-2503; or Patricia Jones of El Centro de la Raza, 206-329-9442/ CO: Federal Home Loan Bank of Seattle; Washington Mutual, FSB ST: Washington IN: FIN SU:


SC -- SE018 -- 3497 12/18/91 14:54 EST
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Publication:PR Newswire
Date:Dec 18, 1991
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