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HOMEOWNERSHIP PROGRAM FOR PORTLAND'S LOWER-INCOME FAMILIES TO BE FINANCED BY FEDERAL HOME LOAN BANK OF SEATTLE, SECURITY PACIFIC

 HOMEOWNERSHIP PROGRAM FOR PORTLAND'S LOWER-INCOME FAMILIES TO BE FINANCED BY FEDERAL HOME LOAN BANK OF SEATTLE, SECURITY PACIFIC
 SEATTLE, Dec. 18, /PRNewswire/ -- The Federal Home Loan Bank of Seattle and Security Pacific Savings Bank are partners with the Portland Organizing Project which will provide 140 single-family homes to be purchased by low- and moderate-income families, including homeless families, in a targeted neighborhood.
 Federal Home Loan Bank President James R. Faulstich announced today that partial funding for the purchase of these homes will be provided through the FHLB's Affordable Housing Program. Through the Affordable Housing Program, member financial institutions such as Security Pacific Savings Bank can receive subsidies from the FHLB to support housing developers and community organizations providing homeownership and rental housing programs targeted at lower-income families. The Affordable Housing Program was introduced by the FHLB in 1990.
 This project is an ongoing and growing partnership between the Portland Organizing Project, Portland banks, the Neighborhood Partnership Fund, the City of Portland and financial intermediaries (FHA, Fannie Mae, Freddie Mac, GEMICO, United Guaranty) to create opportunities for lower-income renters to buy affordable homes and revitalize neighborhoods.
 "Over the last several years, the number of families on fixed or lower incomes has risen steadily," said Rev. John Rogers of the Portland Organizing Project. "The Portland Organizing Project has been working to promote homeownership in declining Portland neighborhoods, to increase stability, and to offset blight and abandonment."
 "Security Pacific recognizes the need to promote homeownership in certain Portland neighborhoods, and is therefore pleased to be able to secure the FHLB subsidy as an enhancement to the program sponsored by the Portland Organizing Project," said Ron Lehr, vice president at Security Pacific Savings Bank.
 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 $4 million in subsidies.
 "Housing affordability, housing for the homeless, and community investment are among the most pressing issues facing our nation today," said Faulstich. "The Affordable Housing Program enables our member institutions, such as Security Pacific Savings Bank, to finance more low-income housing initiatives and to better address the needs of their communities."
 The Federal Home Loan Bank of Seattle is a stockholder-owned bank providing credit and correspondent banking services to housing lenders. The bank'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 $8.5 billion, the Federal Home Loan Bank of Seattle services financial institutions in Alaska, Hawaii, Idaho, Montana, Oregon, Utah, Washington, Wyoming and the Territory of Guam.
 -0- 12/18/91
 /CONTACT: Linda Pomarantz of FHLB, 206-340-8700; or Ron Lehr of Security Pacific Savings Bank, 206-585-5526; or Rev. John Rogers of Portland Organizing Project 503-282-0088/ CO: Federal Home Loan Bank of Seattle; Security Pacific Savings Bank;
 Portland Organizing Project ST: Oregon, Washington IN: FIN SU:


JH -- SE006 -- 3362 12/18/91 11:05 EST
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Publication:PR Newswire
Date:Dec 18, 1991
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