Seattle Bank Awards $3 Million in Affordable Housing Program Grants.
SEATTLE -- The Federal Home Loan Bank of Seattle (Seattle Bank) today announced it will provide $3,065,167 in Affordable Housing Program (AHP) grants to fund affordable housing initiatives in the Federal Home Loan Bank Twelfth District. The grants will help to create 646 units of affordable housing for low and very low income households, including first-time homebuyers, homeless individuals and families, and those affected by disabilities.
The grants will be distributed to Seattle Bank member institutions working to improve housing conditions in both urban and rural communities. Eleven of the 19 projects funded will support homeownership, and eight will provide affordable rental housing. The funds will be disbursed to projects in Hawaii, Idaho, Oregon, Utah, and Washington.
AHP awards are granted through a competitive application process. The Seattle Bank received 41 applications for AHP funding in 2006.
Every year, the Seattle Bank contributes 10 percent of its net income from the previous year to fund affordable housing under its AHP. Since the program's inception in 1990, the Seattle Bank has contributed more than $135 million to help finance 26,695 homes for low and very low income households.
The AHP funds housing for families or individuals earning 80 percent or less of their area's median income. These grants may be used to fund acquisition, rehabilitation, or construction of new or existing housing structures, to reduce mortgage principal or interest rates on loans, and to fund down payment and closing costs. In addition to the AHP, the Seattle Bank supports a variety of other community and economic development projects through its Community Investment Program and Economic Development Fund.
More information regarding the Seattle Bank's AHP, as well as other Seattle Bank community investment programs, is available on the Seattle Bank's Web site at www.fhlbsea.com.
About the Seattle Bank
The Federal Home Loan Bank of Seattle is a financial cooperative that provides liquidity, funding, and services to enhance the success of its members and support the availability of affordable homes and economic development in the communities they serve. Our funding and financial services enable more than 375 member institutions to provide their customers with greater access to mortgages, commercial lending, and affordable housing. The Seattle Bank commits 10 percent of its annual profits to help fund affordable housing and homeownership.
The Seattle Bank serves eight states, Guam, and the Northern Mariana Islands. Our members include commercial banks, credit unions, thrifts, industrial loan corporations, and insurance companies.
The Seattle Bank is one of 12 Federal Home Loan Banks in the United States. Together, the Federal Home Loan Banks represent one of the country's largest private sources of liquidity and funding for community financial institutions, as well as funding for affordable housing.
This press release includes preliminary financial results and highlights and contains forward-looking statements regarding events that may impact the bank's future financial performance. Forward-looking statements are subject to known and unknown risks and uncertainties. Actual performance may differ materially from projections because of many factors. Such factors may include, but are not limited to, demand for advances, business and capital plan adjustments and amendments, changes in the bank's management and Board of Directors, regulatory actions or approvals, competitive pressure from other Federal Home Loan Banks and alternative funding sources, accounting adjustments or requirements, interest-rate volatility, the bank's ability to maintain adequate capital levels, changes in projected business volumes, our ability to appropriately manage our cost of funds, changes in our membership profile or the withdrawal of one or more large members, the cost-effectiveness of our funding, hedging and asset-liability management activities, shifts in demand for our products and consolidated obligations, and general economic conditions. Additional factors are discussed in the Seattle Bank's audited 2005 financial statements and related footnotes and Management's Discussion and Analysis for the year ended December 31, 2005, which are available on the Seattle Bank's Web site at www.fhlbsea.com. The Seattle Bank does not undertake to update any forward-looking statements made in this announcement.
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|Date:||Feb 1, 2007|
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