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UTAH HOMEOWNERSHIP PROGRAM FOR LOW-INCOME FAMILIES RECEIVES FUNDING FROM THE FEDERAL HOME LOAN BANK OF SEATTLE

UTAH HOMEOWNERSHIP PROGRAM FOR LOW-INCOME FAMILIES RECEIVES FUNDING
 FROM THE FEDERAL HOME LOAN BANK OF SEATTLE
 SEATTLE, Dec. 18 /PRNewswire/ -- The Federal Home Loan Bank of Seattle (FHLB) announced today that it will help finance a program in Utah that is helping low-income families purchase their own homes.
 This statewide effort, known as the Comprehensive Housing Assistance Mortgage Program, or CHAMP, was first introduced in May of this year. CHAMP is coordinated through the Utah Housing Finance Agency and a consortium of five financial institutions. Participating lenders are Ogden Federal Savings and Loan Association and United Savings Bank both of Ogden, and First Federal Savings Bank, Olympus Bank, and Zions First National Bank, all of Salt Lake City.
 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.
 CHAMP is financing home purchases for 110 very low-income families with household incomes at or below 50 percent of the area median. Interest on the mortgages is well below the standard mortgages offered under the Utah Housing Finance Agency's Mortgage Revenue Bond Program. The mortgages are being funded through the five participating financial institutions.
 CHAMP participants are receiving a $1500 grant to assist with down-payment and closing costs, warranty protection for up to one year on the homes' appliances and systems, and access to funds for emergency repairs.
 Funds from the FHLB's Affordability program are being used to "buy-down" the interest rate on the mortgages, and to provide the down-payment and closing costs assistance. Proceeds from the sale of mortgage revenue bonds by the Utah Housing Finance Authority are funding the mortgages. Also, the participating financial institutions are significantly reducing their loan origination and servicing fees on the mortgages originated through CHAMP.
 "The complete package of assistance offered under CHAMP has brought homeownership to those who previously, for financial reasons, were locked out of the homebuying arena," said Bill Erickson, executive director, Utah Housing Finance Agency. "The Federal Home Loan Bank's assistance made the critical difference in this program becoming a reality."
 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 the FHLB, 206-340-8700; or Bill Erickson of Utah Housing Finance Agency, 801-521-6950/ CO: Federal Home Loan Bank of Seattle; Utah Housing Finance Agency ST: Washington, Utah IN: FIN SU:


JH -- SE002 -- 3361 12/18/91 11:05 EST
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Publication:PR Newswire
Date:Dec 18, 1991
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