SEATTLE--The Federal Home Loan Bank of Seattle (Seattle Bank) awarded $7,404,169 in affordable housing grants during its Spring 2004 round of giving. Funds were dispersed to 34 projects representing each of the eight states within the Seattle Bank's district. This action by the Seattle Bank and its community bank partners will create over 1,000 new affordable housing units in urban and rural areas across the Western United States.

The housing awards, given twice a year by the Seattle Bank, are designed to improve community and economic development by promoting homeownership and affordable rental housing. Every year, the Seattle Bank contributes 10 percent of its net earnings to fund its Affordable Housing Program (AHP).

"Affordable housing is at the heart of the Seattle Bank's mission and success," said Norman B. Rice, president and chief executive officer. "From Provo, Utah to Palmer, Alaska, this current round of Seattle Bank grants will enhance opportunity, self-sufficiency, and community pride within each of the states that we serve."

The Seattle Bank's AHP is designed to fund housing for families or individuals earning 80 percent or less of their area's median income. These funds can be used to rehabilitate or construct new housing structures, reduce mortgage principal or interest rates on loans, as well as cover down payment and closing costs. Last year, the Seattle Bank invested over $163.1 million in affordable housing and economic development through its AHP, Community Investment Program, Challenge Fund, and other programs.

Several of the latest grants went to help senior citizens and Native American communities throughout Idaho, Hawaii, Utah, and Washington. In Utah, for example, the Seattle Bank will partner with Bank of American Fork and the City of Provo's housing authority to offer seniors access to 32 affordable housing units in the City Center neighborhood. Senior citizen-related housing projects received over $1.75 million during the current round of AHP grants.

The Nez Perce (Idaho), Shoshone Nation (Utah), Confederated Tribes of the Goshute Indian Reservation (Utah), as well as native Hawaiians and Alaskans will also benefit from the nearly $400,000 in first-time-buyer and homeownership assistance the bank has offered to Native American communities during this round.

More information on the AHP and other Seattle Bank community investment projects is available at www.fhlbsea.com

Federal Home Loan Bank of Seattle

Federal Home Loan Bank of Seattle

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