Seattle Bank To Give $4.38 Million In Affordable Housing Awards

Posted by Orb Staff on December 12, 2008 No Comments
Categories : Commercial Mortgage

The Federal Home Loan Bank of Seattle (Seattle Bank) says it will provide $4.38 million in Affordable Housing Program (AHP) subsidy to fund affordable housing initiatives in Idaho, Montana, Oregon and Washington.

‘This funding will help to create 440 units of affordable housing for low- and moderate-income households, including those with special needs, homeless individuals and families, and Native peoples,’ says Richard M. Riccobono, president and CEO of Seattle Bank. ‘We are particularly gratified to make this contribution at a time when so many families are at risk of losing their homes and funding for affordable housing is increasingly difficult to obtain.’

AHP awards are distributed to Seattle Bank member institutions working with community organizations to purchase, construct and rehabilitate affordable housing in both urban and rural communities. Five of the 13 projects receiving 2008 AHP awards will be located in rural areas, and eight will be located in urban areas. Five of the projects awarded will support homeownership, and eight will provide affordable rental housing.

Source: Federal Home Loan Bank Of Seattle

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