FHLB Seattle Awards Funds For Its 2008 Affordable Housing Projects

The Federal Home Loan Bank of Seattle announced its Affordable Housing Program (AHP) awards for the 2008 last week. The Seattle Bank received 51 applications requesting $19.0 million in AHP subsidy for the 2008 AHP funding round and approved 13 applications for a total of $4.38 million of AHP subsidy. The bank approved four additional applications as alternates, which may be funded if sufficient subsidy becomes available. Of the total, one specific senior housing project was funded and 2 of the 4 alternatives specifically mentioned senior housing projects. The Bank, like the other Federal Home Loan Banks, sets aside a certain percentage of its profits to fund affordable housing development in its region.

Schweitzer Ranch – Idaho
Sandpoint – Bank of America Oregon, N.A. was awarded $350,961 that Spokane Housing Ventures and Whitewater Creek, Inc. will use to construct 50 units of affordable rental housing for senior citizens earning 60 percent or less of area median income. At least 10 units will be set aside for homeless households. The project will include a community center, garden, carports, and a walking path.

The Alternates:


Talon Hills Seniors
Liberty Lake, Washington – Bank of America Oregon, N.A. may be awarded $530,941 to be used by Spokane Housing Ventures to construct a 60-unit, rental apartment complex for elderly individuals. The project plans to provide a mix of one- and two-bedroom units for households earning 30 percent and 50 percent of area median income. Twelve units are to be set aside for persons with disabilities, and 12 units are to be set aside for homeless households.

Franciscan Vistas Ewa
Ewa Beach, Hawaii – American Savings Bank, F.S.B. may be awarded $1.33 million to be used by St. Francis Development Corporation to build 149 apartments for low-income seniors. The project plans to include 126 one-bedroom and 23 two-bedroom units, the majority of which will be affordable to individuals earning 60 percent or less of area median income. Residents will be able to access a range of services, including health screenings, nutrition and meal programs, and exercise classes.

For the full press release, click here. For the full listing of projects that were awarded funding, click here.