Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SEATTLE-The Federal Home Loan Bank of Seattle says it will invest $12.5 million in affordable housing projects by the end of the year as part of its Affordable Housing Program, which is funded with 10% of the company’s annual profits and awarded twice annually.

The $6.5-million first installment will be invested in 29 housing projects in 10 states and American Samoa, including 10 projects in Washington State and five in Oregon. The investment will finance more than 1,000 housing units for homeless families; Native Americans, Alaskans, Hawaiians and rural workers.

In addition to Oregon and Washington, projects were funded in Alaska, Hawaii, Idaho, Montana, Utah, Nevada, Arizona and the Pacific Islands.Another $6 million will be awarded in December.

The bank says it has invested $89 million this way over the past decade, leveraging $1.5 billion in total development. The bank says it received a record number of applications this year from financial institutions and their non-profit partners.

Projects were scored based on their ability to create affordable housing and promote community stability. Priority status was given to projects that support the homeless, native people, rural housing and preserve the affordability of housing with an expiring subsidy.

The funded projects in Washington State are as follows:

NWIC Off-Campus Housing, Ferndale–ShoreBank Pacific received an $800,000 grant to help the Northwest Indian College Foundation convert a vacant building, which will provide 80 beds of transitional housing for low- to moderate-income individuals and families, homeless and teen parents who are members of the Lummi Reservation.

Serenity Adult Shelter, Port Angeles–First FS&LA of Port Angeles received a $349,950 grant to help the Serenity House of Clallam County provide 50 dormitory-style emergency and transitional units for the homeless.

Cedar Heights Apartments, Port Orchard–Pacific Northwest Bank has secured a $339,950 grant to help the Low Income Housing Institute rehabilitate 50 apartments for low-income families.

Deschutes Cove Apartments, Tumwater–Washington Federal Savings will use a $250,000 grant to support the Shelter America Group’s effort to rehabilitate 44 housing units for lower-income families in this small town.

Norwegian Wood Apartments, Gig Harbor–Washington Federal Savings was awarded $250,000 to help the Shelter America Group preserve affordability for 40 apartments for low-income families.

River Run Apartments, Cashmere–Banner Bank will use a $125,982 grant to support the Chelan County/Wenatchee Housing Authority program to restore 18 units of multifamily housing for the elderly.

Twisp Gardens, Twisp–Pacific Northwest Bank obtained an $118,975 grant to help the Okanogan County HA rehabilitate and preserve 17 apartments for very low- and low-income elderly disabled residents.

Acres of Diamond, Duvall–Frontier Bank obtained a $90,000 grant to assist Acres of Diamonds, a transitional home for homeless families, reduce the principal on the building, helping it to secure the home’s long-term viability.

The Project 37-26, Wellninit–Sterling Savings Bank received a $55,960 grant to help the Spokane Indian Housing Authority provide eight new homes for low- and moderate-income trial members on the Spokane Indian Reservation.

Roosevelt Community Economic, West Roosevelt,–Columbia River Bank was awarded a $34,995 grant to support Columbia Cascade Housing Corp.’s construction of five single-family homes for low-income, first-time homebuyers and families employed in Roosevelt.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.