2009-12-18 01:35:17 -

The Federal Home Loan Bank of Seattle (Seattle Bank) today announced it will provide nearly $2.8 million in Affordable Housing Program (AHP) subsidies to fund 10 projects in Hawaii, Oregon, Washington, and Wyoming. The AHP awards will be used to help create 258 units of housing for very-low, low-, and moderate-income households, including those with special needs, homeless individuals and families, and Native peoples.

“We are very pleased to announce our 2009 AHP awards,” said Seattle Bank President and CEO Richard M. Riccobono. “Our contribution to affordable housing is an important part of the Seattle Bank’s mission, and it is particularly gratifying to be able to provide this funding at a time when so many communities are stressed and so many

households are at risk of losing their incomes and their homes.”


The Seattle Bank is a wholesale financial cooperative, and it distributes AHP funding through its community financial institution members, who work with for-profit and nonprofit organizations in their communities to address local housing needs. In 2009, six of the 10 projects receiving AHP awards will be located in rural areas, and four will be located in urban areas. Five of the projects awarded will support homeownership, and five will provide affordable rental housing.
All of the projects will reserve at least 20 percent of their units for households with special needs, five projects will serve the homeless, and three will serve Native peoples.

Since the program’s inception in 1990, the AHP has contributed nearly $139.0 million to help finance more than 27,000 affordable rental and owner-occupied homes for families or individuals earning 80 percent or less of their area’s median income. AHP awards are allocated through a competitive application process and may be used to fund the acquisition, rehabilitation, or construction of new or existing housing structures, to reduce mortgage principal or interest rates on loans, or to provide down payment and closing cost assistance.

In addition to the AHP, the Seattle Bank supports affordable housing and community and economic development projects through its Home$tart Program, Community Investment Program (CIP), and Economic Development Fund (EDF). Since its inception in 1995, the Home$tart Program has disbursed $41.4 million of down payment assistance to nearly 8,400 first-time homebuyers, and since their inception in 1990, the CIP and EDF have provided $3.5 billion of reduced-rate loans supporting approximately 48,500 units of affordable housing and 344 economic development projects.

Additional information regarding the Seattle Bank’s community investment programs, along with a listing of projects receiving 2009 AHP awards, is available on the Seattle Bank’s Web site at www.fhlbsea.com : .

About the Seattle Bank


The Federal Home Loan Bank of Seattle is a financial cooperative that provides liquidity, funding, and services to enhance the success of its members and support the availability of affordable homes and economic development in the communities they serve. Our funding and financial services enable approximately 375 member institutions to provide their customers with greater access to mortgages, commercial lending, and affordable housing. The Seattle Bank commits 10 percent of its annual profits to help fund affordable housing and homeownership.

The Seattle Bank serves eight states, American Samoa, Guam, and the Northern Mariana Islands. Our members include commercial banks, credit unions, thrifts, industrial loan corporations, and insurance companies.

The Seattle Bank is one of 12 Federal Home Loan Banks in the United States. Together, the Federal Home Loan Banks represent one of the country’s largest private sources of liquidity and funding for community financial institutions, as well as funding for affordable housing.

This press release includes forward-looking statements regarding events that may impact the bank's future financial performance.
Forward-looking statements are subject to known and unknown risks and uncertainties, which are discussed in the Seattle Bank's 2008 annual report on Form 10-K and quarterly 2009 reports on Form 10-Q filed with the SEC. These reports are available on the Seattle Bank’s Web site at www.fhlbsea.com : .
The Seattle Bank does not undertake to update any forward-looking statements made in this announcement.

Federal Home Loan Bank of SeattleConnie Waks, 206-340-2305 cwaks@fhlbsea.com : mailto:cwaks@fhlbsea.com