SEATTLE--(BUSINESS WIRE)--The Federal Home Loan Bank of Seattle (Seattle Bank) has announced Bank of Idaho and Eastern Idaho Community Action Partnership as the recipients of a $500,000 Affordable Housing Program (AHP) award from the Seattle Bank. The AHP funds will be used to rehabilitate 75 single-family, owner-occupied homes for households earning at or below 60 percent of area median income. Rehabilitation of the homes, which are located across nine Idaho counties, will include the replacement or repair of windows, doors, roofs, plumbing and electrical, as well as improvements for accessibility.
“The Seattle Bank is very pleased to award this funding to Bank of Idaho and Eastern Idaho Community Action Partnership,” said Seattle Bank President and Chief Executive Officer Michael L. Wilson. “We are grateful for their participation in our AHP and commend them for their partnership and commitment to affordable housing. We look forward to the completion of this work and to the positive impact it will have for the residents of these homes.”
“As a member of the Federal Home Loan Bank of Seattle, Bank of Idaho is pleased to act as the conduit for these much-needed funds for Eastern Idaho Community Action Partnership,” added Park Price, president, chief executive officer, and director of Bank of Idaho. “We know that many families will benefit from this special weatherization and rehabilitation grant. This could not come at a better time for 75 east Idaho families with homes in need of weatherization.”
The Seattle Bank is a wholesale financial cooperative that contributes 10 percent of its annual profits to support the development of affordable housing through its AHP. The bank distributes its AHP funding through its community financial institution members, who work with for-profit and nonprofit organizations in their communities to address local housing needs.
AHP funds are awarded on a competitive basis. To receive an AHP award, an organization must demonstrate its ability to effectively develop, rehabilitate, or acquire affordable housing. The Seattle Bank awarded $6.7 million of AHP subsidy for the 2012 funding round. The 2012 AHP awards will support 24 projects providing 782 units of affordable housing in six states.
In addition to the AHP, the Seattle Bank supports affordable housing and community and economic development projects through its Home$tart Program, Community Investment Program (CIP), and Economic Development Fund (EDF). Together, AHP and Home$tart have provided $15.4 million of subsidy to support affordable rental and owner-occupied housing for nearly 3,400 Idaho households, and the CIP and EDF have provided $76.0 million of reduced-rate loans to support more than 1,167 units of affordable housing and three economic development projects in Idaho.
About Bank of Idaho
Bank of Idaho was chartered in 1985 and serves customers from seven branches located in Idaho Falls, Pocatello, St. Anthony, Ashton, and Island Park, Idaho. The bank recently launched a new website at bankofidaho.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. The Seattle Bank’s funding and financial services enable approximately 338 member financial institutions to provide their customers with greater access to mortgages, commercial lending, and affordable housing.
The Seattle Bank serves Alaska, Hawaii, Idaho, Montana, Oregon, Utah, Washington, Wyoming, American Samoa, Guam, and the Northern Mariana Islands. Seattle Bank members include commercial banks, credit unions, thrifts, industrial loan corporations, and insurance companies.
One of 12 Federal Home Loan Banks in the United States, the Seattle Bank has provided $195.8 million in grants and $3.0 billion in reduced-rate loans to help support more than 93,000 units of affordable housing and 364 economic development projects. 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.