SEATTLE--(BUSINESS WIRE)--The Federal Home Loan Bank of Seattle (Seattle Bank) has announced First Hawaiian Bank and Cloudbreak Hawaii, LLC, as the recipients of a $450,000 Affordable Housing Program (AHP) award. Cloudbreak Hawaii will use the funds for the Hale Uhiwai Nalu project, located in Kapolei, Hawaii, to construct 50 studio apartments for veterans with incomes at or below 80 percent of area median income. Residents will have access to career and family counseling and social services to assist with their recovery from substance abuse and post traumatic stress syndrome.
“The Seattle Bank is very pleased to provide this funding to help Hawaii’s veterans,” said Seattle Bank President and Chief Executive Officer Michael L. Wilson. “We are grateful to First Hawaiian Bank and Cloudbreak Hawaii for their participation in our AHP, and commend them for their commitment to affordable housing. We look forward to the completion of this project and to the positive impact it will have for our veterans.”
“This AHP award will go a long way toward transforming lives by making affordable and transitional housing available to Hawaii’s veterans,” said Bob Harrison, First Hawaiian Bank president and chief executive officer. “We look forward to our continued partnership with the Seattle Bank to create affordable housing solutions for Hawaii residents.”
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 non-profit 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 and promote community stability. For 2012, the Seattle Bank awarded $6.7 million of AHP funding in support of 24 projects providing 782 units of affordable housing in six states.
In addition to the AHP, the Seattle Bank supports affordable housing and community and economic development projects through its Home$tart Program, Community Investment Program (CIP), and Economic Development Fund (EDF). Together, AHP and Home$tart have provided nearly $16.6 million of subsidy to support affordable rental and owner-occupied housing for more than 2,207 Hawaii households, and the CIP and EDF have provided $224.44 million of reduced-rate loans to support more than 4,000 units of affordable housing and 13 economic development projects in Hawaii.
About First Hawaiian Bank
Founded in 1858 and with $16.6 billion in assets, First Hawaiian Bank (www.FHB.com) is Hawaii’s oldest and largest bank. A financial industry leader in profitability, loans, and deposits, First Hawaiian Bank has been helping individuals, families, and businesses achieve their financial goals for over 154 years. First Hawaiian Bank has helped secure nearly $38.4 million in grants and reduced-rate loans from the Seattle Bank to support 1,200 affordable homes. This funding has included $5.3 million of AHP grants, $33.0 million of CIP/EDF loans, and $60,000 of Home$tart Program grants. In recognition of its community partnerships and support, First Hawaiian Bank was the recipient of the Seattle Bank’s 2012 Community Spirit Award.
About Cloudbreak Hawaii
Cloudbreak Hawaii LLC is part of Cloudbreak Communities, the brand name for the family of mission-driven Limited Liability Companies engaged in the development and operation of service-enriched affordable housing for veterans and other special needs groups. Owned and operated by Cantwell-Anderson, Inc., a California Corporation, the various Cloudbreak companies which make up Cloudbreak Communities have completed the development of nearly 2,800 beds/units in nine communities across five states and partnered with numerous public, private and non-profit entities in the operation of supportive services and healthcare within each site.
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.