SEATTLE--(BUSINESS WIRE)--The Federal Home Loan Bank of Seattle (Seattle Bank) today announced HomeStreet Bank, headquartered in Seattle, Washington, as the recipient of its 2014 Community Spirit Award. The prestigious annual award recognizes a member of the Seattle Bank, a financial cooperative, for its use of the Federal Home Loan Bank’s community investment programs in addressing affordable housing and economic development needs.
“It is with great pleasure that we name HomeStreet Bank as our 2014 Community Spirit Award recipient,” said Seattle Bank President and CEO Michael L. Wilson. “HomeStreet Bank has been a valued Seattle Bank member since 1986 and fully exemplifies what our affordable housing and community investment programs stand for: providing an opportunity for individuals and families in need to have a safe, affordable home and the resources that can help them achieve and maintain a good quality of living. Its efforts in this regard have enriched the lives of thousands of individuals and families in our region.”
Through its partnership with the Seattle Bank, HomeStreet Bank has helped to provide over $367 million of grants and reduced-rate loans supporting the creation of more than 5,300 affordable homes in Washington, Oregon, California, Idaho, Utah, and Hawaii. Since the inception of the Seattle Bank’s community investment programs nearly 25 years ago, HomeStreet Bank has sponsored $5.1 million of Affordable Housing Program (AHP) grants, over $1 million of Home$tart Program grants, and $361 million of reduced-rate loans for affordable housing and community investment through the Seattle Bank’s Community Investment Program and Economic Development Fund (CIP/EDF).
HomeStreet Bank and its employees also support a multitude of community organizations that help individuals and families with an array of housing-related services—ranging from emergency shelter all the way through homeownership. It provides these organizations with financial and in-kind contributions, employee volunteer efforts, and first-time homebuyer classes.
“We at HomeStreet deeply value our partnership with the Federal Home Loan Bank of Seattle, and we recognize the importance of its affordable housing and community investment programs and the positive effect these programs have on our community,” said HomeStreet President and CEO Mark K. Mason. “HomeStreet has long been committed to providing the resources to successfully sponsor AHP and Home$tart grants and to be able to offer loans that help meet the housing and shelter needs of low- to moderate-income individuals and families. We are extremely honored to have been selected as the Community Spirit Award recipient.”
HomeStreet Bank will receive the Community Spirit Award at a community event to be held in Seattle on October 23. Along with the award, HomeStreet Bank will receive a $5,000 contribution from the Seattle Bank for its use in supporting its affordable housing efforts.
About HomeStreet Bank
HomeStreet Bank is a state-chartered, FDIC-insured savings bank, headquartered in Seattle with bank branches and lending offices in the Western United States and Hawaii. The bank was founded in 1921 and today is a full-service bank, offering consumer and commercial banking, mortgage lending, residential construction and commercial real estate financing, investment and insurance products and private banking. HomeStreet Bank has a long legacy of community involvement and has consistently received an “outstanding” rating under the federal Community Reinvestment Act (CRA). Additional information on HomeStreet Bank can be found at www.homestreet.com.
About The Seattle Bank
The Federal Home Loan Bank of Seattle (Seattle Bank) is a member-owned cooperative, serving approximately 320 members banks, savings institutions, credit unions, and insurance companies. The Seattle Bank provides its members with access to wholesale funding, which they can use to make home mortgages, small business, and other loans in their communities. Each year, the bank provides 10 percent of its profits to fund affordable housing—both rental and homeownership—and provides millions of dollars in reduced-rate loans for affordable housing and community economic development. Funds are distributed through the Seattle Bank’s members, who partner with a variety of community organizations to create affordable housing and economic development opportunities in the communities they serve.
The Seattle Bank’s Community Spirit Award recognizes a Seattle Bank member for its use of the bank’s community investment programs in meeting community needs. The Affordable Housing Program (AHP) provides subsidy to acquire, construct, or rehabilitate affordable rental or owner-occupied housing for low- and moderate-income households. The Home$tart Program provides downpayment assistance to eligible homebuyers earning up to 80 percent of area median income. The Community Investment Program and Economic Development Fund offer reduced-rate loans for affordable housing and community economic development.
One of 12 Federal Home Loan Banks in the United States, the Seattle Bank serves Alaska, Hawaii, Idaho, Montana, Oregon, Utah, Washington, Wyoming, American Samoa, Guam, and the Northern Mariana Islands.
Visit the Seattle Bank’s website at www.fhlbsea.com.