Seattle – Today the Federal Home Loan Bank of Seattle (Seattle Bank) presented its 2014 Community Spirit Award to HomeStreet Bank, headquartered in Seattle, Wash. This prestigious annual award recognizes a financial institution member of the Seattle Bank cooperative for its use of the bank’s community investment programs in meeting affordable housing and economic development needs in the communities it serves.
The 2014 Community Spirit Award, which included a $5,000 contribution to HomeStreet Bank’s community investment efforts, was presented to HomeStreet Bank President and CEO Mark K. Mason and Director of Community Relations and Senior Vice President Kathryn Williams at a luncheon event hosted by the Seattle Bank. Upon receipt of the award, Mr. Mason announced that HomeStreet Bank would contribute the $5,000 award to FUSION of Federal Way, Wash. FUSION is an all-volunteer community organization that owns 16 transitional homes for families in the greater Federal Way area.
Through its membership in the Seattle Bank and community partnerships, HomeStreet Bank has facilitated the distribution of over $367 million of grants and reduced-rate loans to support more than 5,300 affordable homes. These funds include $5.1 million of Affordable Housing Program (AHP) grants, over $1 million of Home$tart Program grants, and $361 million of Community Investment Program/Economic Development Fund loans.
“We are proud to honor HomeStreet Bank with our 2014 Community Spirit Award,” said Seattle Bank President and Chief Executive Officer Michael L. Wilson. “HomeStreet has done a tremendous amount of work to help improve the availability of affordable homes and economic development opportunities. It is evident that supporting its communities is at the very core of HomeStreet Bank’s mission.”
In addition to the award ceremony, the luncheon program featured prominent civic and affordable housing leaders, including Representative Eric Pettigrew of the 37th Legislative District of the Washington State House of Representatives, Regional Administrator of the Department of Housing and Urban Development Bill Block, Development Director of Downtown Emergency Service Center Megan Mayes, and Chief Executive Officer of YWCA Seattle | King | Snohomish Sue Sherbrook. In addition, Kimberly Ozuk, a resident of YWCA’s Opportunity Place, talked about her personal journey with homelessness and how her life has changed since becoming a resident at Opportunity Place.
The event was attended by representatives of the financial services, affordable housing, and economic development organizations, including many of the organizations HomeStreet Bank has helped to support.
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 FHLB Seattle
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.