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HomeStreet Bank Awarded Grant To Support Low-Income Housing

May 16, 2013The Federal Home Loan Bank of Seattle has awarded a $187,500 Affordable Housing Program (AHP) grant that will enable Homestead Community Land Trust to acquire and rehabilitate 15 units of low-income housing. HomeStreet Bank sponsored the winning grant application. 

“We greatly appreciate the Federal Home Loan Bank of Seattle’s vote of confidence in this project,” said Kathryn Williams, HomeStreet Bank community relations director. “There is an overwhelming need in our community for quality, affordable homes, and HomeStreet thoroughly supports the vision of Homestead Community Land Trust in making this project a reality in order to help meet that need.” 

The grant is for a single family home ownership project by Homestead Community Land Trust. The funding award will enable 15 low- and moderate-income families in Seattle and King County to own their own homes and support the affordability of these homes for future homeowners. 

Homestead will renovate each home with energy efficient upgrades and durable finishes. As part of Homestead’s program, each homeowner agrees to sell their home at a time that is right for them, at an affordable price, to the next income-eligible buyer. Through this arrangement, Homestead ensures ongoing affordability and owner-occupancy. 

Homestead currently has 156 permanently affordable homes in its portfolio. Through this grant and other projects, Homestead plans to expand its portfolio to 250 units by the end of 2015. 

Every year, the Federal Home Loan Bank of Seattle contributes 10 percent of its net income from the previous year to fund affordable housing under its Affordable Housing Program. Since the program’s inception in 1990, the bank has contributed more than $149 million to help finance over 28,000 affordable homes in its eight-state district. 

HomeStreet Bank’s other major involvements in the development of affordable housing through the Federal Home Loan Bank of Seattle’s AHP have included YWCA Opportunity Place; YWCA Passage Point; three projects with the Downtown Emergency Service Center: The Morrison, The Union Hotel, and 1811 Eastlake; the LaSalle Hotel at Pike Place Market; and several Habitat for Humanity of Seattle/South King County projects. All of these projects are located in the Seattle/King County area.

For more information about the work of Homestead Community Land Trust, visit their website.