SOURCE: HomeStreet Bank

March 01, 2007 18:44 ET

HomeStreet Earns Two Grants From Federal Home Loan Bank

Affordable Housing Projects Awarded Over $300,000

SEATTLE, WA -- (MARKET WIRE) -- March 1, 2007 -- The Federal Home Loan Bank of Seattle has awarded over $300,000 in Affordable Housing Program grants for two projects being developed by the YWCA of Seattle-King County-Snohomish County and Habitat for Humanity of Seattle/South King County. The winning grant applications were sponsored by Seattle-based HomeStreet Bank, one of the largest privately owned banks in the Pacific Northwest.

Affordable Housing Program (AHP) awards are granted through a competitive application process. The Seattle FHLB received 41 applications and funded 19 projects. HomeStreet was one of only four recipients of multiple awards.

"This is a strong validation of HomeStreet's commitment to increasing King County's stock of affordable housing," said Kathryn Williams, community relations director. "The YWCA and Habitat for Humanity clearly share our vision for making this common-sense dream a reality."

The two HomeStreet-sponsored projects are:

--  Passage Point - Rehabilitation, Maple Valley, Wash.  A $250,000 grant
    will allow the YWCA of Seattle-King County-Snohomish County to rehabilitate
    the former Cedar Hills addiction treatment facility into a supportive
    housing community for women discharged from correctional systems and
    working to reunite with their children. The project will rehabilitate seven
    buildings into 46 one- and two-bedroom units for households earning 50
    percent or less of area median income. The project will also provide
    community space for a variety of onsite social services.
--  Habitat for Humanity Seattle/South King County, Tukwila, Wash.
    HomeStreet Bank was awarded a $55,992 grant that Habitat for Humanity
    Seattle will use to develop eight single family homes for households
    earning 50 percent or less of area median income. Five of the homes will be
    acquired and rehabilitated, and three will be new construction. Seattle
    Public Utilities is donating homes located in an urban flood zone and
    providing funds to relocate them onto new foundations on donated lots.
Altogether, more than $3 million in AHP grants will help to create 646 units of affordable housing for low- and very low-income households in Hawaii, Idaho, Oregon, Utah and Washington. These include first-time homebuyers, homeless individuals and families, and those affected by disabilities.

Every year, the Seattle FHLB contributes 10 percent of its net income from the previous year to fund affordable housing under its AHP. Since the program's inception in 1990, the Seattle Bank has contributed more than $135 million to help finance 26,695 affordable homes.

HomeStreet's other major involvements in the development of affordable housing through the FHLB AHP program include YWCA Opportunity Place; three projects with the Downtown Emergency Service Center: The Morrison, The Union Hotel, and 1811 Eastlake; the LaSalle Hotel at Pike Place Market; and other Habitat for Humanity of Seattle/South King County projects.

Founded in 1921, family and employee owned HomeStreet Bank is one of the largest privately owned banks in the Northwest. Headquartered in Seattle, the company has assets of $2.4 billion and a network of 30 branches and mortgage offices in the Northwest and Hawaii. HomeStreet Bank offers a full range of financial services, including business banking, business lending, consumer banking, mortgage lending, residential construction financing, income property financing, and insurance services. Each year, HomeStreet contributes two percent of its pre-tax profits to organizations in its communities.

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