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City of Seattle
Gregory J. Nickels, Mayor
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NEWS ADVISORY
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| SUBJECT: Mayor Announces $1.8 Million For Homebuyer Assistance
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FOR IMMEDIATE RELEASE:
3/13/2002 12:52:00 PM |
FOR MORE INFORMATION CONTACT:
Julie Moore (206) 684-0604
Office of the Mayor (206) 684-4000
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Mayor Announces $1.8 Million For Homebuyer Assistance
Funds Will Help 165 Households Buy Homes
Seattle - Seattle Mayor Greg Nickels today announced $1.8 Million in funding for homeownership assistance programs that will help 165 moderate- and lower-income households purchase a home in Seattle.
"This funding will help hard-working Seattle families who have the dream of homeownership in their sights, but not yet within their grasp," said Nickels. "The backbone of our community is people who work hard for a paycheck. A home provides an anchor for families, gives children stability to grow to their fullest potential, and strengthens our neighborhoods and schools."
Funding comes from the HOME Program (federal Housing and Urban Development funds) and from the $59.2 million Housing Levy, approved by Seattle voters in 1995 to produce and preserve a minimum of 1,360 units for low- and extremely low-income households over its seven-year life. The funding was awarded to three Seattle organizations.
- HomeSight
received funds for a new program to provide revolving homebuyer assistance loans to assist 30 low- and moderate-income first-time homebuyers throughout Seattle in revitalization neighborhoods. HomeSight specializes in helping lower-income households buy homes. HomeSight developed Noji Gardens in Southeast Seattle.
- Low Income Housing Institute
(LIHI) received funds for Stoneview Village in north Seattle. The funding will help with the purchase of 10 two-bedroom townhomes in a 25-unit affordable condo project, at costs ranging from $135,000 to $228,000.
- HomeStreet Bank and AFL-CIO
. The City’s funding for Homeownership Opportunity Initiative (HOI) Plus will help 125 households. It provides interest rate buy-down, down payment assistance and closing costs targeting any Hometown Home Loan program participants, or members of unions affiliated with AFL-CIO.
"The Homeownership Opportunity Initiative has been very effective in making homeownership a reality for many people in this area," said Joan Enticknap, president and COO of HomeStreet Bank. "The added support from the City will greatly enhance the program and help to create programs that strengthen our communities."
"The Seattle labor community commends Mayor Nickels and the City Office of Housing for providing the $500,000 allocation of federal HOME funds to a labor-sponsored housing initiative," said Steve Williamson, Executive Secretary-Treasurer, King County Labor Council, AFL-CIO. "Over the past four years, the Homeownership Opportunity Initiative has proven itself to be a model for aiding almost 420 working families who sought to buy a home and live in Seattle, particularly as many families benefiting from the program have an average income of $54,283 per year."
"What we have achieved through the HOI Program in helping average wage earners become homeowners in a high-cost city like ours truly attests to the success of collaborative efforts," said Heyward Watson, Director of the Fannie Mae Puget Sound Partnership Office. "Fannie Mae is proud to be a partner in the HOI Program, and we especially applaud the City's expanded financial commitment. Through it, we will be able to reach more people and create more homeowners in Seattle. Today's announcement is great news for our community."
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Mayor's Office
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