Housing Grants To Help The Needy Seattle Bank Offers Funding For Low-Income Apartments

Local low-income housing got a boost this week when a Seattle bank awarded two grants totaling $270,000 to apartment complexes in Coeur d’Alene and Post Falls.

The Federal Home Loan Bank of Seattle awarded the grants to Bank of America and United Security Bank to help fund rehabilitation and construction of 63 apartments.

One grant worth $179,955 will go to Bank of America to help Silver Lake Properties fund the construction of 45 apartments at 692 Wilbur Ave., Coeur d’Alene. The apartments are near the Silver Lake Mall; some already have been built.

The apartment complex includes both affordable apartments and market-rate apartments.

Almost 90 percent are priced in ranges affordable for a family of four that makes $24,720, which is 60 percent of the median income for a family of four in Kootenai County.

Silver Lake Properties plans to build a $180,000 community center in the complex that will have a child-care center, computers with Internet access and programs to help low-income people get ahead financially, said Maryann Prescott of Lake Forest Ventures, a partner in the project.

The second grant, worth $90,000, went to United Security Bank to help St. Vincent de Paul purchase and rehabilitate the Kamps Apartments at 201 W. Seltice, Post Falls.

However, the sale agreement has not yet been finalized, according to a real estate agent for the seller.

The apartments have 18 studio, one- and two-bedroom apartments.

If the sale goes through, four of the apartments will serve as transitional housing for the homeless, and the rest will be permanent housing for families.

The renovation would include a community room and playground. Tenants would have access to family budgeting workshops, conflict resolution training and other services through St. Vincent de Paul.

, DataTimes