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|Washington Mutual Provides $1.64 Million in Construction Financing for St. George, Utah Affordable Housing Project|
|ST. GEORGE, Utah, Dec 19, 2001 (BUSINESS WIRE) -- Washington Mutual (NYSE:WM)
has provided $1.64 million in construction financing for the Fountain Heights
Apartments, a 60-unit multifamily housing project in St. George, Utah.
Construction is already under way and is expected to be completed in June 2002.
Located at 3400 S. River Road, the Fountain Heights Apartments will offer below-market rates for 50 of the 60 units to families earning 60 percent or less of the area media income. Units will range from two- to four-bedroom units and square footage from 885 to 1,352 feet.
"Quality rental housing is increasingly in demand in southwestern Utah, particularly with increased tourism to the area's national parks and steady growth in the local economy," said Tobias Washington, vice president and regional community lending manager at Washington Mutual. "The advantage of the Fountain Heights complex is its flexibility to provide quality housing for a full spectrum of renters -- from individuals paying market-rate rents to low-income renters needing more affordable rates."
Ownership of Fountain Heights Apartments is held by a limited partnership whose general partners are Color Country Community Housing and Community Development Inc., both are nonprofits.
Fredrick Cornforth, Community Development, Inc. executive director, stated, "Washington Mutual is a terrific partner in helping us to address the need for quality, affordable housing in Utah. The Fountain Heights Apartments is another footnote underscoring the bank's commitment to the community."
Amenities for the 10-building, townhouse-style apartment complex include a community building, playground with a basketball court, and distinctive fountain. The 5.1 acre site will also offer 122 spaces of parking with 60 of those carports. The architectural style of the two-storied buildings will include brick wainstcoating, tile roofs and stucco exteriors.
Washington added, "It is through projects like the Fountain Heights Apartments that Washington Mutual will meet -- and in many ways surpass -- its ambitious community lending pledge made two years ago.
We look forward to any future projects with Community Development Inc."
In 2001, Washington Mutual announced a $375 billion, ten-year community lending and investment commitment, with a special emphasis on programs and products that will serve low- and moderate-income neighborhoods. The pledge targets single-family and multifamily lending, small business and consumer financing, and community investment programs such as development initiatives, tax-exempt revenue bonds and community banks.
With a history dating back to 1889, Washington Mutual is a national financial services company that provides a diversified line of products and services to consumers and small- to mid-sized businesses. At Sept. 30, 2001, Washington Mutual and its subsidiaries had consolidated assets of $223.64 billion. Washington Mutual currently operates approximately 2,300 consumer banking, mortgage lending, commercial banking, consumer finance and financial services offices throughout the nation. Washington Mutual's press releases are available at www.wamu.com.
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