BOISE, Idaho--(BUSINESS WIRE)--May 1, 2001--Washington
Mutual (NYSE:WM) has provided $1.2 million in construction financing
for the North Park Apartments, a 44-unit mixed-income rental housing
project in Mountain Home, Idaho.
Construction is already under way and is expected to be completed
by the end of May.
Located at 175 East 12th St., the North Park Apartments will offer
below-market rates for 34 of the 44 units to families earning 60
percent or less of the area media income. Units will range from one-
to three-bedroom units with square footage from 675 to 1,100 feet.
"Quality rental housing is increasingly in demand in the area,
particularly with the slated expansion of the Mountain Home Air Force
Base," said Tobias Washington, vice president and regional community
lending manager at Washington Mutual. "The advantage of the North Park
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."
Owner of North Park Apartments is the Idaho Development and
Housing Organization (IDAHO), a nonprofit organization. Frederick
Cornforth, IDAHO executive director, stated, "Washington Mutual is a
terrific partner in helping us to address the need for quality,
affordable housing in the state. The North Park Apartments is another
footnote underscoring the bank's commitment to the community."
Amenities for the five-building apartment complex include a 1,184
square-foot community building with a community room, management
office and central laundry facility. Individual units will have air
conditioning, washer/dryer hookups and full kitchen appliances
including dishwashers. The site will also offer a playground and 89
spaces of parking.
Washington added, "It is through projects like North Park
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 IDAHO."
In 1999, Washington Mutual announced a $120 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, Inc.
(NYSE:WM) is a national financial services company that provides a
diversified line of products and services to consumers and small- to
mid-sized businesses. At March 31, 2001, Washington Mutual and its
subsidiaries had assets of $219.93 billion. Washington Mutual
currently operates more than 2,300 consumer banking, mortgage lending,
commercial banking, consumer finance and financial services offices
throughout the nation. Washington Mutual's news releases are available
||Mary Kelley, 206/377-6878