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October 2, 2002
Washington Mutual Awards $50,000 To Support the Kulshan Community Land Trust
(Bellingham)--Washington Mutual recently announced a $50,000 grant to the Kulshan Community Land Trust. The Bellingham-based organization strives to create strong communities by providing opportunities for affordable home ownership.
According to Mary Kay Wallace, manager of Washington Mutual's Bellingham financial center, Washington Mutual's contribution will support the Kulshan Community Land Trust's homebuyer education programs.
"Providing funding to benefit affordable housing enables Washington Mutual to contribute to the long-term stability of individuals and families who would not otherwise be able to afford a home, " said Wallace. "Affordable housing is one of Washington Mutual's key corporate objectives, and with our help the Kulshan Community Land Trust is making an enormous impact in the quality of life for many Whatcom County residents."
In addition, Washington Mutual assisted the community land trust in qualifying for an affordable housing program offered by the Federal Home Loan Bank of Seattle, which will provide financing for more than 30 homes.
"This program makes it possible to offer permanent, affordable homeownership in several neighborhoods, said Paul Schissler, Kulshan CLT's executive director. "Even if home prices continue to escalate at a much higher rate than local wages, we are creating a growing inventory of homes that will remain affordable."
Established in 1999, the goal of the Kulshan Community Land Trust is to acquire land and maintain its affordability. The organization offers homebuyers a variety of benefits including the security of homeownership and a reasonable rate of return on their investment. Kulshan CLT works with homebuyers by helping them qualify for a mortgage and downpayment assistance. At closing, Kulshan CLT provides the additional funding necessary to cover the gap between the home's cost and the amount the homebuyer can afford.
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 June 30, 2002, Washington Mutual and its subsidiaries had assets of $261.28 billion. Washington Mutual currently operates more than 2,500 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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