Heritage Bank Finances Affordable Housing Project

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Dec 23, 2014, 04:30 ET

OLYMPIA, Wash., Dec. 23, 2014 /PRNewswire/ -- Heritage Financial Corporation (Nasdaq: HFWA), the parent company of Heritage Bank, announced that Heritage Bank is financing the construction of Housing Hope's 47-unit Affordable Housing project, named Monroe Family Village. The project just received a $422,953 grant under the Federal Home Loan Bank of Seattle's Affordable Housing Program with sponsorship from Heritage Bank and Housing Hope. The Federal Home Loan Bank of Seattle awarded a total of $4.8 million in Affordable Housing Project funding through its member financial institutions in the Pacific Northwest.

The Federal Home Loan Bank of Seattle commented, "The Housing Hope project will serve households earning at or below 30 and 50 percent of area median income. Project-based Section 8 vouchers will be available for 24 of the 47 units. Ten units will be reserved for homeless households, and 10 units will be reserved for households with a family member recovering from substance abuse. Housing Hope will provide case management, career counseling, employment training, savings/investment education, basic life skills, and parenting training."

Mr. Bryan McDonald, Executive Vice President and Chief Lending Officer, commented, "We are grateful the project was awarded funds to further assist in the development of affordable housing. Heritage appreciates the importance of serving the needs within our local communities."

About Heritage Financial
Heritage Financial Corporation is an Olympia-based bank holding company with Heritage Bank, a full-service commercial bank, as its sole wholly-owned banking subsidiary. Heritage Bank has a branching network of 66 banking offices in Washington and Oregon. Heritage Bank also does business under the Central Valley Bank name in the Yakima and Kittitas counties of Washington and under the Whidbey Island Bank name on Whidbey Island. Heritage's stock is traded on the NASDAQ Global Select Market under the symbol "HFWA". More information about Heritage Financial Corporation can be found on its website at www.hf-wa.com and more information about Heritage Bank can be found on its website at www.heritagebanknw.com.

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SOURCE Heritage Financial Corporation