Bank, development group get funds for affordable housing

AMERICAN FORK — Bank of American Fork and Rural Housing Development Corp. were recently awarded $140,000 in Affordable Housing Program funding from the Federal Home Loan Bank of Seattle.

The award will support the development of quality affordable housing in two Utah County neighborhoods.

Rural Housing Development Corp. will use the award to create 20 single-family homes for income-eligible residents, including at the Jessica's Ranch Estates in Payson and Pine Meadows project in Spanish Fork. Both are planned to break ground in the spring and fall this year.

Every year, the Seattle bank contributes 10 percent of its profits to support affordable housing development throughout the United States. Funds for the program are awarded on a competitive basis to organizations "who demonstrate an ability to effectively create affordable housing and promote community stability." Applications for the AHP are sponsored by community financial institutions that are members of Seattle Bank, including Bank of American Fork.

The RHDC was created as a nonprofit organization by the Housing Authority of Utah County to address affordable housing issues in rural areas. Since then, RHDC has helped over 200 families obtain affordable homeownership.