U.S. Rep. Jay Inslee has announced $835,000 in new funding for an affordable housing project in Poulsbo. The announcement was made on Jan. 23 as part of a luncheon keynote address to financial institutions, nonprofit groups, state and local government representatives and housing authorities that partner with the Federal Home Loan Bank of Seattle to create affordable housing and spur economic development in the Puget Sound area. In addition to delivering the keynote address, Inslee also received an award for his work in helping to build strong communities through affordable housing and economic development.

The Federal Home Loan Bank of Seattle provides services that help local banks make more loans for housing and business. A $43 billion bank, it gives 10 percent of its annual net earnings to provide targeted grants for affordable rental and homeownership initiatives. It also supports economic development initiatives through its grant and discounted loan programs. Over the last 12 years it has invested more than $101 million in affordable housing in its eight state region.