OLYMPIA, Wash., May 25, 2016 /PRNewswire/ -- Heritage Bank, wholly-owned subsidiary of Heritage Financial Corporation ("Company" or "Heritage") (Nasdaq: HFWA), was pleased to announce their participation in the Low Income Housing Institute's ("LIHI") affordable housing development, named Billy Frank Jr. Place, in Olympia, Washington. Billy Frank Jr. Place will provide 43 affordable housing units for low-income residents in a new, Evergreen 4-story building in downtown Olympia. Scheduled to open in the spring of 2017, the development will serve formerly homeless veterans and young adults, disabled individuals, and other members of the Olympia community.
The development is a community effort whereby LIHI has partnered with area service providers, including the Veterans Administration, Washington State Department of Social and Health Services, and Community Youth Services. The City of Olympia provided the land at a reduced cost while the development was financed with funding from the Washington State Housing Trust Fund, HUD, Low Income Housing Tax Credits from Enterprise Community Investment and the Washington State Housing Finance Commission, a grant from The Employees Community Fund of Boeing, and construction financing by Heritage Bank.
Heritage Bank's Chief Executive Officer, Brian L. Vance, commented, "Heritage Bank is providing a $6.5 million community lending construction loan and investing $9.9 million in equity from a Heritage Bank Low Income Housing Tax Credit Fund managed by Enterprise Community Investment. We are pleased to partner with these great organizations to serve our community by providing affordable housing for those in need."
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 63 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.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/heritage-bank-participates-in-low-income-housing-institutes-affordable-housing-development-300274425.html
SOURCE Heritage Financial Corporation