[Congressional Record Volume 141, Number 134 (Thursday, August 10, 1995)]
[Senate]
[Page S12200]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]


                      COMMUNITY INVESTMENT PROGRAM

  Mr. BAUCUS. Mr. President, while efforts to address the needs of our 
less-developed communities have often come up short, innovation from 
the private sector has been instrumental in locating problems and 
providing successful solutions. Past experience shows that successful 
community development can only be achieved through an equal partnership 
between the public and private sector.
  Each year, on behalf of the Federal Housing Finance Board [FHFB] and 
Federal Home Loan Bank System [FHLBS], 12 financial institutions from 
around the country are recognized for exemplary efforts in the 
revitalization of America's communities. I am pleased to announce that 
three financial institutions in Montana that are part of Glacier 
Bancorp, Inc. have been chosen by the Federal Home Loan Bank of Seattle 
to receive the Community Partnership Award for 1995. They include 
Glacier Bank, F.S.B. of Kalispell, the First National Bank of 
Whitefish, and the First National Bank of Eureka.
  Glacier Bank and its two affiliates were recognized for developing 
innovative ways of using the Affordable Housing Program [AHP] and the 
Community Investment Program [CIP] funds to create homeownership 
opportunities for low- and moderate-income families, and for working 
with numerous nonprofit partners and local governments to help meet 
community needs.
  These institutions hold $84 million in regular advances and have used 
Federal Home Loan Bank funding programs to assemble a full range of 
single and multifamily loan products, many of which would not have been 
possible without FHLB funding. In addition, they also used advances to 
match fund their FHA/VA loans and developed a portfolio loan product 
called BOB that is also funded with advances.
  While using the Affordable Housing Program, Glacier Bancorp, Inc., 
and its institutions have sponsored three successful AHP projects 
receiving $301,000 in targeted grants. Glacier Bank and the city of 
Kalispell are responsible for devising an innovative financing package 
to preserve an apartment complex in downtown Kalispell for very low-
income and homeless individuals. Under the same program, Glacier Bank 
was awarded AHP funds for a homeownership project to help low- and 
moderate-income households purchase homes in distressed neighborhoods. 
Without Glacier's commitment to relax their underwriting standards for 
these homes, the project would not have been possible. These projects 
will create affordable housing for 64 households.
  Under the Community Investment Program, the institutions have used 
$17 million in CIP funds for homeowner programs benefiting 3000 
households.
  These examples of civic responsibility and the spirit of community 
are only a few of Glacier Bancorp, Inc. efforts to create affordable 
housing for less developed communities. This institutions' achievements 
should serve as a reminder of what is possible when the private sector 
acts locally in an innovative alliance with the Government.


                          ____________________