Market Overview

Federal Home Loan Bank of Seattle Names Affordable Housing Advisory Council Members to Represent Utah and Washington States


The Federal Home Loan Bank of Seattle (Seattle Bank) today announced the appointment of Cleon Butterfield of West Valley City, Utah, and Judith Olsen of Seattle, Washington, to serve on the Seattle Bank's Affordable Housing Advisory Council (Advisory Council).

Cleon Butterfield is senior vice president and chief financial officer of Utah Housing Corporation (UHC), a self-supporting public corporation created by the state of Utah in 1975, and the state's leader in financing affordable housing. Working with the private sector, UHC develops affordable single-family housing and provides mortgages and downpayment assistance for low- and moderate-income home buyers. UHC also partners with developers and investors to utilize state and federal tax credits and bond financing for the construction and rehabilitation of affordable multi-family housing. Mr. Butterfield has served Utah Housing Corporation for 30 years in various capacities. He currently sits on the Advisory Board of the University of Utah's School of Accounting and on the State of Utah's Alternative Dispute Resolution Council.

Judith Olsen is executive director of Impact Capital, a financial intermediary and technical assistance provider that invests first-in capital in affordable housing and community facility projects across the state of Washington. Previously, Ms. Olsen worked with Wells Fargo Bank as vice president and community development officer and with Pacific Northwest Bank as vice president and Community Reinvestment Act officer. She serves on the board of directors of Port Jobs, Inc. and the Washington Community Reinvestment Association. Ms. Olsen has also served on the boards of Community and Shelter Assistance Corporation (CASA of Oregon), Oregon Microenterprise Network, Washington County Community Loan Fund, and Washington State Farmworker Housing Trust.

The Seattle Bank's Advisory Council advises the Seattle Bank on housing and economic development market opportunities and credit needs across the eight-state region the Seattle Bank serves. It includes eight members, one from each state in the Seattle Bank's district. Advisory Council members are drawn from community and not-for-profit organizations that are actively involved in providing or promoting low- and moderate-income housing and community lending.

Mr. Butterfield and Ms. Olsen will serve a three-year term beginning January 1, 2013, and ending December 31, 2015.

About the Seattle Bank

The Federal Home Loan Bank of Seattle (Seattle Bank) is a member-owned cooperative, serving 338 community financial institutions. The Seattle Bank provides its members with access to wholesale funding, which they use to make home mortgages, small business, and other loans in their communities.

The Seattle Bank also works with its members and their community partners to promote affordable housing and economic development. Each year, the bank provides 10 percent of its profits to fund affordable housing—both rental and homeownership—and provides millions of dollars in reduced-rate loans for affordable housing and community economic development.

The Seattle Bank's Affordable Housing Program provides subsidy to acquire, construct, or rehabilitate affordable rental or owner-occupied housing for low- and moderate-income households. The Home$tart Program provides downpayment assistance to first-time homebuyers earning up to 80 percent of area median income. The Community Investment Program / Economic Development Fund offer reduced-rate loans for affordable housing and community economic development.

One of 12 Federal Home Loan Banks in the United States, the Seattle Bank serves Alaska, Hawaii, Idaho, Montana, Oregon, Utah, Washington, Wyoming, American Samoa, Guam, and the Northern Mariana Islands.

Visit the Seattle Bank's website ( for more information regarding the bank and its community investment programs.

Federal Home Loan Bank of Seattle
Connie Waks, 206-340-2305

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