What

A scholarship program funded by Homestead Capital which provides financial assistance to qualified applicants enrolled in selected institutions of higher education within the states of Oregon and Washington. Selected applicants may receive a maximum of two awards. Those not selected may re-apply in the next funding cycle.

Who

Homestead Capital is a nonprofit syndicator investing in affordable housing in Oregon, Washington, Idaho, Colorado, northern California, New Mexico, Montana, Arizona, Nevada, and Utah. In partnership with major corporations, we form Funds and these proceeds are used for investment in affordable housing. Our superior multi-family projects strengthen communities and provide housing with dignity for income-qualified people of all backgrounds, including working families, agricultural laborers, the elderly, and populations with special needs. In return, our investors receive tax credits, other financial benefits, and a sense of pride knowing that they have invested in communities where they do business. Homestead works with nonprofit and for-profit development partners who share a dedication to addressing affordable housing needs.

Why

The John R. Olsen Scholarship offered by Homestead Capital is designed to encourage college students majoring in a variety of academic disciplines to consider a future in affordable housing and community development. As housing costs for Americans increase, the majority of workers in the middle income range struggle to find adequate accommodations in safe, healthy locations which they can afford. This population of working individuals and families will increasingly require advocates who envision, plan, finance and build affordable properties. Regardless of one’s academic field, there are countless opportunities to contribute to these issues at the city, state or national level. The “would be” architect, for instance, may want to include visions of affordable communities in their preparation for the future. Creative construction, sound financial management, green building possibilities and imaginative design opens the door for developers, engineers and community leaders to truly dream new options for a future America. Any student, regardless of their chosen discipline, may have an opportunity to impact public policy and community response to housing needs. Our aim is simply to put housing on the radar screen of students’ thinking and planning for their, as yet, unknowable futures.

History

When Ms. Deborah Saweuyer-Parks, retired Chief Executive Officer for Homestead Capital, founded this firm in 1993, her first goal was to secure structural support for the formation of a company combining investors, developers and builders to respond to the need for affordable housing. Standard Insurance Company (now known as The Standard) was the initial investor in the Fund. John R. Olsen, Senior Vice President of The Standard, and founding Chairman of the Board of Homestead Capital brought with him the resources of his company and a lasting desire to support the goals of this new company. After he retired, his commitment and experience in real estate investments, securities and mortgage lending served Homestead Capital until his death in 2001.

Mr. Olsen was born in Portland and lived there all his life. A graduate of Grant High School and the University of Oregon, he began to work at The Standard’s Investment Division in 1960. Here was a man who demonstrated a lifelong commitment to community service as a board member of several educational and charitable organizations.

It is in honor of Mr. Olsen’s heart and vision that Homestead Capital created the John R. Olsen Memorial Scholarship awards.

In Oregon, the scholarship program for 4-year institutions is administered by Oregon Student Assistance Commission (OSAC). Visit their website at: www.osac.state.or.us. The John R. Olsen Scholarship/Homestead Capital code is 294.

Eligibility

State of Washington: 4-year institutions

University of Washington with three scholarships at $2,000 each and one Scholarship at $3000; Gonzaga University with three scholarships at $1,000 each; Washington State University with three scholarships at $2,000 each; Eastern Washington University with three scholarships at $1,000 each; Western Washington University with three scholarships at $1,000 each

All applicants must:

• complete institutional financial aid application

• be entering at least their junior year in one of the approved colleges or universities

• major (preference) in accounting, architecture, business administration, civil engineering, community development, construction management, finance, housing, landscape architecture, public administration, real estate development, structural engineering, or urban planning

• have a GPA of 3.00 or better

• submit an essay on “How I might use my degree or applied discipline to contribute to affordable housing and community development.”

State of Washington: 2-year institutionsn include Seattle Central Community College with four scholarships at $1,000 each, and one at $2,000; Yakima Community College with four scholarships at $1,000

All applicants must:

• complete institutional financial aid application

• have completed a minimum of three terms in one of the preferred majors with a minimum GPA of 3.00 or better

• major (preference) in accounting, architecture, business administration, civil engineering, community development, construction management, finance, housing, landscape architecture, public administration, real estate development, structural engineering, or urban planning

• submit an essay on “How I might use my degree or applied discipline to contribute to affordable housing and community development.”

State of Oregon: 4-year institutions. Six scholarships at $2,000 and one scholarship at $3,000

All applicants must:

• complete OSAC financial aid application

• be entering at least their junior year in a four year college or university in Oregon

• major (preference) in accounting, architecture, business administration, civil engineering, community development, construction management, finance, housing, landscape architecture, public administration, real estate development, structural engineering, or urban planning

• have GPA of 3.0 or better

• Submit an essay on “How I might use my degree or applied discipline to contribute to affordable housing and community development.”

State of Oregon: 2-year institution includes Portland Community College. Four scholarships at $1,000 each.

All applicants must:

• complete institutional financial aid application

• have completed a minimum of three terms in one of the preferred majors with a minimum GPA of 3.00 or better

• major (preference) in accounting, architecture, business administration, civil engineering, community development, construction management, finance, housing, landscape architecture, public administration, real estate development, structural engineering, or urban planning

• Submit an essay on “How I might use my degree or applied discipline to contribute to affordable housing and community development.”