PORTLAND, Ore. - Washington Mutual Savings Bank said it will invest $4 million in two programs to develop affordable housing in the Northwest over the next several years.

The bank said it will invest $2 million in the 1993 Oregon Equity Fund, which will use the money to develop affordable housing in Oregon. A Washington Mutual spokesman said the bank will receive returns from the Oregon Equity fund on a project-by-project basis.

Washington Mutual also will invest $2 million in the 1993 National Equity Fund, which will develop housing in Washington. The spokesman said the bank will receive annual returns from the National Equity Fund.

The size of the returns was not immediately available, but the spokesman said the return "is good compared with the risk involved." He added, "I don't believe this is a high-risk investment."

The bank will also receive federal tax credits equal to the amount it invests in the funds, according to the spokesman.

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