ATLANTA, July 29, 2004 (PRIMEZONE) -- A 48-unit apartment complex for low-income residents in Richburg and multifamily housing for elderly residents in Gloverville are among five South Carolina housing initiatives to receive more than $1.5 million in grants and loans as part of the Federal Home Loan Bank of Atlanta's Affordable Housing Program (AHP).
Nonprofit housing developers in partnership with the Bank's member financial institutions will use the funding to help create 156 affordable single-family and multifamily units for rural residents in South Carolina. Individual grants -- ranging from $10,000 to $500,000 -- combined with low-cost loans will be made in the following communities in South Carolina: Berkeley ($125,000 for 10 units); Gloverville ($275,000 for 36 units); Richburg ($136,000 for 48 units); Walhalla ($10,000 for 2 units); and York ($500,000 for 36 units).
"Developers are using AHP funds to create housing for residents who often struggle to find affordable homes within their means," said Raymond Christman, FHLBank Atlanta president and chief executive officer. "For example, Carolina First Bank and Community Development and Improvement Corp. are working together to develop an apartment complex serving low-income seniors in Gloverville."
The awards announced today are part of $9.2 million in AHP funds the Bank recently awarded to develop housing for 1,875 very low-income, low-income and moderate-income families in nine states throughout the South.
AHP is a competitive grant program that helps develop low-income, single-family and multifamily housing. Awards are granted twice a year to housing organizations that apply for funds through financial institutions that are members of the Bank. Since 1990, FHLBank Atlanta has contributed more than $266 million to address affordable housing production in the South.
This year, nonprofit developers partnered with FHLBank Atlanta member financial institutions to submit 138 applications for funding in the first round of the Bank's AHP offering. Since 1990, FHLBank Atlanta members and nonprofits have used AHP to develop nearly 47,000 homeownership and rental units, and to provide down-payment assistance to nearly 4,000 families.
FHLBank Atlanta
FHLBank Atlanta is a $123 billion financial services organization that provides low-cost financing, community development grants, and other banking services to 1,194 financial institutions in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, and the District of Columbia. FHLBank Atlanta is one of 12 district banks in the Federal Home Loan Bank System, which since 1990 has contributed more than $1.7 billion to affordable housing development in the United States.
SOUTH CAROLINA AHP-A WINNERS
Colonial Gardens Richburg, SC Member: The Bank Sponsor: The Affordable Housing Group Grant: $136,000.00 for 48 units Subsidized Loan: $1,300,000.00 AHP funds will be used to construct 48 garden apartments for families earning at or below 60 percent of area median income for Chester County, SC.
Houses #41 & #42 Walhalla, SC Member: Oconee Federal Savings and Loan Association Sponsor: Oconee County Habitat for Humanity Grant: $10,000.00 for 2 units AHP funds will be used to construct two single-family homes for low-income families in Walhalla.
UMRC-OOR-2 Berkeley, Charleston, Dorchester, SC Member: Citizens Bank Sponsor: United Methodist Relief Center Grant: $125,000.00 for 10 units AHP funds will be used to rehabilitate 10 single-family homes in Berkeley for low-income families as part of UMRC's Owner-Occupied Rehabilitation Program.
Wellington Square York, SC Member: Bank of America Georgia, N.A. Sponsor: Connelly Development, LLC Grant: $500,000.00 for 60 units AHP funds will be used to construct 60 new affordable rental units in York, of which 48 units will be for low- and very low-income families and 12 units will be for families earning above 80 percent Average Median Income (AMI).
Villages at Horse Creek Gloverville, SC Member: Carolina First Bank Sponsor: Community Development and Improvement Corporation Grant: $275,000.00 for 36 units AHP funds will be used to build 36 one-bedroom apartments for seniors aged 55 and older in Gloverville. The one-bedroom apartments will be 700 square feet with each apartment having one bathroom. It is anticipated that all tenants will have incomes of 50 percent of the median income and below and will receive Section 8 Rental Assistance.