ATLANTA, Jan. 26, 2005 (PRIMEZONE) -- A new apartment complex for senior residents in Atlanta, and 60 new single-family homes in Cuthbert are among the five winning initiatives in Georgia to receive $1.6 million in grants from the Federal Home Loan Bank of Atlanta's Affordable Housing Program (AHP). The funding is part of more than $11.3 million FHLBank Atlanta will award to build or rehabilitate nearly 2,200 housing units in nine states and the District of Columbia.
"Affordable housing choices are moving further out of reach of America's lower- and moderate-income families, especially in areas like Atlanta, where rapid housing appreciation is outpacing worker's wages," said Lynn Brazen, FHLBank Atlanta first vice president of Community Investment Services. "So a lot of housing developers are using partnerships with private lenders and creative financing like AHP to make affordable housing feasible."
AHP is a competitive grant program that helps develop 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 $260 million to address affordable housing production in the South.
FHLBank Atlanta awarded more than $20.4 million in AHP funding in 2004. Since 1990, housing organizations have used AHP to help provide nearly 50,000 homeownership and rental units for very low- to moderate-income families as well as down-payment assistance to nearly 4,000 families. For a complete list of current award winners, visit www.fhlbatl.com/ahpwinners.
About FHLBank Atlanta
Federal Home Loan Bank of Atlanta is a $129 billion financial services organization that provides low-cost financing, community development grants, and other banking services to 1,200 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 nearly $2 billion to affordable housing development in the U.S.
SECOND ROUND AHP WINNERS
GEORGIA Columbia Senior Residence at MLK Village Atlanta, GA Member: First Union Bank Sponsor: Ebenezer Building Foundation, Inc. Grant: $500,000 for 122 units AHP funds will be used to help construct Columbia Senior Residence at MLK Village, a 122-unit multifamily rental development in Atlanta. The four-story building will include one-bedroom units targeted to senior citizens ages 62 and older, with 80 percent of units reserved for low-income tenants and 20 percent reserved for market-rate residents. Westwood Village Richland, GA Member: Regions Bank Sponsor: Southwest Georgia Housing Development Corporation Grant: $400,000 for 50 units AHP funds will be used to build Westwood Village in Richland, which will provide affordable housing for elderly and working families. Westwood Village will be a 50-unit development consisting of single-family units and duplexes that offer a neighborhood approach to affordable housing. Westwood Village will consist of 14 one-bedroom, 20 two-bedroom, and 16 three-bedroom units. Eleven units will be reserved for market-rate tenants. Castlegate Cuthbert, GA Member: Regions Bank Sponsor: Southwest Georgia Housing Development Corporation Grant: $500,000 for 60 units AHP funds will be used to develop Castlegate, a 60-unit mixed-income development community designed for elderly and working families. The community will consist of 20 one-bedroom, 24 two-bedroom, and 16 three-bedroom units. Mellinese's Place II Lexington, GA Member: BB&T of NC Sponsor: Rural Outreach Resource Referral Center, Inc. Grant: $60,000 for 4 units The Rural Outreach Center is purchasing four units to be named Mellinese's Place II to provide affordable housing to residents of Lexington. This project is located next to Mellinese's Place, a 12-unit affordable housing project that was purchased and rehabilitated in 2001 with the assistance of FHLBank Atlanta's AHP funds. Rural Housing Rehabilitation Bleckley County, GA Member: Colony Bank of Dodge County Sponsor: Middle Georgia Community Action Agency, Inc. Grant: $206,000 for 93 units AHP funds will be used to rehabilitate 93 owner-occupied, single-family houses in the following nineteen counties: Bleckley, Butts, Crawford, Dodge, Houston, Jones, Lamar, Laurens, Monroe, Montgomery, Peach, Pike, Pulaski, Telfair, Treutlen, Twiggs, Upson, Wheeler, and Wilcox.