ATLANTA, Jan. 27, 2005 (PRIMEZONE) -- Twelve projects aimed at creating affordable housing in North Carolina will receive more than $4.1 million in grants and subsidized loans 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.
Horizon Development and FHLBank Atlanta member Bank of America will receive more than $2 million in grants and subsidized loans to develop two new multifamily projects for families in Charlotte -- Springfield Gardens and Montgomery Gardens. The partnership received the largest single amount of AHP funds given to winners during the second-round of the Bank's semi-annual AHP competition.
"Beyond providing more affordable rental choices in the Charlotte area, these two housing initiatives represent the success that public-private partnerships can achieve together," said Lynn Brazen, FHLBank Atlanta first vice president, Community Investment Services. "It's great to see developers and lenders working together to add to the critically short supply of affordable housing stock in North Carolina."
Other nonprofit housing developers in partnership with the Bank's member financial institutions in North Carolina will use individual grants -- ranging from $66,000 to $400,000 -- combined with low-cost loans to help create 646 affordable single-family and multifamily units for residents in the following communities: Avery County ($66,000 for 12 units); Boone ($900,000 for 60 units); Clayton ($680,000 for 45 units); Davie County ($200,000 for 15 units); Henderson County ($96,000 for 16 units); Lake Junaluska ($300,000 for 64 units); Leland ($576,000 for 64 units); Sanford ($960,000 for 64 units); Shallotte ($720,000 for 80 units); Yadkinville ($576,000 for 64 units).
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, FHLBank Atlanta member institutions in partnership with 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 nearly 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.
2004 NORTH CAROLINA AHP WINNERS -- ROUND II
The Great Larels at Lake Junaluska
Lake Junaluska, NC Member: Bank of America Georgia, N.A. Sponsor: Southeastern United Methodist Agency for Rehabilitation Grant: $300,000 for 64 units Subsidized Loan: $660,000 AHP funds will be used to construct The Larels at Lake Junaluska, a 64-unit, mixed-income development. The multifamily complex will include 12 one-bedroom apartments and 52 two-bedroom units.
Watauga Family Apartments
Boone, NC Member: Bank of America Georgia, N.A. Sponsor: Northwestern Housing Enterprises, Inc. Subsidized Loan: $900,000 for 60 units AHP funds will be used to develop a new 60-unit multifamily project in rural Boone. Units will be targeted to very low- and low-income and market-rate households. The nonprofit sponsor will provide a self-sufficiency program to AHP-assisted households.
Clayton Mill Apartments
Clayton, NC Member: Bank of America Georgia, N.A. Sponsor: Mid Atlantic Foundation Subsidized Loan: $680,000 for 45 units AHP funds will be used to redevelop a historic factory building into 45 new rental units targeted to elderly residents in Clayton. The mixed-income development will include 36 AHP-assisted units and nine market-rate units. LIHTC and NCHFA state tax credits and federal and state historic rehabilitation tax credits will provide additional funding.
The Provisions at Courtland
Sanford, NC Member: Bank of America Georgia, N.A. Sponsor: Southeastern United Methodist Agency for Rehabilitation Subsidized loan: $960,000 for 64 units AHP funds will be used to develop The Provisions at Courtland, a mixed-income development in Sanford that will include 32 one-bedroom units and 32 two-bedroom units. In addition to having Fair Housing, Elderly, and Universal design features in all the units, 10 percent of the units will be fully accessible for the mobility impaired, and two units will be equipped for the hearing and/or visually impaired.
Egret Pointe
Leland, NC Member: Bank of America Georgia, N.A. Sponsor: North Carolina Housing Foundation, Inc. Subsidized Loan: $576,000 for 64 units AHP funds will be used to construct Egret Pointe, a 64-unit multifamily housing development for families in Leland. The development will include 16 one-bedroom, 31 two-bedroom, and 17 three-bedroom units. The project will include 13 market-rate units, with the remainder affordable to households with incomes at and below 50 percent of area median income or targeted to persons with disabilities.
Hawks Meadow
Yadkinville, NC Member: Bank of America Georgia, N.A. Sponsor: North Carolina Housing Foundation, Inc. Subsidized Loan: $576,000 for 64 units AHP funds will be used to construct Hawks Meadow, a 64-unit multifamily rental complex in Yadkinville. The mixed-income complex includes apartments and townhomes with eight one-bedroom units, 39 two-bedroom units, 18 three-bedroom units, and a large community clubhouse.
Springfield Gardens
Charlotte, NC Member: Bank of America Georgia, N.A. Sponsor: Horizon Development Subsidized Loan: $1,290,000 for 86 units AHP funds will be used for construction and permanent financing to develop 86 rental units targeted to very low- and low-income families in Charlotte. HOPE VI, LIHTC, and NCHFA state tax credits will provide additional funding for the $8.9 million project.
Montgomery Gardens
Charlotte, NC Member: Bank of America Georgia, N.A. Sponsor: Horizon Development Grant: $400,000 for 76 units Subsidized Loan: $342,000.00 AHP funds will be used for construction and permanent financing of 76 rental units targeted to very low- and low-income families in Charlotte as part of the Charlotte Housing Authority HOPE VI Revitalization program. AHP-assisted households will benefit from a Family Self-Sufficiency Program. The $8.3 million project will also be funded by HOPE VI, City of Charlotte funds, 2004 LIHTC, and NCHFA state tax credits.
Cardinal Pointe III
Shallotte, NC Member: Bank of America Georgia, N.A. Sponsor: North Carolina Housing Foundation, Inc. Subsidized Loan: $720,000 for 80 units AHP funds will be used to construct Cardinal Pointe, an 80-unit multifamily tax-credit development for families in Shallotte. The development will have 56 two-bedroom units and 24 three-bedroom units targeted to middle- and low-income residents. Cardinal Pointe will be located in a planned unit development known as the Highlands, which contains a mix of single-family and multifamily homes and a strip mall.
Habitat NC 2
Avery County, NC Member: Bank of America Georgia, N.A. Sponsor: Habitat for Humanity International Grant: $66,000 for 12 units AHP funds will be used to construct 12 single-family homes in rural Avery County for very low-income residents. Habitat for Humanity's homeownership model for very low-income families relies on zero-interest mortgages, sweat-equity contributions, and volunteer construction crews.
Rural Affordable Housing II
Davie County, NC Member: BB&T of NC Sponsor: Rural Affordable Housing, Inc. Grant: $200,000 for 15 units AHP funds will be used to construct 15 new single-family homes on scattered rural development sites in Ashe, Davie, Iredell, and Yadkin Counties during a 24-month period. AHP-assisted families will benefit through mortgage subsidies and homeowner counseling and education before and after the home purchase.
Highlander Woods/Sheuy Knolls
Henderson County, NC Member: HomeTrust Bank Sponsor: Henderson County Habitat for Humanity Grant: $96,000 for 16 units AHP funds will be used to construct 16 single-family homes for low-income families in Henderson County. The three- and four-bedroom homes will be constructed in Highland Woods and Sheuy Knolls, two subdivisions being developed by the Henderson County Habitat for Humanity. Highlander Woods will have 48 home sites and Sheuy Knolls will contain 90 homes.