ATLANTA, Feb. 3, 2005 (PRIMEZONE) -- Twelve projects aimed at creating affordable housing in Alabama will receive more than $1.8 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.
FHLBank Atlanta member AmSouth Bank received five grants, and it will distribute more than $1.6 million in AHP funds to help two local nonprofits construct or rehabilitate 196 affordable housing units in Albertville, Centre, Oneonta, Sylacauga, and Troy.
Other housing developers in partnership with the Bank's member financial institutions will use individual grants - ranging from $24,000 to $264,000- to help create 272 affordable single-family and multifamily units in the following communities: Albertville, Holly Pond, Foley, Houston, Midland City, Millbrook, and Troy.
"Developers are using AHP to fund housing for schoolteachers, the elderly, and other residents who often struggle to find affordable homes within their means," said Lynn Brazen, FHLBank Atlanta director of community investment services.
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 almost 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.
ALABAMA AHP- ROUND II WINNERS Cornelius Apartments Renovation Albertville, AL Member: Regions Bank Sponsor: Albertville Housing Authority Grant: $248,000 for 50 units The Albertville Housing Authority will use AHP funds to redevelop Cornelius Apartments, a 50-unit apartment complex in Albertville, into Campbell Courts. The new Campbell Courts will contribute to the neighborhood by removing blight and making available more high quality affordable units. Harbor Pines Centre, AL Member: AmSouth Bank Sponsor: Paladin, Inc. Grant: $264,000 for 44 units Subsidized Loan: $705,000 AHP funds will be used to rehabilitate the Willow Wick Apartment complex in Centre. The project will use tax credits and AHP funds to renovate the apartments into a 44-unit complex with eight one-bedroom, 28 two-bedroom, and eight three-bedroom units. The Veranda Apartments Troy, AL Member: AmSouth Bank Sponsor: Organized Community Action Program, Inc. Grant: $170,000 for 40 units AHP funds will be used to construct 40 units of affordable housing in Troy for elderly residents who earn 50 percent or below the median income for the area. This project will combine AHP funds with Alabama Housing Finance Authority-issued tax credits and HOME funds. Angela Meadows II Albertville, AL Member: AmSouth Bank Sponsor: Paladin, Inc. Grant: $240,000 for 48 units AHP funds will be used to help construct the Angela Meadows II Community, which will consist of 48 units of multifamily housing. The project will include 32 two-bedroom and 16 three-bedroom units. Miranda Villas II Sylacauga, AL Member: AmSouth Bank Sponsor: Paladin, Inc. Grant: $160,000 for 32 units AHP funds will be used for construction of The Miranda Villas II, a 32-unit multifamily housing complex in Sylacauga. The project will include four one-bedroom, 16 two-bedroom, and 12 three-bedroom units. Holly Pond I and II Holly Pond, AL Member: Regions Bank Sponsor: Community Action Partnership of North Alabama, Inc. Grant: $126,300 for 24 units AHP funds will be used to rehabilitate 24 multifamily rental units in Holly Pond. The rehabilitation project will consist of improvements to the exterior and interior of the buildings. McCay's Landing II Oneonta, AL Member: AmSouth Bank Sponsor: Paladin, Inc. Grant: $96,000 for 32 units AHP funds will be used to construct McCay's Landing II, a 32-unit multifamily rental complex in Oneonta with two-bedroom and three-bedroom units. The complex will be located on three acres connected with common walkways, parking, and community facilities including walking trails, park benches, and gazebos. Alabama HFH - Entitlement1 Houston, AL Member: Colonial Bank, N.A. Sponsor: Alabama Association of Habitat Affiliates Grant: $24,000 for 4 units The Alabama Association of Habitat Affiliates will administer the AHP grant to fund down-payment assistance to four families for the purchase of their houses. The houses will be built across the state by three Habitat for Humanity (HFH) affiliates: Gadsden-Etowah HFH, Lee County HFH, and Wiregrass HFH. Wood Springs, Phase Midland City, AL Member: SouthTrust Bank Sponsor: Three Rivers Housing Foundation, Inc. Grant: $100,000 for 56 units AHP funds will be used to help construct Wood Springs, a 56-unit multifamily rental complex in Midland City. The project will include a mix of one-, two-, and three-bedroom apartments. Regency Pointe, Phase II Foley, AL Member: SouthTrust Bank Sponsor: Three Rivers Housing Foundation, Inc. Grant: $60,000 for 34 units AHP funds will be used to help construct 34 units of affordable housing in Foley for elderly residents. The project will include a mix of one- and two-bedroom units. The Shoals Apartments Millbrook, AL Member: SouthTrust Bank Sponsor: Volunteers of America Southeast Grant: $140,000 for 56 units AHP funds will be used to help construct The Shoals Apartments, a 56-unit affordable rental housing development in Millbrook for elderly residents who earn 60 percent or below the median income for the area. Charleston Square II Troy, AL Member: SouthTrust Bank Sponsor: Volunteers of America Southeast Subsidized Loan: $220,000 for 48 units AHP funds will be used to help construct Charleston Square II, a 48-unit multifamily rental complex in Troy for low- and very low-income families. The complex will feature a community club house with office, computer room, kitchen, and community room. Volunteers of America Southeast will offer residents an array of social and empowerment services and activities.