ATLANTA, Feb. 7, 2005 (PRIMEZONE) -- A $7.3 million apartment complex in Port Royal, and two developments spear-headed by Habitat for Humanity affiliates are among the four winning housing initiatives in South Carolina to receive more than $1 million in grants as part of the Federal Home Loan Bank of Atlanta's Affordable Housing Program (AHP).
United Housing Associates, Inc. and BB&T of North Carolina will use a $462,200 grant to help build Shell Point, a 72-unit apartment complex targeted to lower-income families in Port Royal. Two additional projects sponsored by Habitat for Humanity affiliates in Berkeley County and Pickens County will use $75,000 in AHP grants provided through Southcoast Community Bank and CapitalBank to build 13 single-family homes.
"Affordable housing choices are moving further out of reach of America's lower- and moderate-income families, especially in areas like South Carolina that have a limited supply of rental stock," said Lynn Brazen, FHLBank Atlanta director of community investment services. "So, a lot of housing developers are using partnerships with private lenders in conjunction with creative financing tools like AHP to make housing affordable."
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 about 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.
2005 AHP Winners-round II
SOUTH CAROLINA
Cameron Crossing II
Piedmont, SC
Member: First Union Direct Bank
Sponsor: Affordable Housing Solutions
Grant: $500,000 for 64 units
AHP funds will be used to help construct Cameron Crossing II in
Piedmont, which will provide 64 affordable apartment units for
low-income residents in Greenville County. The complex will include
one-bedroom, two-bedroom and three-bedroom units with several amenities
including a clubhouse, fitness room, technology center, community
room, laundry room, landscaped pond, carwash, garages and storage
units.
Shell Pointe
Port Royal, SC
Member: BB&T of NC
Sponsor: United Housing Associates, Inc.
Grant: $462,200 for 72 units
AHP funds will be used for the construction of a 72-unit
multifamily apartment complex for very low- and low-income families in
Port Royal. The $7.3 million project is located in a diverse census
tract in a rural area and will use LIHTC and permanent bank financing
in addition to AHP funds.
Homes and Hope 2004/5
Berkeley County, SC
Member: Southcoast Community Bank
Sponsor: Habitat for Humanity of Berkeley County
Grant: $25,000 for 3 units
AHP funds will be used to assist in the construction of three
houses for very low-income working families at scattered sites
within Berkeley County. One of the planned homes is a "$100 House,"
for which families, businesses, or individuals can donate $100
toward construction and, in return, help build the house. The other
two houses will be "Apostles Build" Houses. In an Apostles Build,
the Habitat affiliate seeks 12 churches to donate one-twelfth the
cost of the house and to help with construction during one of the 12
Saturdays it takes to build a house.
Pickens County Habitat IX
Pickens County, SC
Member: CapitalBank
Sponsor: Pickens County Habitat for Humanity
Grant: $50,000 for 10 units
AHP funds will be used to help the Pickens County Habitat for
Humanity build 10 single-family homes for low- to very low-income
residents at selected sites in Pickens County. Habitat families are
selected based on need, ability to pay, and willingness to partner
with the affiliate. Each family must contribute a minimum of 200
hours of sweat equity toward the construction of their home.