ATLANTA, Feb. 7, 2005 (PRIMEZONE) -- A proposed apartment complex in Wytheville, Va., and five new single-family homes in Annapolis, Md. are among the four winning housing initiatives in the D.C. region to receive $252,300 in grants as part of the Federal Home Loan Bank of Atlanta's Affordable Housing Program (AHP).
City First Bank of D.C. and nonprofit Community of Hope will use a $75,000 grant to renovate vacant property into an apartment complex for 10 formerly homeless households in the District. Maryland winners Severn Savings Bank and the Arundel Habitat for Humanity will use more than $27,000 to help build four town homes and a single-family home for five families in Annapolis.
In Virginia, Wytheville Redevelopment and Housing Authority partnered with Branch Banking and Trust of North Carolina to win a $99,000 AHP grant to construct Cassell Pines, an 18-unit, mixed-income apartment complex in Wytheville. Old Point National Bank of Phoebus and the Peninsula Habitat for Humanity will receive a $50,800 grant to help construct single-family homes for 10 very-low income families in the Hampton area.
"Affordable housing choices are moving further out of reach of America's lower- and moderate-income families, especially in high-rent areas like D.C. and Maryland," 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 more 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.
2004AHP-Round II winners DISTRICT OF COLUMBIA Community of Hope's Hope Apartments Washington, DC Member: City First Bank of D.C., N.A. Sponsor: Community of Hope Grant: $75,000 for 10 units AHP funds will be used to renovate vacant property into a multifamily complex for homeless families and households in recovery from substance abuse. After renovation, the property will include 10 units, a laundry room, and space for tenant services. MARYLAND Habitat MD 1 Annapolis, MD Member: Severn Savings Bank, F.S.B. Sponsor: Habitat for Humanity International Grant: $27,500 for 5 units Habitat for Humanity International and the Arundel Habitat for Humanity affiliate will use $27,500 in AHP funds to provide single-family homes for five families in Annapolis. VIRGINIA Dreaming of Homeownership 2 Hampton County, VA Member: The Old Point National Bank of Phoebus Sponsor: Peninsula Habitat for Humanity Grant: $50,800 for 10 units The Peninsula Habitat for Humanity will use AHP funds to help construct 10 single-family homes for very low-income families in Hampton County. Individuals qualify to purchase a Habitat home by applying for homeownership, having good credit history, meeting household income guidelines, and completing 400 hours of sweat equity on their home. Cassell Pines Wytheville, VA Member: BB&T of NC Sponsor: Wytheville Redevelopment and Housing Authority Grant: $99,000 for 18 units AHP funds will be used to construct Cassell Pines, an 18-unit housing complex in Wytheville. The complex will include six one-bedroom units and 12 two-bedroom units and is located within walking distance of churches, grocery stores, clothing stores, and fast food restaurants.