ATLANTA, Jan. 26, 2006 (PRIMEZONE) -- The Alabama Association of Habitat for Humanity Affiliates (HFH) is among five organizations receiving more than $1.3 million in grants and subsidized loans from the Federal Home Loan Bank of Atlanta's Affordable Housing Program (AHP), to assist Alabama's low-income renters and first-time homebuyers.
Alabama HFH, in partnership with Colonial Bank, will receive nearly $500,000 to help 85 low-income residents buy Habitat Homes throughout the state, while Hale County Housing Resource Center and AmSouth Bank will receive nearly $500,000 in AHP funds to build Cauldwell Creek, a $4.5 million subdivision of 32 single-family homes for very-low income families in Greensboro.
Senior residents in Alabama will also benefit, thanks in part to three affordable housing projects targeted to low-income residents aged 55 and older. Chimney Peak Development Corporation and Regions Bank will use a $220,000 grant to construct a 44-unit apartment complex for elderly residents in Robertsdale and Baldwin. Very low-income seniors in Thomasville will benefit from $267,000 awarded to Bennett and Company and AmSouth Bank for the construction of Country Club Cottages, a 32-unit apartment community.
In Lanett, the Alabama Council on Human Relations, Inc. and AuburnBank will use a $240,000 AHP grant to build Garden Green Apartments, 48-unit affordable rental community also for very low-income seniors.
"There's a significant need for housing that is affordable to seniors, particularly since a majority of our elderly have fixed incomes, and cannot meet the rising cost of housing," said Lynn Brazen, FHLBank Atlanta director of community investment services. "Alabama's communities will benefit from the stability and economic growth that these winning projects will provide."
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 $285 million to support affordable housing production in the South.
Awards announced today are part of more than $20.1 million in AHP grants the Bank recently awarded to 11 states and the District of Columbia to support the development of 72 housing development projects. Since 1990, housing organizations have used the AHP grants to help develop more than 52,000 housing units for very low- to moderate-income families and to provide down-payment assistance to nearly 5,200 families. For a complete list of recent winners and details about individual projects, visit www.fhlbatl.com/ahpwinners.
About FHLBank Atlanta
FHLBank Atlanta is a $135 billion financial services organization that provides low-cost financing, community development grants, and other banking services to more than 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 more than $2 billion to affordable housing development in the United States.
SECOND ROUND -- AHP WINNERS
ALABAMA
Alabama HFH -- Entitlement 2
Morgan, AL
Member: Colonial Bank, National Association
Sponsor: Alabama Association of Habitat Affiliates
Grant: $240,000 for 40 units
AHP funds will be used for down-payment assistance to help
40 very low-income families purchase new homes in four
counties in Alabama. The houses will be built by Habitat for
Humanity affiliates. Those families that meet AHP criteria will
receive a down-payment assistance grant that will lower the base
mortgage.
Alabama HFH -- Rural Housing 2
Cullman, AL
Member: Colonial Bank, National Association
Sponsor: Alabama Association of Habitat Affiliates
Grant: $150,000 for 25 units
AHP funds will be used for down-payment assistance to help
25 very low-income families purchase new homes in four counties
in Alabama. The houses will be built by Habitat for Humanity
affiliates. Those families that meet AHP criteria will recieve
a down-payment assistance grant that will lower the base
mortgage.
Alabama Rural Housing -- 1
Cullman, AL
Member: Colonial Bank, National Association
Sponsor: Alabama Association of Habitat Affiliates
Grant: $120,000 for 20 units
AHP funds will be used for down-payment assistance to help
very low-income families purchase 20 new homes in seven counties
in Alabama. The houses will be built by Habitat for Humanity
affiliates. Those families that meet AHP criteria will receive a
down-payment assistance grant that will lower the base mortgage.
Belle Isle Apartments
Robertsdale, AL
Member: Regions Bank
Sponsor: Chimney Peak Development Corporation
Grant: $220,000 for 44 units
Chimney Peak Development Corp. will use AHP funds to construct
Belle Isle Apartments, a 44-unit rental complex for elderly
residents in Robertsdale and Baldwin, which were hit hard by
Hurricane Ivan in September 2004. The complex will consist of
24 one-bedroom units and 20 two-bedroom units, and will target
persons making 50 percent or less of area median income.
Belle Isle will include a community building for the residents, a
computer room, community kitchen, and an office for the manager.
Cauldwell Creek
Greensboro, AL
Member: Amsouth Bank
Sponsor: HERO, Hale County Housing Resource Center
Grant: $160,000 for 32 units
Subsidized Loan: $334,806
AHP funds will be used in combination with HOME funds, tax
credits, and grant funds from both Fannie Mae and the
Enterprise Foundation to construct Cauldwell Creek, a $4.5
million subdivision of 32 lease-to-purchase single-family homes
for very low-income families in Greensboro. Cauldwell Creek is
the first phase of a rural planned community that will consist of
various housing types affordable to low- and very low-income
residents of Hale County. The first phase will include 17
three-bedroom homes and 15 four-bedroom homes to be marketed to
those whose incomes are at 50 percent or below the area median
income.
Country Club Cottages
Thomasville, AL
Member: Amsouth Bank
Sponsor: Bennett and Company
Grant: $160,000 for 32 units
Subsidized Loan: $107,857
AHP funds will be used to construct Country Club Cottages,
a 32-unit rental apartment complex for very low- income elderly
residents in Thomasville. The $3.5 million development will
include 20 two-bedroom units and 12 one-bedroom units. The units
will be marketed to the elderly earning 50 percent or below the
area median income for Clarke County. AHP funds will be combined
with HOME funds and tax credits issued by the Alabama Housing
Finance Authority.
Garden Greene Apartments
Lanett, AL
Member: AuburnBank
Sponsor: Alabama Council on Human Relations, Inc.
Grant: $240,000 for 48 units
AHP funds will be used to construct Garden Greene Apartments, a
48-unit affordable rental community for very low-income seniors
in Lanett. The $5 million development will consist of 28
two-bedroom units and 20 one-bedroom units. Units will be
marketed to elderly residents earning 50 percent or below the
area median income for Chambers County. AHP funds will be
combined with HOME funds and tax credits issued by the Alabama
Housing Finance Authority.