ATLANTA, Feb. 14, 2006 (PRIMEZONE) -- A down-payment assistance program offered through the Haliwa-Saponi Indian Tribe, and a new 91-unit shelter for homeless women in Durham, are among nine projects in North Carolina to win $3.2 million in grants and subsidized loans from the Federal Home Loan Bank of Atlanta's Affordable Housing Program (AHP).
The Haliwa-Saponi Tribe and FHLBank Atlanta member RBC Centura will receive a $100,000 grant to provide down-payment assistance to tribal members in Halifax. SunTrust Bank and SunTrust Community Development Corporation will use a $500,000 grant to renovate a condemned hotel into Good Samaritan Inn, a supportive and transitional housing complex for homeless women and families in Durham.
"These developments show the value of public-private partnerships in providing affordable housing options for North Carolina's families," said Lynn Brazen, FHLBank Atlanta first vice president, Community Investment Services.
Other nonprofit housing developers, in partnership with the Bank's member financial institutions, will use individual grants -- ranging from $120,000 to $500,000 -- combined with low-cost loans to help buy, build or rehabilitate 370 affordable single-family and multifamily units for residents in the following communities: Eden ($200,000 for 56 units); Hendersonville ($120,000 for 20 units); Hickory ($239,000 for 48 units); Laurinburg ($239,000 for 40 units); Manteo ($2.1 million for 48 units); Mooresville ($660,000 for 40 units); Shelby ($120,911 for seven 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 $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 award 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.
2005 NORTH CAROLINA AHP WINNERS -- ROUND II
NORTH CAROLINA
Charles Road II
Shelby, NC
Member: BB&T of NC
Sponsor: Western North Carolina Housing Partnership
Grant: $120,911 for seven units
AHP funds will be used to construct a seven-unit rental complex to serve residents who have developmental disabilities in Shelby. Charles Road II will offer supportive services and will consist of three one-bedroom apartments, and a building with four bedrooms.
Curlin Commons Mooresville, NC Member: RBC Centura Bank Sponsor: The Affordable Housing Group Grant: $500,000 for 40 units Subsidized Loan: $160,000
AHP funds will be used to construct Curlin Commons, a 40-unit rental complex for seniors earning 60 percent or less of Mooresville's area median income. Supportive services will be provided to promote independent living for residents.
Good Samaritan Inn Durham, NC Member: SunTrust Bank Sponsor: SunTrust Community Development Corporation Grant: $500,000 for 91 units
AHP funds will be used to acquire and renovate a condemned motel into Good Samaritan Inn, a 91-unit development of transitional and permanent supportive housing for single women, women with children, as well as families in Durham. The Good Samaritan Inn will provide residents empowerment initiatives that include on-site daycare, food service, job skills training, life skills training, housing advocacy, homeless prevention, parenting classes, support groups, drug/alcohol counseling, and after-care case management services.
Haliwa-Saponi Down-Payment Assistance Halifax, NC Member: RBC Centura Bank Sponsor: Haliwa-Saponi Indian Tribe Grant: $100,000 for 20 units
The Haliwa-Saponi Indian Tribe will use AHP funds to provide down-payment assistance to tribal members in Halifax. Prospective homeowners will complete counseling and education activities to fully understand the responsibilities and financial obligations of homeownership.
Harris Pointe Eden, NC Member: SunTrust Bank Sponsor: Transom Development, Inc. Subsidized Loan: $ 200,000 for 56 units
AHP funds will be used to construct Harris Pointe, a 56-unit rental apartment complex for low-income seniors in Eden. Harris Pointe will offer 20 one-bedroom and 36 two-bedroom units, with 60 percent of the units serving area seniors earning at or below 50 percent of the area median income. Harris Pointe will include a computer/business center, sitting areas, an exercise room, and other amenities.
Parker Place Apartments Laurinburg, NC Member: BB&T of NC Sponsor: Caiseal Development, LLC Grant: $239,000 for 40 units
AHP funds will be used to construct Parker Place, a 40-unit garden-style apartment complex consisting of five, two-story buildings in Laurinburg. The rental development will contain eight one-bedroom units, 20 two-bedroom units, 12 three-bedroom units, and a community building.
Shearwater Landing Manteo, NC Member: RBC Centura Bank Sponsor: The Affordable Housing Group Grant: $500,000 for 48 units Subsidized Loan: $1,613,000
The Affordable Housing Group will use AHP funds to construct Shearwater Landing, a rental complex of 48 garden apartments for families earning less than 60 percent of the area median income in Manteo. Shearwater Landing will include two- and three-bedroom units.
Shuey Knolls Homes Hendersonville, NC Member: HomeTrust Bank Sponsor: Henderson County Habitat for Humanity Grant: $120,000 for 20 units
AHP funds will be used to provide mortgage-reduction assistance to 20 lower-income families purchasing Habitat for Humanity houses in Hendersonville. Homes will feature three to four bedrooms, and are financed by HFHwith a 20-year, no-interest mortgage.
The Villas at Northview Hickory, NC Member: BB&T of NC Sponsor: Western North Carolina Housing Partnership Grant: $239,000 for 48 units
AHP funds will be used to assist with land acquisition and soft costs for the development of The Villas at Northview, a 48-unit rental apartment community for senior citizens 55 years of age and over in Hickory.