ATLANTA, March 6, 2006 (PRIMEZONE) -- Two local community housing partnerships in the District of Columbia have won grants and loans totaling $2.7 million from the Federal Home Loan Bank of Atlanta's Affordable Housing Program (AHP) to help buy, build, or renovate 312 housing units in the District.
Marshall Heights Community Development Corporation will be awarded nearly $2.6 million in grants and subsidized loans to bring a mix of affordable condos, town homes, apartments, and single-family homes to several neighborhoods in D.C.'s Ward 7 district. The non-profit developer will use the funds provided through FHLBank Atlanta members Bank of America, BB&T of North Carolina, SunTrust Bank and City First Bank of D.C. to support seven affordable housing projects with total developments costs of nearly $43 million.
D.C. Habitat for Humanity and SunTrust Bank will receive $150,000 to help re-develop a former public housing site at Clay and 55th Street into a new 53-unit HFH subdivision. The partnership will use the AHP funds to build 20 homes in the $3 million development, which will offer a mix of duplex and detached homes to low-income families.
"Developers are using the Bank's AHP funding to find new ways to create a range of housing -- from condos to multifamily rentals -- that are affordable to the District's first-time homeowners, working families, and other residents," 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 $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.
2005 AHP-Round II Winners
District of Columbia 45th Place Condos Washington, DC Member: BB&T of NC Sponsor: Marshall Heights CDC Grant: $32,000 for four units
AHP funds will be used to redevelop and convert a four-unit apartment complex in Marshall Heights into The 45th Place Condominium, an affordable homeownership development for low-income buyers. All units consist of one-bedroom and one bath, and will provide an affordable housing choice for singles or one person households in Ward 7 of D.C.
4th & Mississippi - Workforce Housing Washington, DC Member: SunTrust Bank Sponsor: Marshall Heights CDC Grant: $500,000 for 80 units
AHP funds will be used to construct 80 mixed-income, single-family homes for government employees and other working families in D.C. The two and three-bedroom homes will feature 1,000 -1,600 square feet of livable space, and will be developed using green building principles.
Bundle 16 & In-Fill Lots Washington, DC Member: BB&T of NC Sponsor: Marshall Heights CDC Grant: $180,000 for 24 units
Marshall Heights CDC will use AHP funds for predevelopment expenses associated with acquiring in-fill lots from the Home Again Initiative program in D.C. The Bundle 16 lots will be used to develop 24 low- to moderate-income homes, which will have three bedrooms and two and a half baths with 1,300-1,400 square feet of livable space.
Deanwood & Burville Owner-Occup. Rehab. Washington, DC Member: SunTrust Bank Sponsor: Marshall Heights CDC Grant: $500,000 for 60 units
AHP funds will be used to provide rehabilitation grants to 60 homeowners in D.C.'s Deanwood and Burville neighborhoods. Housing rehabilitation efforts will include new roofs, plumbing and electrical updates, window replacements, and HVAC replacements in some units.
Hilltop Terrace Subdivision Washington, DC Member: Bank of America Georgia, N.A. Sponsor: Marshall Heights CDC Grant: $120,000 for 16 units
Marshall Heights CDC will use AHP funds for predevelopment expenses related to the construction of Hilltop Terrace, a subdivision of 16 single-family homes in Ward 7 in D.C. The mixed-income development will include three-bedroom and two and a half bathroom homes, with 16 reserved for very low-, low-, and moderate-income first-time purchasers, and five market-rate units.
Northeast Parcel Development Washington, DC Member: SunTrust Bank Sponsor: D.C. Habitat For Humanity Grant: $150,000 for 20 units
D.C. Habitat for Humanity (DCHFH) will use AHP funds to construct affordable homes for 20 low-income families as part of a 53-unit Northeast Parcel Development project in D.C. Located on a former public housing site, the second phase of the development will feature 26 duplexes and a detached house when complete. HFH has committed to sell half of the homes on this site to current public housing residents.
The Hamilton Apartments Washington, DC Member: City First Bank of D.C., N.A. Sponsor: Marshall Heights CDC Subsidized Loan: $1,200,000 for 100 units
Marshall Heights CDC will use AHP funds to acquire and renovate The Hamilton Apartments, a 100-unit rental complex for very low-, low-, and moderate- income families in Ward 7 of D.C. The complex includes 87 two-bedroom units with one and a half baths, and 13 one-bedroom, one-bath units.
Twining Place Townhomes Washington, DC Member: BB&T of NC Sponsor: Marshall Heights CDC Grant: $60,000 for eight units
AHP funds will be used to provide down-payment and closing-costs assistance for 10 lower-income families that will purchase units in Twining Place Townhomes in the District. Located at 2525 Minnesota Ave., the three-bedroom, two and a half bath units, will include 1,100 square feet and modern amenities, including green building (LEEDS) materials standards for future energy conservation.