ATLANTA, Aug. 17, 2006 (PRIMEZONE) -- Four community partnerships in Washington, D.C. will receive $1.7 million in grants from the Federal Home Loan Bank of Atlanta's (FHLBank Atlanta) Affordable Housing Program (AHP) to build, buy, or repair 656 single-family and multifamily housing units in the Marshall Heights and Adams Morgan neighborhoods.
"AHP funding will be used to preserve and create a substantial supply of affordable housing in these neighborhoods," said Lynn Brazen, FHLBank Atlanta director of community investment services. "For example, two of the winning nonprofits will be working together to offer a mix of affordable rental and condo units in Mayfair Mansions, which is listed on the National Register of Historic Places."
Marshall Heights Community Development Organization and BB& T of North Carolina will receive a $500,000 grant to help convert 160 rental units in the Mayfair Mansions development in Northeast D.C. into condominiums for lower-income homebuyers, while Community Housing Inc. and Bank of America will use $500,000 to renovate 409 additional units for rental in the complex.
The Marshall Heights neighborhood will also benefit from a $500,000 grant awarded to the District of Columbia Housing Authority and Citibank Federal Savings Bank for the Hope VI Eastgate Homeownership initiative. The partnership will use the grant to build 61 single-family and townhome rental units as part of the city's efforts to rebuild the former Eastgate Gardens public housing complex into mixed-income housing. In Adams Morgan, Jubilee Housing Inc. and United Bank will receive $250,000 to renovate the three-story Ontario Court complex into 26 affordable rental units.
Awards announced today are part of more than $23 million in AHP grants and subsidized loans provided to 12 states and D.C. to support the development of 81 housing development projects. Each year, FHLBank Atlanta sets aside 10 percent of net income to fund the Affordable Housing Program. Since 1990, FHLBank Atlanta has contributed more than $300 million in AHP funds to develop 55,656 housing units and to provide down-payment assistance to more than 5,700 families.
AHP is a competitive award program that provides funds to help develop owner-occupied and rental housing for very low-, low-, and moderate-income families and individuals. FHLBank Atlanta generally grants AHP awards twice a year to member financial institutions and their community housing partners. For the complete list of winners, visit www.fhlbatl.com/ahpwinners. The application submission deadline for the second round of 2006 AHP awards is Sept. 15, 2006.
About FHLBank Atlanta
FHLBank Atlanta is a $145.7 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.
Some of the statements made in this press release may be "forward-looking statements," which include statements with respect to FHLBank Atlanta’s beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties and other factors, many of which may be beyond FHLBank Atlanta's control, and which may cause FHLBank Atlanta's actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by the forward-looking statements.
The forward-looking statements may not be realized due to a variety of factors, including future economic and market conditions; changes in demand for advances or consolidated obligation; changes in interest rates; legislative and regulatory changes; political, national and world events; and adverse developments or events affecting or involving other Federal Home Loan Banks or the Federal Home Loan Bank System in general. Additional factors that might cause FHLBank Atlanta’s results to differ from these forward-looking statements are provided in detail in FHLBank Atlanta's filings with the Securities and Exchange Commission, which are available at www.sec.gov or through FHLBank Atlanta's website at www.fhlbatl.com.