ATLANTA, Aug. 23, 2006 (PRIMEZONE) -- Sixteen local partnerships will receive $6.2 million in grants from the Federal Home Loan Bank of Atlanta's (FHLBank Atlanta) Affordable Housing Program (AHP) to build, buy or repair 693 single-family and multifamily housing units in Arcadia, Crescent City, Fellsmere, Immokalee, Indiantown, Leon County, Mangonia, Ocala, Okeechobee, Pompano Beach, Riviera Beach, Tampa, Tarpon Springs, Titusville, Vero Beach, and Wimauma.
"From the replacement of public housing damaged by hurricanes in Arcadia to farm-labor housing in Crescent City, these winning partnerships will use AHP funds to meet a growing demand for more affordable housing choices," said Lynn Brazen, FHLBank Atlanta director of community investment services.
A new subdivision of 150 single-family homes in Wimauma is one of 19 affordable housing projects in Florida to receive a grant. Project developer Florida Home Partnerships, Inc. partnered with Suncoast Schools Federal Credit Union to win a $500,000 grant to build 135 of the 150 homes in Hidden Creek at Westlake. Prospective home buyers will volunteer up to 600 hours of sweat equity to build the mixed-income subdivision, in exchange for help with the down payment.
Other partnerships, which include financial institutions and nonprofit corporations, will receive grants ranging from $75,000 to $500,000 to develop or rehabilitate 693 rental and homeownership units in these Florida communities:
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Arcadia - $1 million for 42 units Okeechobee - $500,000 for
11 units
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Crescent City - $500,000 Pompano Beach - $110,000 for
for 40 units 20 units
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Fellsmere - $75,000 for 15 units Riviera Beach - $500,000
for 100 units
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Immokalee - $663,000 for 63 units Tampa - $250,000 for 36 units
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Indiantown - $255,000 for 34 units Tarpon Springs - $100,000
for 12 units
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Leon County - $500,000 for 78 units Titusville - $500,000 for
10 units
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Mangonia - $250,000 for 15 units Vero Beach - $300,000 for
60 units
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Ocala - $220,000 for 22 units
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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.
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 obligations; 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.