ATLANTA, Sept. 14, 2006 (PRIMEZONE) -- Five local partnerships will receive more than $1.1 million in grants from the Federal Home Loan Bank of Atlanta's (FHLBank Atlanta) Affordable Housing Program (AHP) to build, buy or repair 268 single-family and multifamily housing units in Charlotte, Gastonia, Greensboro, Henderson, and Roper.
"In today's housing market, developers find it increasingly difficult to build housing that is affordable to seniors, special need residents and other households with limited incomes," said Lynn Brazen, FHLBank Atlanta director of community investment services. "These grants will help our community partners develop projects to make the cost of housing less burdensome."
Charlotte Housing Authority (CHA), in partnership with Bank of America, received the largest AHP grant in the state. The partnership will use a $500,000 grant to help rebuild the former Piedmont Court public housing development in Charlotte into the Crossings at Seigle Point. The 204-unit mixed-income rental community is one component of CHA's HOPE VI redevelopment project, which will also include 50 townhomes and 140 condominiums when completed.
Other winning partnerships, which include local banks and community developers, will use grants ranging from $22,800 to $400,000 to develop or rehabilitate rental and homeownership units affordable to lower-income families in:
-- Gastonia -- Reinvestment in Communities of Gaston County, Inc. and
BB&T of North Carolina will receive a $62,000 grant to build
Willow Street Supportive Housing, a proposed 10-unit rental
community for homeless and disabled residents. The partnership
will also receive a $22,800 grant to develop Boyce Street
Supportive Housing, a 4-unit rental complex for disabled and
homeless residents.
-- Greensboro -- Habitat for Humanity of Greater Greensboro, Inc. and
BB&T of North Carolina will use a $400,000 grant to build Arbor
Court, a proposed subdivision of 20 attached single-family homes
affordable to very low-income first-time homebuyers.
-- Henderson -- Tarheel Regional CDC and BB&T of North Carolina will
receive a $120,000 grant to build 12 single-family homes as part
of Carey Chapel Crossing, a proposed three-phase subdivision of
150 single-family homes for low- and moderate-income residents.
-- Roper -- New Life Community Development Corporation and RBC Centura
Bank will use a $90,000 grant to build 18 single-family homes as
part of Creekside Landing, a proposed three-phase development of
82 single-family homes for low- and moderate-income residents.
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. 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 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.