ATLANTA, Sept. 14, 2006 (PRIMEZONE) -- Nine local community partnerships will receive nearly $3.1 million in grants and subsidized loans from the Federal Home Loan Bank of Atlanta's 2006 Affordable Housing Program (AHP) to build, buy or repair 427 single-family and multifamily housing units throughout the state.
"AHP is one of the most important financial resources for developers who are trying to build more affordable housing in South Carolina," said Lynn Brazen, FHLBank Atlanta director of community investment services. "This funding will help them create new single-family housing as well as to repair existing rental and homeownership units that are affordable."
Lowcountry Housing and Economic Development Foundation and First Federal Savings and Loan Association received the largest AHP funding amount in the state for two affordable housing projects in Charleston County. The partnership will use $500,000 in grants to build 30 units of rental housing for farm laborers in John Island and a $500,000 award to provide home repair services for 10 low-income residents throughout the county.
Other winning partnerships, which include local banks and community developers, will use awards ranging from $25,000 to $500,000 to develop or rehabilitate rental and homeownership units affordable to lower-income families in:
--------------------------------------------------------------------- Allendale, Chester, Lancaster, Lamar-$55,000 grant for Fairfield, and Richland counties- 10 units $500,000 grant for 110 units --------------------------------------------------------------------- Bamberg, Barnwell counties- Manning-$175,000 subsidized $500,000 grant for 110 units loan for 8 units --------------------------------------------------------------------- Berkeley and Charleston Oconee County-$25,000 grant counties-$105,000 grant for for 5 units 12 units --------------------------------------------------------------------- Columbia-$540,000 grant for Orangeburg-$35,500 grant for 106 units 6 units --------------------------------------------------------------------- Kershaw, Lee, and Sumter counties- $187,500 grant for 20 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. 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.