ATLANTA, Feb. 12, 2004 (PRIMEZONE) -- The Federal Home Loan Bank of Atlanta (FHLBank Atlanta) will award $1,710,607 in grants and subsidized loans to six housing projects that will provide 298 units of affordable housing in South Carolina.
FHLBank Atlanta awards the highly competitive grants to housing organizations that apply for funds through financial institutions that are members of the FHLBank of Atlanta. These grants are made available to communities through the Bank's Affordable Housing Program (AHP), which was established by the U.S. Congress and since 1990 has contributed more than $242 million to address affordable housing needs in the South.
"The Affordable Housing Program is one of the most important financial resources in the country for developing affordable housing," said Raymond Christman, FHLBank Atlanta president and chief executive officer. "Demand for the funds continues to outstrip capacity, though we are excited about the innovative ways developers and lenders are leveraging AHP grants to address a range of critical affordable housing needs."
Individual grants combined with low-cost loans will be made in the following South Carolina communities:
-- Barnwell & Williston -- A partnership between BB&T of NC and
Southeastern Housing Foundation, Inc., will use $200,000 for the
acquisition/rehabilitation of an existing 58-unit apartment
complex in Barnwell, as well as a $360,000 subsidized loan for
the construction of a 24-unit development for the elderly in
Williston.
-- Camden -- A partnership between RBC Centura and Housing
Opportunities, Inc., will use a $520,000 subsidized loan for the
new construction of a 30-unit multifamily rental project targeted
to very low- and low-income families.
-- Lancaster -- A partnership between SouthTrust Bank and
Development Services Inc. will use $400,000 to construct
a 36-unit elderly housing development.
-- Union -- A partnership between Bank of America, N.A. and the
Center to Create Housing Opportunities will use $285,000 for
construction of a high quality 40-unit senior development in a
revitalization area.
-- Fairfield, Chester, Allendale & Richland Counties -- A
partnership between Carolina First Bank and Community
Assistance Provider, Inc., will use $500,000 to make
necessary repairs to 110 single-family houses owned by very
low-income elderly or disabled individuals age 55 and older.
Awards announced today are part of nearly $30 million in Affordable Housing Program (AHP) grants the Bank awarded in 2003. Since 1990, FHLBank Atlanta has used the AHP grants to help provide more than 45,000 homeownership and rental units for very low- to moderate-income families as well as down-payment assistance to nearly 4,000 families.
AHP is a competitive grant program that helps develop low-income, single-family and multifamily housing. Awards are granted twice a year to member financial institutions and their community-based housing partners. For a complete list of 2003 award winners and details about individual projects, please visit www.fhlbatl.com/ahpwinners
About FHLBank Atlanta
Federal Home Loan Bank of Atlanta is a $115 billion financial services organization that provides low-cost financing, community development grants, and other banking services to 1,194 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 $1.7 billion to affordable housing development in the U.S.