ATLANTA, Aug. 15, 2005 (PRIMEZONE) -- Five South Carolina projects will receive nearly $803,000 to create 131 affordable housing units in Bishopville, Cheraw, Dillon, Fairplay, and Greenville as part of the Federal Home Loan Bank of Atlanta's Affordable Housing Program (AHP).
-- Community Development Corporation of Marlboro County and
RBC Centura will receive $500,000 in subsidized loans to
build two 40-unit apartment complexes for lower-income families
in Cheraw and Dillon.
-- BGM, Inc. and Regions Bank will use a $150,000 grant to develop
Gower Place, an 18-unit rental complex for low-income elderly
in Greenville.
-- Southeastern Housing Preservations, Inc. and BB&T of N.C. will
use nearly $300,000 in AHP funds to build 30 multifamily units
for very low- and low-income families in hurricane-impacted
Bishopville.
-- In Fairplay, the Oconee County Habitat for Humanity and the
Oconee Federal Savings and Loan Association will use $15,000
to build homes for three lower-income families.
"AHP funds are increasingly becoming a more critical piece in community efforts to build housing in South Carolina's rural communities," said Lynn Brazen, FHLBank Atlanta director of community investment services. "These winning projects will offer affordable rental and homeownership opportunities for low-income residents throughout the state, and I'm glad to see community partnerships using the Bank's AHP funds to make that happen."
AHP is a competitive grant program that helps develop single-family and multifamily housing. Awards are granted twice a year to housing organizations that apply for funds through financial institutions that are members of the Bank. Since 1990, FHLBank Atlanta has contributed more than $273 million to address affordable housing production in the South.
Awards announced today are part of more than $13.3 million in AHP grants the Bank recently awarded in the first round of 2005. Since 1990, housing organizations have used the AHP grants to help develop nearly 50,000 housing units for very low- to moderate-income families and to provide down-payment assistance to nearly 4,000 families. For a complete list of first-round award winners and details about individual projects, visit www.fhlbatl.com/ahpwinners.
About FHLBank Atlanta
Federal Home Loan Bank of Atlanta is a $134 billion financial services organization that provides low-cost financing, community development grants, and other banking services to nearly 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 nearly $2 billion to affordable housing development in the U.S.
FIRST ROUND- AHP WINNERS
SOUTH CAROLINA
Gower Place Greenville, SC Member: Regions Bank Sponsor: BGM, Inc. Grant: $150,000.00 for 18 units
AHP funds will be used to construct Gower Place, an 18-unit multifamily rental complex targeted to seniors and people with special needs in Greenville. The 18 units will be the first phase of the Gower Place plan to build 30 units of affordable rental housing. The $1.5 million facility will also include areas for social activities, meeting space, and management offices.
Hunters Crossing Dillon, SC Member: RBC Centura Bank Sponsor: Community Development Corporation of Marlboro County Subsidized Loan: $250,000.00 for 40 units
Community Development Corporation of Marlboro County will use AHP funds to construct Hunters Crossing, a 40-unit multifamily development for residents in Dillon who make less than 60 percent of the area median income. Hunters Crossing will include two-bedroom and three-bedroom units, a playground, and picnic and garden area in addition to an on-site community building. The community building will house the management office, laundry facilities, computer stations, and a resident activity center. This development was awarded low-income housing tax-credits in 2003 and began construction in September of 2004.
Cool Breeze Crossing Cheraw, SC Member: RBC Centura Bank Sponsor: Community Development Corporation of Marlboro County Subsidized Loan: $250,000.00 for 40 units
AHP funds will be used to construct Cool Breeze Crossing, a 40-unit multifamily rental complex serving residents who make less than 60 percent of the area median income in Cheraw. Cool Breeze Crossing will include two-bedroom and three-bedroom units, a playground, and picnic and garden area in addition to an on-site community building. The community building will house the management office, laundry facilities, computer stations, and a resident activity center. This development was awarded low-income housing tax credits in 2003.
Fieldale Bishopville, SC Member: BB&T of NC Sponsor: Southeastern Housing Preservation, Inc. Grant: $156,455.00 for 30 units Subsidized Loan: $138,000.00
AHP funds will be used to construct 30 rental units targeted to very low- and low-income rural families in a hurricane-impacted Bishopville. AHP-assisted families will benefit from an extensive empowerment program. The project will include funding from USDA RDS 515, South Carolina Housing Finance Authority Low-Income Housing Tax Credits, and SCHFA HOME Program. Total development cost is approximately $2.5 million.
Blackwell/Mayes/Puckett Fairplay, SC Member: Oconee Federal Savings and Loan Association Sponsor: Oconee County Habitat for Humanity Grant: $15,000.00 for three units
Oconee County Habitat for Humanity will use AHP funds to construct three single-family owner-occupied homes for lower-income families in Fairplay. The houses will be the first homes built in a newly dedicated Habitat development in the Fairplay area. The homes will each have two or three bedrooms and one or one and one-half bathrooms.