South Carolina Developers to Create, Preserve 261 Affordable Rental,
Homeownership Units
ATLANTA, Feb. 13 /PRNewswire/ -- Federal Home Loan Bank of Atlanta
(FHLBank Atlanta) announced today that it will award $1.6 million in grants
to help South Carolina developers fund 261 affordable housing units. The
funding is part of more than $20.9 million in grants and subsidies FHLBank
Atlanta will award in 12 states and the District of Columbia.
FHLBank Atlanta will award the funds as part of its 2006 Affordable
Housing Program (AHP) second round offering. Local community developers, in
partnership with FHLBank Atlanta member institutions, will use the awards
to fund seven affordable housing projects in Allendale, Charleston,
Georgetown, Lee County, Orangeburg, Pickens County and Rock Hill.
"We're happy to see many of these winners using AHP funding to help
low- income residents in South Carolina's communities preserve their
homes," said Lynn Brazen, FHLBank Atlanta director of Community Investment
Services.
Awards announced today are part of $40.2 million in grants and
subsidies FHLBank Atlanta provided in 2006 to create or preserve more than
6,000 units of affordable housing. AHP is a competitive grant program that
helps develop owner-occupied and rental housing for very low-, low-, and
moderate-income families. Since 1990, FHLBank Atlanta has contributed more
than $300 million to support affordable housing production and preservation
in the Southeast. For the complete list of winners, visit
http://www.fhlbatl.com/ahpwinners.
About FHLBank Atlanta
FHLBank Atlanta offers low-cost financing, community development
grants, and other banking services to help more than 1,200 member financial
institutions make affordable home mortgages and provide economic
development credit to neighborhoods and communities. The Bank's members-its
shareholders and customers-are commercial banks, credit unions, thrifts,
and insurance companies headquartered 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 the
Bank'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 the Bank's control, and which may cause the Bank'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 FHLBanks or
the FHLBank System in general. Additional factors that might cause the
Bank's results to differ from these forward-looking statements are
contained in the Bank's annual and quarterly reports, available on the
Bank's website at http://www.fhlbatl.com.
South Carolina- 2006 Second Round AHP Winners
Total
City Project Name Member Sponsor Type Subsidy units
Allendale Allendale Regions Bank Allendale Own 115,000 20
County County
Rehabilitation ALIVE, Inc.
Charleston Lowcountry First Federal Lowcountry Own 500,000 10
Owner Occupied Savings and Housing and
Rehab II Loan Economic
Association Development
Georgetown UMRC-OOR-GTWN First United Own 82,590 7
Citizens Bank Methodist
and Trust Relief
Company, Inc. Center
Lee County SLCDC Rehab 07 South Santee- Own 500,000 100
Carolina Lynches
Community Affordable
Bank Housing &
Community
Development
Orangeburg The South Northeastern Own 200,000 20
Northeastern Carolina Bank Corridor of
Corridor and Trust, NA Orangeburg
Homeownership CDC
Initiative
Pickens Pickens County CapitalBank Pickens Own 40,000 8
County Habitat X County
Habitat for
Humanity
Rock Hill The Midtown First Community Rent 250,000 96
Apartments Citizens Bank Development
and Trust and
Company, Inc. Improvement
Corporation,
Inc.
SOURCE Federal Home Loan Bank of Atlanta
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Related links:
http://www.fhlbatl.com
http://www.fhlbatl.com/ahpwinners
http://www.prnewswire.com/comp/149931.html/
CONTACT:
Asia Grimes of Federal Home Loan Bank of
Atlanta, +1-404-888-8037, or agrimes@fhlbatl.com
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