Developers to Create, Preserve 133 Affordable Homeownership Units
ATLANTA, Feb. 28 /PRNewswire/ -- Federal Home Loan Bank of Atlanta
(FHLBank Atlanta) announced today that it will award $829,000 in grants to
help developers fund 133 affordable housing units in D.C. and Maryland. The
funding is part of more than $20.9 million FHLBank Atlanta will award in 12
states and the District in its latest competitive Affordable Housing
Program (AHP) round.
"These AHP awards will help developers address the growing demand for
affordable homeownership in the District and parts of Maryland," said Lynn
Brazen, FHLBank Atlanta director of Community Investment Services.
In D.C., nonprofit developer Jubilee Housing, Inc. partnered with
FHLBank Atlanta member United Bank to win a $500,000 grant. The partnership
will use the grant to help existing residents in the Sankofa Cooperative
purchase the 40-unit Cresthill Apartment complex at 1430 Belmont Street in
the Columbia Heights community. Under the District's tenant purchase
program, the Sankofa Cooperative will buy the five-story apartment
building, which will undergo complete renovation. When completed, the
rental property will convert to homeownership units.
In Maryland, local community developers in partnership with FHLBank
Atlanta members, will receive individual grants ranging from $23,000 to
$150,000 to help fund affordable housing projects in Anne Arundel ($150,000
for 60 units), Baltimore ($100,000 for 20 units), Cascade ($56,000 for 10
units), and Oakland ($23,000 for three units).
Awards announced today are part of $44 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.
District of Columbia and Maryland -- 2006 Second Round AHP Winners
District of Columbia
City Project Name Member Sponsor Type Subsidy Total
units
Washington Sankofa United Bank Jubilee Housing, Own 500,000 40
Cooperative Inc.
Conversion
Maryland
City Project Name Member Sponsor Type Subsidy Total
units
Anne RT-AAC Home Provident Rebuilding Own 150,000 60
Arundel Rehabilitation Bank of Together-Anne
and Maryland Arundel County,
Modification Inc.
Baltimore Ashland Park Mercantile Diakon Housing Own 100,000 20
Homes of Safe Deposit and Development
Choice and Trust Co.
Cascade Cascade Hagerstown Interfaith Own 56,000 10
Mutual Self- Trust Housing
Help Program company Alliance, Inc.
Oakland Hopeland First United Garrett County Own 23,000 3
Village Bank & Trust habitat for
Phase 4 Humanity
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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