Developers to Create, Preserve 471 Affordable Housing Units
ATLANTA, March 25 /PRNewswire/ -- Federal Home Loan Bank of Atlanta
(FHLBank Atlanta) announced today that it will award nearly $3.2 million to
help developers fund 471 affordable housing units in D.C. and Maryland. The
funding is part of more than $50 million FHLBank Atlanta will award in 12
states and the District of Columbia to support affordable housing.
FHLBank Atlanta will award the funds as part of its 2007 Affordable
Housing Program (AHP) offering. In Maryland local community developers, in
partnership with FHLBank Atlanta members, will receive individual grants
ranging from $100,000 to $500,000 to help fund affordable housing projects
in Baltimore, Cambridge, Catonsville, and Princess Anne.
"Our partnerships provide economic stimulus by infusing communities
with affordable housing options, employment opportunities, and a host of
other benefits" said Arthur Fleming, FHLBank Atlanta First Vice President
and Director of Community Investment Services.
For example in D.C., FHLBank Atlanta member Branch Banking & Trust
Company partnered with community based organization All Faith Consortium to
win a $500,000 grant that will fund development for the Homeless Veterans
Reintegration Housing Program. Working in conjunction with the Washington
VA Medical Center, the partnership will purchase and renovate a 43-bed
transitional housing facility for homeless veterans in the metropolitan
Washington, D.C. area.
Awards announced today are part of $50 million in grants and subsidies
FHLBank Atlanta provided in 2007 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, Federal Home Loan Bank of Atlanta has
provided over $5 billion to member financial institutions in the form of
low-cost loans and grants for affordable housing and economic development.
For the complete list of AHP winners, visit http://www.fhlbatl.com/ahp .
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.
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 - 2007 AHP Winners
District of Columbia
City Project Name Member Sponsor Subsidy Total
units
Washington Ft. Stevens City First THC Affordable 256,000 32
Place Apartments Bank of Housing, Inc.
D.C., N.A. of Washington,
D.C.
Washington Fairmont Square SunTrust Development 56,000 7
Bank Corporation of
Columbia Heights
Washington GRM Transitional OBA Bank Gospel Rescue 300,000 24
Living Center Ministries
Washington, DC
Washington Homeless Veterans Branch All Faith 500,000 43
Reintegration Banking Consortium of
Housing Program & Trust Washington, D.C.
Company
Washington Trinity Plaza United Bank Far SW-SE 280,000 28
Community
Development
Corporation of
Washington, D.C.
Maryland
City Project Name Member Sponsor Subsidy Total
units
Baltimore East Baltimore Bradford Chesapeake 300,000 30
Good Neighbor Bank Habitat for
Initiative: Humanity of
Phase I Baltimore, MD
Baltimore Parktown Bay National I Can't- We 258,705 48
Apartments Bank Can, Inc.
Baltimore St. Ambrose Bradford St. Ambrose 200,000 20
Intervention Bank Housing Aid
Buying Center, Inc. of
Baltimore, MD
Cambridge Cambridge SunTrust Shelter 500,000 96
Commons Bank Development,
LLC
Catonsville The Senior SunTrust Enterprise 373,500 83
Housing Bank Housing
Community at Corporation of
Rolling Road Baltimore, MD
Princess Somerset SunTrust Shelter 100,000 60
Anne Commons Bank Development, LLC
of Baltimore, MD
SOURCE Federal Home Loan Bank of Atlanta
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Related links:
http://www.fhlbatl.com
http://www.prnewswire.com/comp/149931.html /
CONTACT:
Chris McEntee of Federal Home Loan Bank of
Atlanta, +1-404-888-8158, cmcentee@fhlbatl.com
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