Lower-Income Homebuyers, Renters in Arcadia, Miami, Pensacola, Sarasota,
Other Communities to Benefit
ATLANTA, Aug. 7 /PRNewswire/ -- Federal Home Loan Bank of Atlanta
(FHLBank Atlanta) will award $4.2 million in Affordable Housing Program
(AHP) grants and subsidies to help fund 355 single-family and multifamily
housing units affordable to lower-income residents in communities
throughout Florida.
Ten local developers, in partnership with FHLBank Atlanta's member
institutions, will use individual grants -- ranging from $108,000 to
$500,000 -- as well as low-cost loans to develop affordable housing in
Arcadia, Avon Park, Dania Beach, Fort Myers, Fort Walton Beach, Miami,
Naples, Pensacola, Sarasota, and St. Johns County.
In Pensacola, SunTrust Bank and the Wakulla County Senior Citizens
Council will use a $1.8 million AHP subsidized loan to help build Englewood
Senior Apartments, an $11.9 million, 92-unit apartment community for
low-income elderly renters. Other winning projects include a new $8.3
million rental apartment complex in hurricane-impacted Fort Myers and Puppy
Park, a mixed- income subdivision of 71 townhomes and condominiums in
Sarasota developed by Habitat for Humanity of Sarasota in partnership with
Bank of Commerce.
"Through AHP, developers can tap into the financial resources of local
lenders like the Bank of Commerce in Sarasota or regional institutions such
as SunTrust to bring affordable rental and homeownership choices to
Florida's communities," said Richard Dorfman, FHLBank Atlanta president and
CEO.
Awards announced today are part of $21.2 million in grants and
subsidies FHLBank Atlanta recently awarded to 10 states and the District of
Columbia to create or preserve more than 2,000 units of affordable housing.
Each year, FHLBank Atlanta sets aside 10 percent of net income to fund the
Affordable Housing Program. Since 1990, FHLBank Atlanta has contributed
more than $346.7 million in AHP funds to develop 58,871 housing units and
to provide down-payment assistance to more than 6,809 families.
AHP is a competitive award program that provides funds to help develop
single-family and multifamily housing for very low- to moderate-income
households. FHLBank Atlanta generally grants AHP awards twice a year to
member financial institutions and their community housing partners. For the
complete list of winners, visit http://www.fhlbatl.com/ahpwinners.
About FHLBank Atlanta
FHLBank Atlanta is a financial services organization that provides low-
cost funding, community development grants, and other banking services to
more than 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 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
FHLBank Atlanta's plans, objectives, expectations, intentions, and future
performance, and involve known and unknown risks, uncertainties and other
factors, many of which may be beyond FHLBank Atlanta's control, and which
may cause FHLBank Atlanta's actual performance or achievements to be
materially different from the future 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
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 FHLBank
Atlanta's performance or achievements to differ from these forward-looking
statements are provided in detail in our filings with the Securities and
Exchange Commission, available at http://www.sec.gov.
AHP 2007 Round I Winners
FLORIDA
Habitat for Humanity of Broward
Dania Beach, FL
Member: Regent Bank
Sponsor: Habitat for Humanity of Broward
Grant: $108,000 for 18 units
AHP funds will be used to construct 18, three- and four-bedroom single-
family Habitat for Humanity homes for lower-income families in Dania
Beach.
County wide
St. Johns County, FL
Member: Branch Banking and Trust Company
Sponsor: Habitat for Humanity - St. Johns County
Grant: $150,000 for 15 units
AHP funds will be used to build 15 single-family homes for very low-income
families in St. Johns County.
St. John Village Apartments
Miami, FL
Member: Regions Bank
Sponsor: St. John Community Development Corporation
Grant: $160,000 for 16 units
St. John Community Development Corporation will use AHP funds to renovate
St. John Village Apartments, a 16-unit multifamily complex in Miami
targeted to residents earning below 50 percent of the area median income.
Arcadia PHD Rehab II
Arcadia, FL
Member: RBC Centura Bank
Sponsor: Arcadia Housing Authority
Grant: $400,000 for 20 units
AHP funds will be used to renovate 20 public housing rental units in
hurricane-impacted Arcadia. The units will be targeted to very low- and
low-income families.
Puppy Park, Phase IA
Sarasota, FL
Member: The Bank of Commerce
Sponsor: Habitat for Humanity Sarasota, Inc.
Grant: $497,000 for 71 units
Habitat for Humanity of Sarasota will use AHP funds to construct 71
multifamily units for residents earning 70 percent or less than the area
median income in Sarasota. When completed the proposed Puppy Park
development will include 215 one-, two, three-, and four-bedroom townhomes
and condominiums designed with the principles of new urbanism by world
renowned architect, Carl Abbott.
Englewood Senior Apartments
Pensacola, FL
Member: SunTrust Bank
Sponsor: Wakulla County Senior Citizens Council
Subsidy: $1,838,410 for 92 units
AHP funds will be used to develop Englewood Senior Apartments, a 92-unit
rental development targeted to very-low income seniors in hurricane-
impacted Pensacola.
Maple Crest Apartments
Fort Myers, FL
Member: SunTrust Bank
Sponsor: Affordable Housing Solutions for Florida, Inc.
Grant: $250,000 for 59 units
Subsidy: $1,900,000
AHP funds will be used to construct Maple Crest Apartments, a 59-unit
rental development targeted to very low- and low-income residents in
hurricane-impacted Fort Myers.
Cirrus Pointe I
Naples, FL
Member: Branch Banking and Trust Company
Sponsor: Cirrus Pointe Partners, LLC
Grant: $500,000 for 16 units
AHP funds will be used to help 16 very low- and low-income first-time
homebuyers purchase a three-bedroom condominium unit in the Cirrus Point I
development in Naples.
Ridgedale Rehab
Avon Park, FL
Member: SunTrust Bank
Sponsor: Avon Park Housing Development Corporation
Grant: $500,000 for 36 units
AHP funds will be used to acquire and renovate a 36-unit multifamily
development in Avon Park. Units will be targeted to households earning at
or below 50 percent of the area median income.
Harbour Place Apartments
Fort Walton Beach, FL
Member: Branch Banking and Trust Company
Sponsor: Okaloosa Community Development Corporation
Grant: $500,000 for 12 units
AHP funds will be used to help construct Harbour Place, a 12-unit rental
development for formerly homeless and lower-income households in Fort
Walton Beach.
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:
Asia Grimes of Federal Home Loan Bank of
Atlanta, +1-404-888-8037, agrimes@fhlbatl.com
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