ATLANTA, Aug. 23 /PRNewswire/ -- Federal Home Loan Bank of Atlanta
(FHLBank Atlanta) will award $1.6 million in grants to help fund housing
for low-income renters and homebuyers in Maryland, Virginia, and the
District of Columbia.
In Maryland, two affordable housing initiatives in Baltimore and
Cambridge will receive more than $758,000 in grants. Bay National Bank and
nonprofit I Can't- We Can, Inc. will use a grant for $258,705 to renovate a
48-unit building in Baltimore into apartments for special-needs and
low-income families, while Shelter Development, LLC and SunTrust Bank will
use a $500,000 grant to help construct Cambridge Commons, a 96-unit
apartment complex in Cambridge.
Three community partnerships in Virginia will use individual grants
ranging from $35,000 to $100,000 to help build apartments and single-family
homes for lower-income and elderly residents in Warrenton and Williamsburg,
as well as in Buchanan, Dickenson, Russell, and Washington counties.
In addition, two D.C.-based agencies have been awarded a combined
$356,000 in grants. FHLBank Atlanta member OBA Bank and Gospel Ministries
of D.C., Inc. will use a $300,000 grant to renovate a vacant 24-unit
property into housing for formerly homeless residents in the Pittsburgh
Corridor community, and Development Corporation of Columbia Heights and
SunTrust will get $56,000 to repair condominiums for low-income homebuyers
in Columbia Heights.
"These AHP grants will help developers meet the demand for more
affordable housing options in Maryland, Virginia, and the District,
including rental housing for the elderly and new homeownership
opportunities for lower-income households," 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 Round I Winners
MARYLAND
Cambridge Commons
Cambridge, MD
Member: SunTrust Bank
Sponsor: Shelter Development, LLC
Grant: $500,000 for 96 units
AHP funds will be used to construct Cambridge Commons, a proposed
96-unit rental garden apartment complex for working families in Cambridge.
The development will consist of 54 two-bedroom and 42 three-bedroom units,
a community building with exercise facility, computer lab, spaces for
meetings, and social service delivery.
Parktown Apartments
Baltimore, MD
Member: Bay National Bank
Sponsor: I Can't - We Can, Inc.
Grant: $258,705 for 48 units
AHP funds will be used to acquire and renovate the Parktown Apartments,
a 48-unit rental complex targeted to special needs residents and low-income
households in Baltimore.
VIRGINIA
Sterling Court B
Warrenton, VA
Member: Marshall National Bank and Trust Company
Sponsor: Fauquier Habitat for Humanity
Grant: $70,200 for 9 units
AHP funds will be used to construct nine single-family Habitat for
Humanity homes for lower-income, first-time homebuyers in Warrenton.
Parker View
Williamsburg, VA
Member: Citizens and Farmers Bank
Sponsor: Bay Aging
Grant: $335,000 for 67 units
AHP funds will be used to construct Parker View, a 67-unit rental
community for low-income, elderly residents in Williamsburg. The proposed
development will include 67 one-bedroom units, a community room,
craft/computer area, warming kitchen, and laundry rooms.
People Incorporated Homebuyer Program
Buchanan, Dickenson, Russell, Washington Counties, VA
Member: The First Bank and Trust Company
Sponsor: People Incorporated of Southwest Virginia (*)
Grant: $100,000 for 10 units
AHP funds will be used to assist 10 very low- and low-income first-time
homebuyers in purchasing existing homes located throughout Buchanan,
Dickenson, Russell, and Washington counties.
DISTRICT OF COLUMBIA
Fairmont Square
Washington, DC
Member: SunTrust Bank
Sponsor: Development Corporation of Columbia Heights
Grant: $56,000 for 7 units
Development Corporation of Columbia Heights will use AHP funds to
renovate seven units in the Fairmont Square, a multifamily rental property
in the Columbia Heights neighborhood of D.C.. The project will be
redeveloped as a condominium complex affordable to low- and moderate-income
homebuyers.
GRM Transitional Living Center
Washington, DC
Member: OBA Bank
Sponsor: Gospel Rescue Ministries of Washington D.C. Inc.
Grant: $300,000 for 24 units
Gospel Rescue Ministries will use AHP funds to acquire and renovate a
vacant 24-unit property into transitional housing for formerly homeless
residents in the Pennsylvania Avenue Corridor of Washington, D.C.
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, agrimes@fhlbatl.com
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