Funds to Promote Redevelopment, Investment, and Economic Growth in Five States
and the District of Columbia
ATLANTA, Oct. 26 /PRNewswire/ -- The Federal Home Loan Bank of Atlanta
(FHLBank Atlanta) will award more than $3 million in subsidized funding to
spur economic development in Alabama, Florida, Georgia, North Carolina, South
Carolina, and the District of Columbia. Seventeen community partnerships will
use the funds to reduce the interest rate on more than $15 million in Economic
Development and Growth Enhancement (EDGE) program loans.
"EDGE encourages local organizations to work with public and private
funding sources to bring jobs and business development to underserved
communities and families," said Lynn Brazen, FHLBank Atlanta first vice
president and director of community investment services. "This funding will
serve as a catalyst for redevelopment projects, micro-loan funds, childcare
centers, and economic growth efforts with total development costs of $22
million."
Marshall Heights CDC of Washington, D.C. partnered with SunTrust Bank to
receive the largest EDGE award- a $3.7 million loan subsidized at 3 percent to
buy and revamp the 47,000 square foot Greenway Shopping Center in the
economically-depressed Marshall Heights community. The smallest award - a
$100,000 loan at 2.5 percent - went to Citizens Trust Bank and the Atlanta
Micro Fund to support an existing microloan fund serving a six-county area of
metropolitan Atlanta.
FHLBank Atlanta distributes the EDGE awards annually in the form of below-
market rate loans to financial institutions that are members of the Bank. EDGE
subsidies significantly reduce the interest rates on loans to benefit low- and
moderate-income communities. By lowering the cost of borrowing, FHLBank
Atlanta assists financial institutions that seek to create jobs, develop loan
pools, renovate structures, and build community facilities that aid economic
growth.
The competitive award program fosters partnerships between financial
institutions, economic development entities, community organizations, state
and local governments, and other funding sources, which work together to
develop low-cost financing for eligible projects.
Since the program's inception, the Bank has contributed more than $24
million in awards to reduce interest rates on $88 million in loans in a
variety of Southeastern communities. To view complete award descriptions,
visit http://www.fhlbatl.com.
About FHLBank Atlanta
Federal Home Loan Bank of Atlanta is a $146.3 billion financial services
organization that provides low-cost financing, community development grants,
and other banking services to nearly 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 nearly $2
billion to affordable housing development in the United States.
FHLBank Atlanta 2005 EDGE Award Recipients
Award Winners Project Name City, State Loan
Regions Bank/The SafeHouse Therapeutic Columbiana, AL $613,482
SafeHouse of Shelby Childcare Center
County, Inc.
SunTrust Bank/ Greenway Shopping Washington, DC $3.7 million
Marshall Heights CDC Center
Busey Bank Florida/ Martin Luther King, Fort Myers, FL $3.2 million
Housing Authority of Jr. Business Center
the City of Fort
Myers
City National Bank Lake Worth 6/E Corner Lake Worth, FL $406,000
of Florida/Lake Project
Worth Community
Development
Corp., Inc.
SunTrust Bank/ Learn to Earn Job Miami, FL $343,903
Volunteers of Training Center
America of
Florida
Regions Bank/Friends Happy Workers St. Petersburg, $2.25 million
of Happy Children's Center FL
Workers, Inc.
Fidelity Federal Bank & Business Loan West Palm $400,000
Trust/Business Loan Fund/Micro-Loan Beach, FL
Fund of the Palm Program
Beaches, Inc.
Citizens Trust Atlanta Micro Fund- Atlanta, GA $100,000
Bank/Atlanta Micro Loan Program
Micro Fund
BB&T of NC/Herndon Herndon Plaza Historic Atlanta, GA $1 million
Plaza Restoration, Restoration Project
LLC
United Community ACE Micro-Loan Cleveland, GA $125,000
Bank/Appalachian Program
Community
Enterprises, Inc.
Regions Bank/ ReSTORE-Habitat for Gainesville, GA $350,000
Habitat for Humanity of Hall
Humanity of County
Hall County, Inc.
First State Bank Micro-Entrepreneurial Valdosta, GA $525,640
and Trust Resource Development
Company/QUOLA Center and Cultural
LC-CDC Inc. Complex
BB&T of NC/ Geer Street Durham, NC $277,120
Community Redevelopment
Reinvestment Assoc.
of NC
RBC Centura Bank/ The Oasis CAARE Durham, NC $465,000
Healing with Center of
CAARE, Inc. Durham
Regions Bank/ Aiken Head Start Aiken, SC $317,000
Community
Development and
Improvement
Corporation
Regions Bank/ 301 N Park Public Summerton, SC $592,000
Scott's Branch 76 Market Project
Foundation
BB&T of NC/ Victory Financial Winston-Salem, SC $692,251
Goler-Depot Street Center
Renaissance CDC
SOURCE Federal Home Loan Bank of Atlanta
 back to top
Related links:
http://www.fhlbatl.com
CONTACT:
Asia Grimes of Federal Home Loan Bank of
Atlanta, +1-404-888-8037 or email agrimes@fhlbatl.com
|
