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| Federal Home Loan Bank of Atlanta Awards $558,500 in Grants to Maryland Communities for Affordable Housing |
Affordable Housing to Revitalize Communities and Assist
Very Low-Income Families
ATLANTA, Jan. 21 /PRNewswire/ -- Four Maryland partnerships will receive
$558,500 in grants to create affordable housing for more than 100 low- and
moderate-income families throughout the state, the Federal Home Loan Bank of
Atlanta (FHLBA) announced today.
Unity Properties and SunTrust Bank are one of four local partnerships to
receive a grant under the FHLBA's Affordable Housing Program (AHP). The
partnership will use a $101,500 grant to reconstruct Bon Secour's Chesapeake
apartments into 14 row homes as part of the city's revitalization efforts in
Baltimore.
"This grant shows the Federal Home Loan Bank of Atlanta's commitment to
revitalizing neighborhoods that have long been ignored," said Joanna P.
Sunyer, secretary, Unity Properties, Inc. "A project like this not only
encourages commercial redevelopment of a community, but changes the perception
of the way people view this part of the city."
Other winning partnerships will use AHP grants ranging from $9,500 to
$247,500 to develop housing for 120 very low to moderate-income homebuyers and
renters in these cities:
* Baltimore -- $247,500 to Bank of America Georgia and Druid Heights
Community Development Corporation; $200,000 to SunTrust Bank, and Homes
for America, Inc.
* Lusby -- $9,500 to Community Bank of Tri-County and Habitat for
Humanity of Southern Maryland.
"These awards help community developers expand their ability to finance a
broad range of affordable single and multi-family housing initiatives in
communities throughout Maryland," said Lynn Brazen, FHLBA group vice president
of Community Investment Services. "The Bank's community partners are taking
an active role in providing housing and economic opportunities for people who
need it the most."
FHLBA funds the AHP grants twice a year by committing 10% of its annual
net income toward the development of affordable housing. Community-based
organizations partner with FHLBA member financial institutions, such as
community and commercial banks, to seek the highly competitive grants. In the
second round of 2002, the bank reached a significant milestone of committing
funds toward its 1,000th affordable housing project.
Since 1990, the FHLBA has contributed more than $242 million in AHP grants
to help construct more than 40,000 homeownership and rental units for very
low- to moderate-income families. For a complete list of winners, visit
http://www.fhlbatl.com .
About the Federal Home Loan Bank of Atlanta
The Federal Home Loan Bank of Atlanta is one of the 12 district banks in
the Federal Home Loan Bank System. The $100 billion financial services
organization provides low-cost financing, community development grants, and
other banking services to more than 1,170 financial institutions in Alabama,
Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia and the
District of Columbia.
MARYLAND 2002B AHP WINNERS
Calvert County Weems Home
Lusby, MD
Member: Community Bank of Tri-County
Sponsor: Habitat For Humanity of Southern Maryland
Subsidy: $9,500.00 for one unit
AHP funds will be used to construct a single-family home for a very low-
income family in a rural area of Calvert County, Maryland.
Bon Secours Chesapeake Apartments
Baltimore, MD
Member: SunTrust Bank, Atlanta
Sponsor: Unity Properties, Inc.
Subsidy: $101,500.00 for 29 units
AHP funds will be used for rehabilitation and new construction of 14 row
houses containing 29 units for very low-income families. This project
will contribute to the revitalization of an older neighborhood surrounding
the Bon Secours Hospital in West Baltimore.
Clare Court
Baltimore, MD
Member: SunTrust Bank, Atlanta
Sponsor: Homes for America, Inc.
Subsidy: $200,000.00 for 30 units
AHP funds will be used in the conversion of an historic convent to provide
30 one, two and three bedroom units for very low-income families. The
project is located in a targeted revitalization area in Baltimore.
Baker and Division Phase III
Baltimore, MD
Member: Bank of America Georgia
Sponsor: Druid Heights Community Development Corporation
Subsidy: $247,500.00 for 60 units
AHP funds will be used in an in-fill strategy to revitalize an older
Baltimore neighborhood. The subsidy will be used to construct 60 units of
housing for low- to moderate-income households.
SOURCE Federal Home Loan Bank of Atlanta
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Company News On-Call:
CONTACT:
Chris McEntee of Federal Home Loan Bank of
Atlanta, +1-404-888-8158, or cmcentee@fhlbatl.com
