In Washington, DC FHLBA awards four local community partnerships a sum of $925,000 to develop more than 300 housing units that will accommodate an array of incomes: very low-income, low-income and moderate income. The awards, which range from $100,000 to $300,000 each, will be used to convert seven local apartment structures into the 77-unit Overlook Condominium at Washington View, and to rehabilitate the 182-unit Douglas Knoll apartment community. Also, some of the funding will go to rehabilitating 36 units to permanently house Safe Haven Outreach Ministry substance abuse graduates, and to salvage 13 units for homeless families.

In Virginia, eight different housing partnerships will share $1.8 million to finance 419 lower-income housing units. Those units are spread through the cities of Galax, Harrisonburg, Portsmouth, Pulaski, Richmond, Roanoke and Smithfield. Each of the grants ranges from $24,500 to $365,000.

The Maryland communities of Baltimore and Prince Frederick receive approximately $1 million, some of which will go to building an 80-unit structure for senior citizens, and to rehabilitate a 58-unit senior and low-income facility. The remaining funds will be used to renovate 30 low-income single family homes, and 28 very low-income rental townhouses. FHLBA gifts to the Maryland-based groups range from $150,000 to more than $330,000.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.