"As public sector resources for affordable housing continue to decline, FHL Bank Atlanta and its member institutions remain a vital and stable source of funding for developers committed to serving low-income households," says Raymond Christman, the bank's president and CEO.
Lynn Brazen, the bank's group vice president of community investment services, says that "while we are currently experiencing record homeownership levels, there are many working families that are still unable to attain the dream of homeownership because the cost of housing remains an obstacle."
"Whether the Federal Home Loan Bank of Atlanta is funding affordable rental developments or helping families obtain their first home, we are continuously working with out partners to ensure housing remains affordable," she adds.
The $15.2 million in grants awarded this year will help fund housing for 2,500 low-income and moderate-income families in 11 states and the District of Columbia. The money is awarded twice each year to member financial institutions and their community-based housing partners.
In Florida, the member bank is the First National Bank of Florida which is receiving $161,000 for 23 homes to be built by Habitat for Humanity of Collier County Inc. in the Carson Lakes subdivision in Immokalee.
SouthTrust Bank is the Home Loan Bank member in Alabama; Volunteers of America Southeast is the project sponsor for the renovation of the 34-unit Oak Hill Apartments for the elderly in Opp. The grant is for $218,750.
Two projects are receiving funding in Virginia. In Norfolk, Wachovia Bank will receive $225,000 for disbursement to The Community Builders Inc. which plans to construct 45 units of mixed-income rental housing in Bowling Green Phase III. The Bowling Green project is part of the larger Broad Creek Renaissance Hope VI project in the Commonwealth.
Also in Norfolk, Wachovia Bank will be handing out $290,000 to the same developer for the construction of 58 units of mixed-income rental house at Marshall Manor Phase III. This project is also part of the Broad Creek development.
And in Kilmarnock, VA, the Bank of Lancaster is receiving $426,800 that will go to Bay Aging for the development of Tartan Village, a 22-unit apartment building for low-income elderly.
Maryland is receiving grants for two projects. Susquehanna Bank in Elkton will be handing off $250,000 to Homes for America Inc. for the acquisition of Chesapeake Apartments, an existing Rural Housing Services-financed complex with 32 units for low-income elderly and disabled households.
In Hampstead, MD, SunTrust Bank of Atlanta is the Home Loan Bank member that will distributing $500,000 to Interfaith Housing of Western Maryland Inc. for the construction of 88 apartment homes for the low-income elderly at the Old Hampstead School.
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