ATLANTA, Feb. 9, 2005 (PRIMEZONE) -- A 100-unit transitional housing complex for formerly homeless residents in Miami and a 20-home project spearheaded by Habitat for Humanity of St. Augustine are among the three winning housing initiatives in Florida to receive more than $1 million in grants as part of the Federal Home Loan Bank of Atlanta's Affordable Housing Program (AHP).
Miami-based nonprofit Carrfour Supportive Housing will receive a $500,000 AHP grant to help it rehabilitate the former Royalton hotel into 80 permanent supportive units for formerly homeless individuals and 20 units of workforce housing. In addition, the Wakulla County Senior Citizens Council will use a $450,000 AHP grant provided through FHLBank Atlanta member Wakulla Bank for gap financing and construction of Wakulla Trace, a 40-unit apartment complex in Crawfordville for senior residents.
"As these projects highlight, populations across the board- from the working poor and first-time homebuyers to elderly residents- need affordable housing choices," said Lynn Brazen, director of community investment services. "And the AHP grants are increasingly becoming a more critical piece in community efforts to build rental, homeownership, and mixed-used housing that is affordable to Florida's residents."
AHP is a competitive grant program that helps develop single-family and multifamily housing. Awards are granted twice a year to housing organizations that apply for funds through financial institutions that are members of the Bank. Since 1990, FHLBank Atlanta has contributed more than $260 million to address affordable housing production in the South.
Awards announced today are part of more than $20.6 million in AHP grants the Bank awarded in 2004. Since 1990, housing organizations have used the AHP grants to help provide nearly 50,000 homeownership and rental units for very low- to moderate-income families as well as down-payment assistance to nearly 4,000 families. For a complete list of 2004 award winners and details about individual projects, visit www.fhlbatl.com/ahpwinners.
About FHLBank Atlanta
Federal Home Loan Bank of Atlanta is a $129 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 U.S.
SECOND ROUND- AHP WINNERS
FLORIDA
Wakulla Trace Crawfordville, FL Member: Wakulla Bank Sponsor: Wakulla County Senior Citizens Council Grant: $450,000 for 40 units AHP funds will be used for gap financing and construction of Wakulla Trace, a 40-unit rental complex in Crawfordville targeted to very low- and low -income rural elderly residents. West Augustine St. Augustine, FL Member: SunTrust Bank Sponsor: Habitat for Humanity - St. Johns County Grant: $120,000 for 20 units AHP funds will be used to build 20 single-family homes for very low- income families in rural St. Johns County. This project is an integral part of the continued efforts by Habitat for Humanity of St. Augustine/St. Johns County to provide decent, affordable shelter to low-income families. Royalton Miami, FL Member: First Union Direct Bank Sponsor: Carrfour Supportive Housing Grant: $500,000 for 100 units AHP funds will be used to help rehabilitate the Royalton, a 100-unit single room occupancy (SRO) facility in Miami. The Royalton will provide 80 permanent supportive SRO units for formerly homeless individuals and 20 units of workforce housing affordable to lower- income residents. All of Royalton's residents will receive comprehensive, individually tailored services designed to promote self-sufficiency, independent living, and residential stability.