ATLANTA, Feb. 12, 2004 (PRIMEZONE) -- The Federal Home Loan Bank of Atlanta (FHLBank Atlanta) will award $4,740,368 in grants and subsidized loans to 20 housing projects that will provide 827 units of affordable housing in North Carolina.
FHLBank Atlanta awards the highly competitive grants to housing organizations that apply for funds through financial institutions that are members of the FHLBank of Atlanta. These grants are made available to communities through the Bank's Affordable Housing Program (AHP), which was established by the U.S. Congress and since 1990 has contributed more than $242 million to address affordable housing needs in the South.
"The Affordable Housing Program is one of the most important financial resources in the country for developing affordable housing," said Raymond Christman, FHLBank Atlanta president and chief executive officer. "Demand for the funds continues to outstrip capacity, though we are excited about the innovative ways developers and lenders are leveraging AHP grants to address a range of critical affordable housing needs."
Awards announced today are part of nearly $30 million in Affordable Housing Program (AHP) grants the Bank awarded in 2003. Since 1990, FHLBank Atlanta has used the AHP grants to help provide more than 45,000 homeownership and rental units for very low- to moderate-income families as well as down-payment assistance to nearly 4,000 families.
AHP is a competitive grant program that helps develop low-income, single-family and multifamily housing. Awards are granted twice a year to member financial institutions and their community-based housing partners. For a complete list of 2003 award winners and details about individual projects, please visit www.fhlbatl.com/ahpwinners
Individual grants combined with low-cost loans will be made in the following North Carolina communities:
TOWN/COUNTY MEMBER BANK / PROJECT SPONSOR AWARD
Ashe, Catawba &
Iredell Co. BB&T of NC /
Rural Affordable Housing, Inc. $200,000
Burnsville RBC Centura /
The Affordable Housing Group $200,000
Charlotte Bank of America, N.A. /
Piedmont Affordable Housing, Inc. $340,000
Charlotte First Charter Bank /
North Carolina Housing
Foundation, Inc. $304,000
Conover SunTrust Bank /
Western North Carolina
Housing Partnership $210,000
Hudson Bank of America, N.A. /
Center to Create
Housing Opportunities $585,000
Jacksonville Bank of America, N.A. /
East Carolina
Community Development Inc. $408,687(a)
Laurinburg BB&T of NC /
Southeastern Housing
Preservation, Inc. $228,000
Mooresville First Charter Bank /
Comm. Housing Development
Corp. of Mooresville/S.
Iredell $36,000
Newport Bank of America, N.A. /
East Carolina
Community Development, Inc. $469,696(a)
Newton SouthTrust Bank /
Southeastern Housing
Preservation, Inc. $400,000(a)
Polkton SouthTrust Bank /
Affordable Housing Solutions, Inc. $160,000
Raeford BB&T of NC /
Southeastern Housing
Preservation, Inc. $59,720
Tarboro Bank of America, N.A. /
Southeastern Housing
Preservation, Inc. $150,000
Taylorsville Bank of America, N.A. /
Center to Create
Housing Opportunities $250,000
Wake Forest Bank of America, N.A. /
North Carolina
Housing Foundation, Inc. $500,000
Windsor Carolina Bank /
Mid Atlantic Foundation $250,000(a)
Winston-Salem Bank of America, N.A. /
Forsyth Economic Ventures, Inc. $1,368,000(a)
Yadkinville SouthTrust Bank /
Affordable Housing Solutions, Inc. $285,600
(a) subsidized loan
About FHLBank Atlanta
Federal Home Loan Bank of Atlanta is a $115 billion financial services organization that provides low-cost financing, community development grants, and other banking services to 1,194 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 more than $1.7 billion to affordable housing development in the U.S.