ATLANTA, July 29, 2004 (PRIMEZONE) -- Lake Lure's first apartment complex and four new single-family homes in Transylvania are among six North Carolina housing initiatives to receive more than $1.5 million in grants and loans as part of the Federal Home Loan Bank of Atlanta's Affordable Housing Program (AHP).
Nonprofit housing developers in partnership with the Bank's member financial institutions will use the funding to help create 233 affordable single-family and multifamily units for rural residents in North Carolina. Individual grants -- ranging from $20,000 to $500,000 -- combined with low-cost loans will be made in the following communities in North Carolina: Lake Lure ($160,000 for 32 units); Manteo ($1 million for 48 units); Marion ($220,000 for 32 units); Morehead City ($453,318 for 40 units); Southern Pines ($500,000 for 77 units) and Transylvania ($20,000 for 4 units).
"We were delighted to receive confirmation of the $1 million subsidized loan for the Scholars Way development," said Jim Pritchett, The Affordable Housing Group executive director. "We are so appreciative of the support we receive from the Federal Home Loan Bank and our banking partner, RBC Centura. The AHP funding makes it possible for us to build affordable housing for residents such as the schoolteachers we hope to help with this development."
The awards announced today are part of $9.2 million in AHP funds the Bank recently awarded to develop housing for 1,875 very low-income, low-income and moderate-income families in nine states throughout the South.
AHP is a competitive grant program that helps develop low-income, 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 $266 million to address affordable housing production in the South.
This year, nonprofit developers partnered with FHLBank Atlanta member financial institutions to submit 138 applications for funding in the first round of the Bank's AHP offering. Since 1990, FHLBank Atlanta members and nonprofits have used AHP to develop nearly 47,000 homeownership and rental units, and to provide down-payment assistance to nearly 4,000 families.
FHLBank Atlanta
FHLBank Atlanta is a $123 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 United States.
NORTH CAROLINA AHP-A WINNERS Tanglewood Apartments Morehead City, NC Member: Bank of America Georgia, N.A. Sponsor: East Carolina Community Development Inc. Subsidized Loan: $453,318.00 for 40 units
AHP funds will be used to construct a 40-unit development in an economically diverse rural and hurricane-impacted community. The development will include one- and two-bedroom apartments in one residential building and are designed to meet the needs of very low- and low-income adults, 55 years of age and older.
Scholars Way Manteo, NC Member: RBC Centura Sponsor: The Affordable Housing Group Subsidized Loan: $1,000,000.00 for 48 units
AHP funds will be used to create 48 mixed-income garden apartments for families. Preference will be given to teachers in the Dare County School system who currently have difficulty finding housing that is affordable to their income level.
Ridgecrest Apartments Marion, NC Member: BB&T of NC Lumberton Sponsor: Douglas Development, LLC Grant: $220,000.00 for 32 units
AHP funds will be used to construct Ridgecrest Apartments, a 32-unit multifamily development for elderly residents in Marion, NC.
THFH-4 houses-2004 Transylvania, NC Member: RBC Centura Durham Sponsor: Transylvania Habitat for Humanity Grant: $20,000.00 for 4 units
AHP funds will be used to build four single-family houses for very low- and low-income residents in various locations in Transylvania County, NC.
Highland Springs Seniors Apartments Southern Pines, NC Member: Bank of America Georgia, N.A. Sponsor: North Carolina Housing Foundation, Inc. Grant: $500,000.00 for 77 units
AHP funds will be used to provide 77 units of affordable housing for elderly in Southern Pines, NC, a rural community adjacent to the Pinehurst resort area. The project will target seniors (over 55 years old) with 25 percent of the units restricted to those at or below 40 percent of Average Median Income (AMI), 35 percent at 50 percent AMI, and the remaining 40 percent to residents with incomes below 60 percent AMI.
Lake Vista Apartments Lake Lure, NC Member: BB&T of NC Sponsor: Douglas Development, LLC Grant: $160,000.00 for 32 units
AHP funds will be used to construct Lake Vista Apartments, a 32-unit family development in Lake Lure, NC. The development will be the the only apartment complex in the rural resort community.