Federal Home Loan Bank of Atlanta Awards Nearly $2 Million in Grants to Fund Affordable Housing for Alabama Residents

Developers to Create 468 Single-Family and Multifamily Homes in Albertville, Centre, Troy, Other Cities


ATLANTA, Feb. 3, 2005 (PRIMEZONE) -- Twelve projects aimed at creating affordable housing in Alabama will receive more than $1.8 million in grants and subsidized loans from the Federal Home Loan Bank of Atlanta's Affordable Housing Program (AHP). The funding is part of more than $11.3 million FHLBank Atlanta will award to build or rehabilitate nearly 2,200 housing units in nine states and the District of Columbia.

FHLBank Atlanta member AmSouth Bank received five grants, and it will distribute more than $1.6 million in AHP funds to help two local nonprofits construct or rehabilitate 196 affordable housing units in Albertville, Centre, Oneonta, Sylacauga, and Troy.

Other housing developers in partnership with the Bank's member financial institutions will use individual grants - ranging from $24,000 to $264,000- to help create 272 affordable single-family and multifamily units in the following communities: Albertville, Holly Pond, Foley, Houston, Midland City, Millbrook, and Troy.

"Developers are using AHP to fund housing for schoolteachers, the elderly, and other residents who often struggle to find affordable homes within their means," said Lynn Brazen, FHLBank Atlanta director of community investment services.

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.

FHLBank Atlanta awarded more than $20.4 million in AHP funding in 2004. Since 1990, housing organizations have used AHP 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 current award winners, 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 almost 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.


                  ALABAMA AHP- ROUND II WINNERS

 Cornelius Apartments Renovation
 Albertville, AL
 Member:  Regions Bank
 Sponsor:  Albertville Housing Authority
 Grant: $248,000 for 50 units
 The Albertville Housing Authority will use AHP funds to redevelop
 Cornelius Apartments, a 50-unit apartment complex in Albertville,
 into Campbell Courts. The new Campbell Courts will contribute to
 the neighborhood by removing blight and making available more high
 quality affordable units.

 Harbor Pines
 Centre, AL
 Member:  AmSouth Bank
 Sponsor:  Paladin, Inc.
 Grant: $264,000 for 44 units
 Subsidized Loan:  $705,000
 AHP funds will be used to rehabilitate the Willow Wick Apartment
 complex in Centre. The project will use tax credits and AHP funds
 to renovate the apartments into a 44-unit complex with eight
 one-bedroom, 28 two-bedroom, and eight three-bedroom units.

 The Veranda Apartments
 Troy, AL
 Member:  AmSouth Bank
 Sponsor:  Organized Community Action Program, Inc.
 Grant: $170,000 for 40 units
 AHP funds will be used to construct 40 units of affordable housing
 in Troy for elderly residents who earn 50 percent or below the
 median income for the area. This project will combine AHP funds
 with Alabama Housing Finance Authority-issued tax credits and HOME
 funds.

 Angela Meadows II
 Albertville, AL
 Member:  AmSouth Bank
 Sponsor:  Paladin, Inc.
 Grant: $240,000 for 48 units
 AHP funds will be used to help construct the Angela Meadows II
 Community, which will consist of 48 units of multifamily housing.
 The project will include 32 two-bedroom and 16 three-bedroom units.

 Miranda Villas II
 Sylacauga, AL
 Member:  AmSouth Bank
 Sponsor:  Paladin, Inc.
 Grant: $160,000 for 32 units
 AHP funds will be used for construction of The Miranda Villas II,
 a 32-unit multifamily housing complex in Sylacauga. The project
 will include four one-bedroom, 16 two-bedroom, and 12 three-bedroom
 units.

 Holly Pond I and II
 Holly Pond, AL
 Member:  Regions Bank
 Sponsor:  Community Action Partnership of North Alabama, Inc.
 Grant: $126,300 for 24 units
 AHP funds will be used to rehabilitate 24 multifamily rental units
 in Holly Pond. The rehabilitation project will consist of
 improvements to the exterior and interior of the buildings.

 McCay's Landing II
 Oneonta, AL
 Member:  AmSouth Bank
 Sponsor:  Paladin, Inc.
 Grant: $96,000 for 32 units
 AHP funds will be used to construct McCay's Landing II, a
 32-unit multifamily rental complex in Oneonta with two-bedroom
 and three-bedroom units.  The complex will be located on three
 acres connected with common walkways, parking, and community
 facilities including walking trails, park benches, and gazebos.

 Alabama HFH - Entitlement1
 Houston, AL
 Member:  Colonial Bank, N.A.
 Sponsor:  Alabama Association of Habitat Affiliates
 Grant: $24,000 for 4 units
 The Alabama Association of Habitat Affiliates will administer
 the AHP grant to fund down-payment assistance to four families
 for the purchase of their houses. The houses will be built across
 the state by three Habitat for Humanity (HFH) affiliates:
 Gadsden-Etowah HFH, Lee County HFH, and Wiregrass HFH.

 Wood Springs, Phase
 Midland City, AL
 Member:  SouthTrust Bank
 Sponsor:  Three Rivers Housing Foundation, Inc.
 Grant: $100,000 for 56 units
 AHP funds will be used to help construct Wood Springs, a 56-unit
 multifamily rental complex in Midland City. The project will
 include a mix of one-, two-, and three-bedroom apartments.

 Regency Pointe, Phase II
 Foley, AL
 Member:  SouthTrust Bank
 Sponsor:  Three Rivers Housing Foundation, Inc.
 Grant: $60,000 for 34 units
 AHP funds will be used to help construct 34 units of affordable
 housing in Foley for elderly residents. The project will include
 a mix of one- and two-bedroom units.

 The Shoals Apartments
 Millbrook, AL
 Member:  SouthTrust Bank
 Sponsor:  Volunteers of America Southeast
 Grant: $140,000 for 56 units
 AHP funds will be used to help construct The Shoals Apartments,
 a 56-unit affordable rental housing development in Millbrook
 for elderly residents who earn 60 percent or below the median
 income for the area.

 Charleston Square II
 Troy, AL
 Member:  SouthTrust Bank
 Sponsor:  Volunteers of America Southeast
 Subsidized Loan: $220,000 for 48 units
 AHP funds will be used to help construct Charleston Square II,
 a 48-unit multifamily rental complex in Troy for low- and very
 low-income families.  The complex will feature a community club
 house with office, computer room, kitchen, and community room.
 Volunteers of America Southeast will offer residents an array
 of social and empowerment services and activities.


            

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