ATLANTA, Aug. 11, 2005 (PRIMEZONE) -- Four Alabama projects will receive nearly $1.2 million in funds to create 121 affordable housing units in Clio, Daleville, Eastaboga, and Guntersville as part of the Federal Home Loan Bank of Atlanta's Affordable Housing Program (AHP).
FHLBank Atlanta will award a $170,000 AHP grant to Southeastern Housing Preservation, Inc. and BB&T to rehabilitate Clio Manor, a 20-unit complex targeted to lower-income families. Methodist Home for the Aging, Inc. and New South Federal Savings Bank will use a $500,000 grant to rehabilitate Daleville Heights Apartments into a 48-unit apartment complex for low-income elderly in Daleville.
In Eastaboga, Rainbow Omega and Regions Bank will use a $130,000 grant to build a 13-unit medical home for special needs and low-income elderly residents. Regions Bank will also receive a $350,000 AHP grant to help the Community Action Agency of Northeast Alabama construct Mill Run Senior Apartments, a 40-unit rental complex in Guntersville.
"AHP funds are increasingly becoming a more critical piece in community efforts to build housing that is affordable to Alabama's senior and special needs residents," said Lynn Brazen, FHLBank Atlanta director of community investment services. "These four winning projects illustrate the need for more affordable housing choices in our rural communities, and I'm glad to see community partnerships using the Bank's AHP funds to make that happen."
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 $273 million to address affordable housing production in the South.
Awards announced today are part of more than $13.3 million in AHP grants the Bank recently awarded in the first round of 2005. Since 1990, housing organizations have used the AHP grants to help develop nearly 50,000 housing units for very low- to moderate-income families and to provide down-payment assistance to nearly 4,000 families. For a complete list of first-round award winners and details about individual projects, visit www.fhlbatl.com/ahpwinners.
About FHLBank Atlanta
Federal Home Loan Bank of Atlanta is a $134 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.
FIRST ROUND- AHP WINNERS
ALABAMA
Mill Run
Guntersville, AL
Member: Regions Bank
Sponsor: Community Action Agency of Northeast Alabama, Inc.
Grant: $350,000.00 for 40 units
Community Action Agency of Northeast Alabama will use AHP funds
to construct Mill Run Senior Apartments, a 40-unit rental complex
in rural Guntersville. The apartment project will consist entirely
of two-bedroom units and each apartment unit will be designed to
provide livable floor plans, adequate storage space, modern kitchens,
and individually controlled heating and air conditioning. On-site
amenities for the project will include a leasing/office
building/community center with kitchen/lobby/craft room/library,
laundry facilities, and a gazebo.
Rainbow Omega, Inc
Eastaboga, AL
Member: Regions Bank
Sponsor: Rainbow Omega, Inc
Grant: $130,000.00 for 13 units
Rainbow Omega, Inc (ROI) will use an AHP grant to build 13 multifamily
units to provide affordable homes for medically frail adults with
developmental disabilities, including some elderly, in Eastaboga. To
serve the special needs of these individuals, the housing will be
coupled with necessary support services as well as empowerment
activities.
Clio Manor
Clio, AL
Member: BB&T of NC
Sponsor: Southeastern Housing Preservation, Inc.
Grant: $170,000.00 for 20 units
AHP funds will be used to preserve and rehabilitate a 20-unit
hurricane-impacted USDA Rural Development property in Clio. Families
will benefit from an extensive empowerment program and project-based
rental assistance. Total development cost is $649,285.
Asbury Heights Apartments
Daleville, AL
Member: New South Federal Savings Bank
Sponsor: Asbury Heights - A Methodist Home for the Aging, Inc.
Grant: $500,000.00 for 48 units
AHP funds will be used to rehabilitate Asbury Heights into a 48-unit
apartment facility for low-income elderly in Daleville. The extensive
rehabilitation will include complete interior repainting and
replacement of all kitchen cabinets, carpeting, vinyl flooring,
refrigerators, ranges, hoods, GFI outlets, smoke detectors, tubs,
lavatories, sinks, commodes, HVAC equipment, mailboxes, entry doors,
windows, gutters, fascia and soffit, and pavement. A gazebo and new
sod and plantings will also be added to the campus.