ATLANTA, Aug. 15, 2005 (PRIMEZONE) -- Ten North Carolina partnerships will receive $2.9 million in grants and subsidized loans to create 322 affordable housing units in Brevard, Brunswick, Charlotte, Concord, Marion, Morganton, Moore, and Sampson and Harnett counties as part of the Federal Home Loan Bank of Atlanta's Affordable Housing Program (AHP).
The Charlotte Housing Authority and FHLBank Atlanta member Bank of America received the largest share of AHP awards in North Carolina. The partnership will use $850,000 in grants to build 20 single-family homes and a 60-unit rental project in Charlotte. Other winning projects will use individual grants -- ranging from $15,000 to $450,000 -- combined with low-cost loans to develop mixed-income, multifamily, elderly and owner-occupied housing throughout North Carolina.
"AHP funds are increasingly becoming a more critical piece in community efforts to build housing that is accessible to North Carolina's work force," said Lynn Brazen, FHLBank Atlanta director of community investment services. "Winning projects like the Coharie Homeownership and Habitat Burke County are creating more affordable housing choices in 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 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 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 NORTH CAROLINA Habitat homes in Moore County, NC Moore, NC Member: First Bank Sponsor: Habitat for Humanity of Moore County Grant: $280,000.00 for 35 units
AHP funds will be used to assist Habitat for Humanity of Moore County (HfHMC) in building 35 affordable single-family homes for low- and very low-income families in Moore county. Homeowners perform sweat equity, attend 12 homeownership classes, continue to be counseled on financial matters, and work with the affiliate through neighborhood homeowners' associations.
Coharie Homeownership IV Sampson and Harnett, NC Member: RBC Centura Bank Sponsor: Coharie Intra-Tribal Council, Inc. Grant: $310,000.00 for 30 units
AHP funds will be used to rehabilitate 30 owner-occupied, single-family homes for very low- and low-income families in rural Sampson and Harnett Counties. AHP-assisted families will benefit from a coordinated social services and self-sufficiency program. Total development costs are $430,000.
Garden Park Villas Oxford, NC Member: BB&T of NC Sponsor: Garden Park Villas, LLC Grant: $200,000.00 for 40 units
AHP funds will be used for land acquisition and soft costs associated with constructing Garden Park Villas, a 40-unit apartment community for seniors in Oxford. The multifamily rental complex will have seven fully accessible units, three units accessible to disabled residents, three additional mobility-impaired units, and one audio-visual unit designed for a sight and hearing impaired individual.
Arbor Glen Homeownership Charlotte, NC Member: Bank of America Georgia, N.A. Sponsor: Charlotte Housing Authority Grant: $450,000.00 for 20 units
AHP funds will be used to construct 20 owner-occupied units to be developed in a mixed income, urban homeownership subdivision in Charlotte. Twenty AHP-assisted units will be targeted to very low-income households as part of a HOPE VI Revitalization project. The balance of the units will be targeted to families earning at or above 80 percent of area median income to ensure economic diversity. The project will also include HOPE VI funds, House Charlotte Funds, and first-time homebuyer bank loans. Total development cost of the AHP-assisted units is $2.07 million.
Habitat Burke County NC Morganton, NC Member: BB&T of NC Sponsor: Habitat for Humanity International Grant: $22,000.00 for four units
Habitat for Humanity International and the local affiliate Habitat for Humanity of Burke County will use AHP funds to provide down-payment assistance for four single-family, new construction homes in Burke County. The targeted community is designated as rural by USDA and is within the FEMA disaster zone due to damage from Hurricane Ivan. This Habitat for Humanity project targets families with income below 50 percent of the local area mean income level. Three of the homes are designated for large families and one is designated for an elderly homeowner.
Seigle 60 Charlotte, NC Member: Bank of America Georgia, N.A. Sponsor: Charlotte Housing Authority Grant: $400,000.00 for 60 units
AHP funds will be used to develop 60 rental units for low and very low-income families on Seigle Avenue and 16th Street in Charlotte. The project involves the new construction of 60 new multifamily units in the Belmont neighborhood as part of the sponsor's HOPE VI revitalization. The project will be funded with HOPE VI funds, CHA Replacement Factor Funds, and City of Charlotte Housing Trust funds, and will be targeted to public housing eligible. The total development cost is $5.6 million.
The Villas at Logan Gardens Concord, NC Member: BB&T of NC Sponsor: Cabarrus County CDC Grant: $448,000.00 for 64 units
AHP funds will be used for construction and soft costs associated with the construction of The Villas at Logan Gardens, a new 64-unit multifamily rental complex in Concord. The Villas at Logan Gardens will be constructed in the Logan Revitalization Area targeted by the City of Concord.
Habitat Way-3 houses Brevard, NC Member: RBC Centura Bank Sponsor: Transylvania Habitat for Humanity Grant: $15,000.00 for three units
Transylvania Habitat for Humanity will use AHP funds to construct three single-family houses for lower-income families in Brevard. All selected families make below 50 percent of median income for the county.
Spaulding Woods II Marion, NC Member: Bank of America Georgia, N.A. Sponsor: Western North Carolina Housing Partnership Subsidized Loan: $625,000.00 for 34 units
AHP funds will be used for construction and permanent financing to develop 34 rental units targeted to very low- and low-income families in Marion. The project involves the new construction of 34 garden apartments on a site adjacent to a similar project constructed by the developer and opened in June 2002. The site is convenient to shopping, health care, recreational facilities, and supportive services. The project will be funded with LIHTC, RD 538 Loan Guarantee Program, and NCHFA state tax credits. Total development cost is $3 million dollars.
Brunswick Place Brunswick, NC Member: BB&T of NC Sponsor: Caiseal Development, LLC Grant: $190,400.00 for 32 units
Caiseal Development, LLC will use AHP funds to construct Brunswick Place Apartments, a 32 unit multifamily apartment complex in Brunswick. The development consists of four one-bedroom units, 20 two-bedroom units, and eight three-bedroom units. A separate clubhouse building will be conveniently located in the center of the development, and will include the leasing/management office, maintenance rooms, a laundry facility, and community space for the residents, including a games/craft room, exercise room, TV and library rooms, a computer center, screened porch, and exercise room. Approximately one mile of interior sidewalks will link all apartment entrances, buildings, and exterior amenities for the benefit of the residents of Brunswick Place.