ATLANTA, Aug. 22, 2005 (PRIMEZONE) -- Five Virginia partnerships will receive $915,000 in grants for affordable housing development throughout the state as part of the Federal Home Loan Bank of Atlanta's Affordable Housing Program (AHP).
Project developers, in partnership with FHLBank Atlanta member institutions, will use individual AHP grants -- ranging from $26,000 to $285,000 -- to develop or rehabilitate 155 single-family and multifamily rental units accessible to lower-income families in Abingdon ($160,000), Bristol ($26,000), Culpeper ($193,750), Hot Springs ($250,000), and the Lynchburg metro area ($285,000).
"AHP funds are increasingly becoming a more critical piece in community efforts to build housing that is affordable to Virginia's residents," said Lynn Brazen, FHLBank Atlanta director of community investment services. "Projects like the Mountain Crest Retirement Home in Hot Springs and the Haven in Culpeper both illustrate the need for more affordable senior housing, 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. Since 1990, housing organizations have used the AHP grants to help develop nearly 50,000 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
VIRGINIA
The Haven Culpeper, VA Member: BB&T of NC Sponsor: Culpeper Community Development Corporation Grant: $193,750.00 for 31 units
AHP funds will be used to construct a 31-unit affordable rental development for senior residents in Culpeper. The Haven will offer thirty-one (31) affordable and universally designed units for seniors making less than 50 percent of AMI. The complex will also include community space for on-site support service providers.
Bristol Transitional Housing Project Bristol, VA Member: Highlands Union Bank Sponsor: People Incorporated of Southwest Virginia Grant: $26,000.00 for four units
People Incorporated of Southwest Virginia will use AHP funds to construct four single-family rental units to serve homeless families with children and those at risk of becoming homeless in Bristrol. The Bristol Transitional Housing Project will expand the availability of transitional housing in the city by providing four additional units (two homes and one duplex) for families to live in for a period of six months to two years.
White's Mill Point Abingdon, VA Member: The First Bank and Trust Company Sponsor: Southwest Virginia Housing Corporation Grant: $160,000.00 for 32 units
Southwest Virginia Housing Corporation will use AHP funds to construct 32 multifamily rental units affordable to low-income individuals and families throughout Washington County. The White's Mill Point project consists of 32 two-bedroom, one-bath units. Amenities in each unit will feature complete kitchens including all standard appliances, a dishwasher, and a garbage disposal.
Lynchburg Owner-Occupied Home Repair V Amherst, Bedford, Bedford City, Campbell, Appomattox, and Lynchburg City, VA Member: Bank of the James Sponsor: Lynchburg Neighborhood Development Foundation Grant: $285,000.00 for 60 units
Lynchburg Neighborhood Development Foundation (LNDF) will use AHP funds to assist 60 low-income homeowners repair and maintain their houses located in the Central Virginia Planning District.
Mountain Crest Retirement Home Hot Springs, VA Member: BB&T of NC Sponsor: Waynesboro Housing Corporation Grant: $250,000.00 for 28 units
AHP funds will be used to develop the Mountain Crest Retirement Home, a 28-unit multifamily rental apartment development for low-income elderly households near the village of Warm Springs. The proposed development will include one and two-bedroom rentals designed for independent living as well as a 2,180 square feet community building with space allocated for a clinic, a large community room with kitchen area, a game room, a computer room, and restrooms.