ATLANTA, Feb. 28, 2006 (PRIMEZONE) -- Two affordable-housing partnerships in Maryland will share a total of $960,000 in grants from the Federal Home Loan Bank of Atlanta's Affordable Housing Program (AHP) to help build and repair housing for low-income renters and homeowners in Baltimore, Garrett, and McHenry.
In Baltimore, Associated Catholic Charities and SunTrust Bank will receive $500,000 to help build the $4 million Christopher Place Academy, a 60-unit development for the homeless, mentally ill, elderly, and other special needs residents.
Garrett County Community Action Committee, Inc. will receive $240,000 in AHP grants through First United Bank & Trust, which applied for the funds. The money will in turn provide renovation loans and grants to 35 low-income homeowners in Garrett County. The partnership will also receive $220,000 to help construct Village View, a $4.4 million, 28-unit rental development in McHenry.
"Developers are using the Bank's AHP funding to bring more affordable homeownership and rental opportunities to high-cost housing markets such as Baltimore and Garrett County," 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 $285 million to support affordable housing production in the South.
Awards announced today are part of more than $20.1 million in AHP grants the Bank recently awarded to 11 states and the District of Columbia to support the development of 72 housing development projects. Since 1990, housing organizations have used the AHP grants to help develop more than 52,000 housing units for very low- to moderate-income families and to provide down-payment assistance to nearly 5,200 families. For a complete list of recent winners and details about individual projects, visit www.fhlbatl.com/ahpwinners.
About FHLBank Atlanta
FHLBank Atlanta is a $135 billion financial services organization that provides low-cost financing, community development grants, and other banking services to more than 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 more than $2 billion to affordable housing development in the United States.