ATLANTA, July 29, 2004 (PRIMEZONE) -- A mixed-income apartment complex in Albany and two housing developments in Augusta are among five housing initiatives in Georgia to receive $2,325,000 in grants as part of the Federal Home Loan Bank of Atlanta's Affordable Housing Program (AHP).
Nonprofit housing developers in partnership with the Bank's member financial institutions will use the funding to help create 440 affordable single-family and multifamily units for residents in Georgia. Individual grants -- ranging from $325,000 to $500,000 -- will be made in the following communities: Adairsville ($325,000 for 81 units); Albany ($500,000 for 52 units); Augusta ($1 million for 127 units) and Macon ($500,000 for 180 units).
"In addition to providing essential funding to make housing more affordable to working, low-income families, this year's AHP assistance is critical to fostering needed community revitalization and reinvestment in the Augusta, Macon, and Albany projects, and ensuring the historic preservation of two significant structures in Augusta," said Craig Taylor, executive director, Affordable Housing Solutions, Inc. The nonprofit organization received three AHP grants to develop affordable housing initiatives throughout Georgia.
The awards announced today are part of $9.2 million in AHP funds the Bank recently awarded to develop housing for 1,875 very low-income, low-income and moderate-income families in nine states throughout the South.
AHP is a competitive grant program that helps develop low-income, 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 $266 million to address affordable housing production in the South.
This year, nonprofit developers partnered with FHLBank Atlanta member financial institutions to submit 138 applications for funding in the first round of the Bank's AHP offering. Since 1990, FHLBank Atlanta members and nonprofits have used AHP to develop nearly 47,000 homeownership and rental units, and to provide down-payment assistance to nearly 4,000 families.
FHLBank Atlanta
FHLBank Atlanta is a $123 billion financial services organization that provides low-cost financing, community development grants, and other banking services to 1,194 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 $1.7 billion to affordable housing development in the United States.
GEORGIA AHP-A WINNERS Woodland Trace Albany, GA Member: Regions Bank Sponsor: Cooperative Resource Center, Inc. Grant: $500,000.00 for 52 units
AHP funds will be used to construct Woodland Trace, a 52-unit mixed-income project located on Albany's east side. Woodland Trace will provide quality housing at affordable rates and will feature numerous site amenities, including entry gating, annual planting beds, mail kiosk, perimeter fencing, picnic gazebo, sports court, and a community building.
May Park Villas Augusta, GA Member: Regions Bank Sponsor: Affordable Housing Solutions, Inc. Grant: $500,000.00 for 80 units
AHP funds will be used to purchase and rehabilitate May Park Villas, a badly distressed, expiring use tax credit project located close to downtown Augusta. The 80-unit rehabilitated property will serve low-income, very low-income, extremely low-income, and market rate tenants.
Houghton School Augusta, GA Member: First Union Direct Bank Sponsor: Affordable Housing Solutions, Inc. Grant: $500,000.00 for 47 units
AHP funds will be used to purchase the Houghton School and the Widows Home and to convert them into a 47-unit multifamily residence for very low-income, low-income, and market rate tenants in Augusta.
Westwood Macon, GA Member: First Union Direct Bank Sponsor: Affordable Housing Solutions, Inc. Grant: $500,000.00 for 180 units
AHP funds will be to used to acquire and rehabilitate a distressed 180-unit project in Macon. Ten percent of the units will be accessible to mobility-, hearing-, and sight-impaired residents.
The Oaks of Adairsville Adairsville, GA Member: First Union Direct Bank Sponsor: OakBrook Property and Development Grant: $325,000.00 for 81 units
AHP funds will be used to construct The Oaks, an 81-unit affordable multifamily housing development on Main Street near the heart of downtown Adairsville. The site consists of property known as the historic Gholston House, built in 1870 and listed on the National Registry of Historic Places. This project is part of a neighborhood stabilization plan.