ATLANTA, March 9, 2006 (PRIMEZONE) -- Virginia's efforts to build affordable housing for low-income renters and homebuyers will get a boost thanks in part to $2 million in grants from the Federal Home Loan Bank of Atlanta's Affordable Housing Program (AHP).
Eleven housing developers, in partnership with the Bank's member financial institutions, will use the AHP grants to build, buy, or renovate 374 single-family and multifamily housing units in Bristol, Buchanan, Dante, Lebanon, King George, Onancock, Richmond, Virgina Beach, and Yorktown.
"Developers are using the Bank's AHP funding to find new ways to create housing that is affordable to the elderly, the homeless, and lower-income working families in Virginia," 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 award 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.
2005 VIRGINIA AHP-Round ii winners
Biznet Village
Virginia Beach, VA
Member: Towne Bank
Sponsor: Virginia Beach Community Development Corporation
Grant: $155,000 for 24 units
AHP funds will be used to construct Biznet Village, a 24-unit rental development for mentally disabled adults in Virginia Beach. Biznet Village will consist of two 8,000 square feet buildings that will each contain 12 units.
Bristol Permanent Supportive Housing Development Bristol, VA Member: Highlands Union Bank Sponsor: People Incorporated of Southwest Virginia Grant: $100,000 for 12 units
People Incorporated of Southwest Virginia will use AHP funds to renovate a vacant nursing facility into twelve efficiency-style units complete with kitchen and bathroom facilities for the chronically homeless in Bristol.
Clinchfield Place Dante, VA Member: The First Bank and Trust Company Sponsor: Southwest Virginia Housing Corporation Grant: $35,000 for 10 units
AHP funds will be used to adapt an existing building into Clinchfield Place, a 10-unit rental complex for families in Dante. Clinchfield Place will include ten two-bedroom units, each averaging 1,648 square feet, with complete kitchen appliances and one and a half bathrooms.
King Highway Project King George, VA Member: Union Bank & Trust Company Sponsor: Project FAITH, Inc. Grant: $120,000 for 24 units
AHP funds will be used to construct 24 affordable, one- and two-bedroom Universally Designed rental units for persons with disabilities in King George. This project will serve tenants earning 40 to 50 percent of the area median income. Other funding sources for this project include loans from the Virginia Housing Development Authority and the Department of Housing and Community Development, equity funding from Virginia Community Development Corporation, and Community Development Block Grant funding through King George County.
Onancock Square Apartments Onancock, VA Member: BB&T of NC Sponsor: Accomack-Northampton Regional Housing Authority Grant: $400,000 for 40 units
AHP funds will be used for the substantial renovation of Onancock Square apartments, a 40-unit rental complex targeted to very low- and low- income families in rural Onancock. The $3.2 million development will target households earning as low as 40 percent of the area median income.
People Incorporated Home Ownership Program Buchanan, VA Member: The First Bank and Trust Company Sponsor: People Incorporated of Southwest Virginia Grant: $100,000 for 20 units
People Incorporated will use AHP funds to provide down-payment assistance for 20 low-income families purchasing homes in Buchanan, Dickenson, Russell, and Washington Counties and the City of Bristol. Prospective homeowners will earn 30 to 80 percent of the area median income, and must meet the 200 hour sweat-equity requirement of People Inc.'s Home Ownership program.
People Incorporated Housing Rehabilitation Program Buchanan, VA Member: Highlands Union Bank Sponsor: People Incorporated of Southwest Virginia Grant: $100,000 for 20 units
People Incorporated will use AHP funds to complete 20 owner-occupied rehabilitation projects in Buchanan, Dickenson, Russell, and Washington counties. Work will include substantial rehabilitation to homes that are in absolute disrepair, and are a health hazard and danger to the families who own and occupy them.
Russell County Domestic Violence Program Lebanon, VA Member: Highlands Union Bank Sponsor: People Incorporated of Southwest Virginia Grant: $50,000 for 20 units
People Incorporated will use AHP funds to construct a 20-unit rental complex in Lebanon for the agency's domestic violence victims, including low-income women and their children. The new facility will provide short-term, emergency residence and includes 17 units, office space, and a three-car garage.
The Imani Mews and Retail Center on Hull Street Richmond, VA Member: BB&T of NC Sponsor: Imani Intergenerational Community Development Corporation Grant: $300,000 for 68 units
AHP funds will be used to renovate an historic building, and to construct 42 units of affordable rental housing as part of a mixed-used development in Richmond. The Imani Mews development consists of 68 affordable rental units for low-income families. Twenty-six of these units are located in a historic building that was the former home of Daffron Furniture. The new, three-story construction portion will include 42 units, 23,000 square foot of retail space, a lobby entrance to the rental units, an 802 square foot community room, fitness center, children's indoor play area, laundry room, and management/leasing office.
Windy Hill Middleburg, VA Member: The Middleburg Bank Sponsor: Windy Hill Foundation Grant: $400,000 for 20 units
AHP funds will be used for construction and permanent financing of 20 rental units targeted to extremely low- and very low-income elderly in Middleburg. The $4.3 million development's site is within walking distance of most services including shopping, health care, recreational facilities, and supportive services.
Yorktown Square I Yorktown, VA Member: BB&T of NC Sponsor: Community Housing Partners Corporation Grant: $125,000 for 56 units
AHP funds will be used to renovate Yorktown Square I, a 56-unit apartment community in Yorktown. CHPC plans a comprehensive renovation of the interiors and exteriors of the buildings including: new roofs, new kitchens, new HVAC systems, new water heaters, improved insulation, new bathroom fixtures, new front and rear doors, and new roofs, gutters, and downspouts. Units will be reserved for residents earning at or below 50 percent of area median income.
Yorktown Square II Yorktown, VA Member: BB&T of NC Sponsor: Community Housing Partners Corporation Grant: $125,000 for 60 units
AHP funds will be used to renovate Yorktown Square II, an existing 60-unit garden-style apartment community for low- to moderate-income families in Yorktown. Yorktown Square II consists of 16 one-bedroom and 44 two-bedroom units. All units will be reserved for residents earning at or below 50 percent of area median income.