Saturday, August 11, 2007

 
Federal Home Loan Bank of Atlanta (FHLBank Atlanta) will award $4.2 million in Affordable Housing Program (AHP) grants and subsidies to help fund 355 single-family and multifamily housing units affordable to lower-income residents in communities throughout Florida.
Ten local developers, in partnership with FHLBank Atlanta's member institutions, will use individual grants -- ranging from $108,000 to $500,000 -- as well as low-cost loans to develop affordable housing in Arcadia, Avon Park, Dania Beach, Fort Myers, Fort Walton Beach, Miami, Naples, Pensacola, Sarasota, and St. Johns County.
In Pensacola, SunTrust Bank and the Wakulla County Senior Citizens Council will use a $1.8 million AHP subsidized loan to help build Englewood Senior Apartments, an $11.9 million, 92-unit apartment community for low-income elderly renters. Other winning projects include a new $8.3 million rental apartment complex in hurricane-impacted Fort Myers and Puppy Park, a mixed- income subdivision of 71 townhomes and condominiums in Sarasota developed by Habitat for Humanity of Sarasota in partnership with Bank of Commerce.
"Through AHP, developers can tap into the financial resources of local lenders like the Bank of Commerce in Sarasota or regional institutions such as SunTrust to bring affordable rental and homeownership choices to Florida's communities," said Richard Dorfman, FHLBank Atlanta president and CEO.
Awards announced today are part of $21.2 million in grants and subsidies FHLBank Atlanta recently awarded to 10 states and the District of Columbia to create or preserve more than 2,000 units of affordable housing. Each year, FHLBank Atlanta sets aside 10 percent of net income to fund the Affordable Housing Program. Since 1990, FHLBank Atlanta has contributed more than $346.7 million in AHP funds to develop 58,871 housing units and to provide down-payment assistance to more than 6,809 families.
AHP is a competitive award program that provides funds to help develop single-family and multifamily housing for very low- to moderate-income households. FHLBank Atlanta generally grants AHP awards twice a year to member financial institutions and their community housing partners. For the complete list of winners, visit http://www.fhlbatl.com/ahpwinners.
About FHLBank Atlanta
FHLBank Atlanta is a financial services organization that provides low- cost funding, 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.
Some of the statements made in this press release may be "forward-looking statements," which include statements with respect to FHLBank Atlanta's plans, objectives, expectations, intentions, and future performance, and involve known and unknown risks, uncertainties and other factors, many of which may be beyond FHLBank Atlanta's control, and which may cause FHLBank Atlanta's actual performance or achievements to be materially different from the future performance or achievements expressed or implied by the forward-looking statements. The forward-looking statements may not be realized due to a variety of factors, including legislative and regulatory changes; political, national and world events; and adverse developments or events affecting or involving other FHLBanks or the FHLBank System in general. Additional factors that might cause FHLBank Atlanta's performance or achievements to differ from these forward-looking statements are provided in detail in our filings with the Securities and Exchange Commission, available at http://www.sec.gov/.
AHP 2007 Round I Winners FLORIDA Habitat for Humanity of Broward Dania Beach, FL Member: Regent Bank Sponsor: Habitat for Humanity of Broward Grant: $108,000 for 18 units AHP funds will be used to construct 18, three- and four-bedroom single- family Habitat for Humanity homes for lower-income families in Dania Beach. County wide St. Johns County, FL Member: Branch Banking and Trust Company Sponsor: Habitat for Humanity - St. Johns County Grant: $150,000 for 15 units AHP funds will be used to build 15 single-family homes for very low-income families in St. Johns County. St. John Village Apartments Miami, FL Member: Regions Bank Sponsor: St. John Community Development Corporation Grant: $160,000 for 16 units St. John Community Development Corporation will use AHP funds to renovate St. John Village Apartments, a 16-unit multifamily complex in Miami targeted to residents earning below 50 percent of the area median income. Arcadia PHD Rehab II Arcadia, FL Member: RBC Centura Bank Sponsor: Arcadia Housing Authority Grant: $400,000 for 20 units AHP funds will be used to renovate 20 public housing rental units in hurricane-impacted Arcadia. The units will be targeted to very low- and low-income families. Puppy Park, Phase IA Sarasota, FL Member: The Bank of Commerce Sponsor: Habitat for Humanity Sarasota, Inc. Grant: $497,000 for 71 units Habitat for Humanity of Sarasota will use AHP funds to construct 71 multifamily units for residents earning 70 percent or less than the area median income in Sarasota. When completed the proposed Puppy Park development will include 215 one-, two, three-, and four-bedroom townhomes and condominiums designed with the principles of new urbanism by world renowned architect, Carl Abbott. Englewood Senior Apartments Pensacola, FL Member: SunTrust Bank Sponsor: Wakulla County Senior Citizens Council Subsidy: $1,838,410 for 92 units AHP funds will be used to develop Englewood Senior Apartments, a 92-unit rental development targeted to very-low income seniors in hurricane- impacted Pensacola. Maple Crest Apartments Fort Myers, FL Member: SunTrust Bank Sponsor: Affordable Housing Solutions for Florida, Inc. Grant: $250,000 for 59 units Subsidy: $1,900,000 AHP funds will be used to construct Maple Crest Apartments, a 59-unit rental development targeted to very low- and low-income residents in hurricane-impacted Fort Myers. Cirrus Pointe I Naples, FL Member: Branch Banking and Trust Company Sponsor: Cirrus Pointe Partners, LLC Grant: $500,000 for 16 units AHP funds will be used to help 16 very low- and low-income first-time homebuyers purchase a three-bedroom condominium unit in the Cirrus Point I development in Naples. Ridgedale Rehab Avon Park, FL Member: SunTrust Bank Sponsor: Avon Park Housing Development Corporation Grant: $500,000 for 36 units AHP funds will be used to acquire and renovate a 36-unit multifamily development in Avon Park. Units will be targeted to households earning at or below 50 percent of the area median income. Harbour Place Apartments Fort Walton Beach, FL Member: Branch Banking and Trust Company Sponsor: Okaloosa Community Development Corporation Grant: $500,000 for 12 units AHP funds will be used to help construct Harbour Place, a 12-unit rental development for formerly homeless and lower-income households in Fort Walton Beach.

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