Aug 8 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.