Federal Home Loan Bank of Atlanta to Award Georgia Partnerships $4.3 Million for Affordable Housing

ATLANTA, Aug. 8, 2005 (PRIMEZONE) — Nine Georgia projects will receive $4.3 million to create 853 affordable housing units in Atlanta, Augusta, Colquitt, Columbus, and Young Harris as part of the Federal Home Loan Bank of Atlanta’s Affordable Housing Program (AHP).

In metro Atlanta, four of the winning partnerships will use more than $2 million in grants for revitalization projects and to construct single-family homes in the City of Atlanta and Dekalb County.

— Cooperative Resource Center, Inc. and Regions Bank will use
$500,000 to help renovate the Vineyard Court apartment complex
in Vine City into a 56-unit mixed-income development.
— Atlanta Habitat for Humanity and SunTrust Bank will use $350,000
to help build 70 new single-family homes in Fulton and Dekalb
counties.
— FHLBank Atlanta will award $1 million in AHP grants to Senior
Connections and First Bank of the South to repair 240 homes for
low-income elderly homeowners throughout Atlanta.
— The Paces Foundation, Inc. and Regions Bank will use a $500,000
grant to construct Paradise Gardens, a 110-unit multifamily
apartment complex for seniors in Atlanta.

Other winning projects will use grants of up to $500,000 to develop more than 400 single-family and multifamily rental units accessible to lower-income families in Augusta, Colquitt, Columbus and Young Harris.

"AHP funds are increasingly becoming a more critical piece in community efforts to build rental and owner-occupied housing that is affordable to Georgia’s residents," said Lynn Brazen, FHLBank Atlanta director of community investment services. "Georgia projects such as Vineyard Court, and the Paces Foundation’s rehabilitation project on Cleveland Avenue illustrate a trend toward developing more affordable housing choices to serve populations across the board. I’m glad to see community partnerships using the Bank’s AHP funds to make that happen."

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 $273 million to address affordable housing production in the South.

Awards announced today are part of more than $13.3 million in AHP grants the Bank recently awarded in the first round of 2005. Since 1990, housing organizations have used the AHP grants to help develop nearly 50,000 housing units for very low- to moderate-income families and to provide down-payment assistance to nearly 4,000 families. For a complete list of first-round award winners and details about individual projects, visit www.fhlbatl.com/ahpwinners.

About FHLBank Atlanta

Federal Home Loan Bank of Atlanta is a $134 billion financial services organization that provides low-cost financing, community development grants, and other banking services to nearly 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 nearly $2 billion to affordable housing development in the U.S.

FIRST ROUND — AHP WINNERS

GEORGIA

Enota Village Apartments
Member: Regions Bank
Sponsor: The Paces Foundation, Inc.
Grant: $500,000.00 for 60 units

AHP funds will be used to help construct Enota Village Apartments, a proposed 60-unit multifamily, low-income housing tax credit (LIHTC) project in Young Harris. Enota Village Apartments will consist of 20 two-bedroom units, 32 three-bedroom units, eight four-bedroom units, a leasing office/clubhouse, fitness center, and designated recreational areas. The project will be developed as mixed-income property with market rate, very-low, and very, very low-income set aside units to ensure economic diversity and help mitigate the isolation of low-income families within the community.

2005A
Atlanta, GA
Member: SunTrust Bank
Sponsor: Habitat for Humanity in Atlanta, Inc.
Grant: $350,000.00 for 70 units

Habitat for Humanity in Atlanta, Inc. (Atlanta Habitat) will use AHP funds to build 70 new, single-family homes ranging in size from two to four bedrooms for families in Atlanta, Fulton County, and/or Dekalb County.

Urban Rehabilitation Project – Dekalb County
Dekalb County, GA
Member: First Bank of the South
Sponsor: Senior Connections
Grant: $500,000.00 for 120 units

AHP funds will be used for rehabilitation services for 120 very low-income senior homeowners who occupy and have title to their residences in Dekalb County. The repairs will assist the senior residents in remaining in their homes, allowing them to age in place, and will contribute to the stabilization and revitalization of the neighborhood.

Urban Rehabilitation Project – Atlanta
Atlanta, GA
Member: First Bank of the South
Sponsor: Senior Connections
Grant: $500,000.00 for 120 units

AHP funds will be used for rehabilitation services for 120 very low-income senior homeowners in Atlanta. The repairs will assist the senior residents in remaining in their homes, allowing them to age in place, and will contribute to the stabilization and revitalization of the neighborhood.

Cleveland Ave. Revitalization Initiative
Atlanta, GA
Member: Regions Bank
Sponsor: The Paces Foundation, Inc.
Grant: $500,000.00 for 110 units

The Paces Foundation, Inc. will use AHP funds to construct Paradise Gardens, a proposed, low-income housing tax credit (LIHTC) project of 110 multifamily units for seniors who are 55 years and older, in Atlanta. Paradise Gardens will consist of 98 two-bedroom units, 12 three-bedroom units, a leasing office/clubhouse, fitness center, and designated recreational areas. The Paces Foundation, Inc. will commit Paradise Gardens to a 30-year period of affordability.

Pine Woods Apartments
Colquitt, GA
Member: PeoplesSouth Bank
Sponsor: Community Development Corporation of Southwest Georgia
Grant: $500,000.00 for 32 units

AHP funds will be used to construct 32 multifamily rental units for very low-, low-, and moderate-income families in Colquitt. The apartment complex will provide seven three-bedroom units and 25 two-bedroom units. Three of the units are designed for mobility-impaired tenants.

Jordan Mills
Columbus, GA
Member: Regions Bank
Sponsor: Affordable Housing Solutions
Grant: $500,000.00 for 101 units

AHP funds will be used to rehabilitate a mostly vacant mill complex into 101 housing units for older persons (55 years and older) in Columbus. Jordan Mills will include 101 two-bedroom apartments. The apartments will be appointed with a full kitchen, including a refrigerator, stove, dishwasher, and garbage disposal. Project amenities will be geared toward the tenant base and will include numerous areas to congregate, such as sitting rooms, craft rooms, library, exercise areas, etc. Additional financing for the project will include historic and low-income housing tax credits.

Maxwell House Apartments
Augusta, GA
Member: BB&T of NC
Sponsor: Progressive Redevelopment, Inc.
Grant: $500,000.00 for 216 units

AHP funds will be used to redevelop 216 multifamily rental units in Augusta. Services will be offered to these tenants to help move them successfully from dependency to self-sufficiency. Of the 216 units at Maxwell House, 60 percent will be reserved for households earning 50 percent or less of the area median income (AMI), 20 percent will be reserved for households earning 60 percent or less of the AMI, and the remaining 20 percent will be market rate units. Additionally, 20 percent (44 units) will be reserved for homeless individuals with mental disabilities.

Vineyards Court
Atlanta, GA
Member: Regions Bank
Sponsor: Cooperative Resource Center, Inc
Grant: $500,000.00 for 56 units

AHP funds will be used to acquire and rehabilitate an existing 44-unit apartment complex in the rapidly gentrifying Vine City neighborhood in Atlanta. Cooperative Resource Center will also use AHP funds to construct 12 new rental units and a community center. The renovation will include new roofs, doors and windows, HVAC systems, appliances, electrical and plumbing fixtures, floor coverings, and painting.

Federal Home Loan Bank of Atlanta
Asia Grimes
(404) 888-8037
agrimes@fhlbatl.com

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