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 ATLANTA, Sept. 23 /PRNewswire/ -- The Federal Home Loan Bank of Atlanta has announced the names of 22 southeastern financial institutions through which $5.4 million in subsidies will be awarded to finance 30 affordable housing developments in the region.
 These projects have a total projected development cost of approximately $67.7 million and will provide affordable housing for 1,598 very-low-, low- and moderate-income families and individuals.
 The subsidies, allocated through the bank's Affordable Housing Program (AHP), in combination with other funding sources, will be used to construct or rehabilitate housing for lower-income families and individuals or to provide mortgage assistance to low-income homebuyers. Approximately 72 percent of the units being financed will house families earning 50 percent or less of the median income of the area in which they are located.
 The AHP provides both interest rate subsidies and direct subsidies to build or renovate rental properties and owner-occupied housing. Financial institutions that are members of the Federal Home Loan Bank apply for the funds, which are awarded competitively on the basis of how well they meet established affordable housing criteria.
 The 30 projects announced today are the second of two groups being funded in 1993 through the AHP. The first group, announced in March, awarded approximately $5.1 million in subsidies to finance 1,419 housing units. A state-by-state summary of the 30 second-round winning AHP projects follows this release.
 Funded AHP Projects
 Second Offering 1993
 FLA Miami American Construction of 16 single-family
 Savings of units for low-income families in the
 Florida, are devastated by Hurricane Andrew.
 FSB, Miami Sponsor is West Perrine Community
 Development Corporation.
 Naples BancFlorida, Construction of a 72-unit rental
 FSB, Naples complex, Jasmine Cay, for low-income
 senior citizens and young families;
 some units for homeless families.
 Sponsor is the City of Naples.
 Various BankAtlantic, Construction of 70 single-family
 FSB, Fort homes for very low-income South
 Lauderdale Florida families. Many of the homes
 will be built in the area hit by
 Hurricane Andrew in 1992. Sponsor
 is Habitat for Humanity.
 Plymouth Crown Bank, Construction of 44 single-family
 FSB, homes for low-income farm workers
 Casselberry and homeless rural families.
 Sponsor is Housing and Neighborhood
 Development Services.
 Indiantown Fidelity Construction of five single-family
 Federal homes for low-income rural families.
 Savings Bank Sponsor is Indiantown Non-Profit
 of Florida, Housing, Inc.
 West Palm Beach
 GEO Atlanta First Union Purchase of a 79-unit apartment
 National complex for conversion to a
 Bank of cooperative, Greenbrier Colony, for
 Georgia, very low-income residents and the
 Atlanta homeless. Sponsor is First Iconium
 Baptist Church Economic Development
 Atlanta HomeBanc, Rehabilitation of a 302-unit
 FSB, apartment complex, Grant Park
 Atlanta Apartments, for very low-income
 families and the homeless. Sponsor
 is Cooperative Resource Center, Inc.
 Tucker Metro Bank, Purchase and rehabilitation of 15
 Atlanta single-family homes that will be
 sold to very low-income homeless
 families. Sponsor is Initiatives
 for Affordable Housing DeKalb, Inc.
 Atlanta SouthTrust Purchase and rehabilitation of a
 Bank of 286-unit apartment complex, DeFoor's
 Georgia, Ferry Manor, to be converted to a
 mutual housing development for low-
 and very low-income families.
 Sponsors are Atlanta Mutual Housing
 Association and Neighborhood
 Reinvestment Corporation.
 Three The Park Construction of 12 single-family
 Counties Avenue Bank, homes for homeless disabled
 Valdosta residents earning less than half
 of the area median. Sponsor is
 South Georgia Regional Development
 Remerton The Park Purchase of a 36-unit rental
 Avenue Bank, complex, Baytree Ridge Apartments,
 Valdosta that will be renovated and re-fitted
 for mentally or physically disabled
 adults. Sponsor is South Georgia
 Regional Development Center.
 MD Annapolis Loyola Purchase of Bay Ridge Gardens, a
 Federal 198-unit rental complex to be made
 Savings Bank, available for low-income and
 Baltimore homeless residents. Sponsor is Bay
 Ridge Gardens Limited.
 Westmin- Reisterstown Construction of a 40-unit rental
 ister Federal complex, Cranberry Cottages, for
 Savings Bank, low-income elderly persons. Sponsor
 Reisterstown is Enterprise Carroll County
 Development, Inc.
 NC Hyde and Cooperative Construction or acquisition of eight
 Beaufort Bank for single-family homes for purchase by
 Counties Savings, SSB, low-income rural families. Sponsor
 Wilmington is Community Developers of Beaufort-
 Hyde, Inc.
 Cary United Construction of 32 garden
 Carolina apartments, Wrenn Drive Apartments,
 Bank, that will be rented to low-income
 Whiteville families and the homeless. Sponsor
 is Downtown Housing Improvement
 SC Beaufort First Union Construction of 26 single-family
 National rental homes for low-income rural
 Bank of families. Sponsor is Volunteers
 Georgia, of America of the Carolinas.
 Columbia American Rehabilitation of Oak Hill/Henderson
 Federal Apartments to create 30 rental units
 Bank, FSB, for very low-income residents.
 Greenville Sponsor is Columbia Housing
 Development Corporation.
 Charleston First Federal Construction of 10 rental units
 Savings and for homeless single-parent families.
 Loan Associa- Sponsor is Charleston Affordable
 tion of Housing, Inc.
 Columbia The First Purchase and rehabilitation of 19
 Savings Bank, single-family homes for purchase
 FSB, by very low-income families.
 Greenville Sponsor is City of Columbia
 Community Development Department.
 Charleston The First Rehabilitate nine rental units and
 Savings Bank, and build four new units on a site
 FSB, damaged by Hurricane Hugo, for
 Greenville very low-income and homeless
 families. Sponsor is Charleston
 Affordable Housing, Inc.
 VA Richmond First Union Create a down-payment and closing-
 National cost assistance program enabling
 Bank of 32 low-income families to purchase
 Virginia, homes. Sponsor is Richmond
 Roanoke Neighborhood Housing Services, Inc.
 Staunton First Union Construction of two single-family
 National homes and completion of a third
 Bank of home for low-income rural families.
 Virginia, Sponsor is Habitat for Humanity.
 Six First Union Acquisition and rehabilitation or
 Counties National construction of 40 single-family
 Bank of homes for low-income rural
 Virginia, families. Sponsor is Virginia
 Roanoke Mountain Housing, Inc.
 Five First Union Acquisition and rehabilitation or
 Counties National construction of 50 single-family
 Bank of homes for low-income rural families.
 Virginia, Sponsor is Virginia Mountain
 Roanoke Housing, Inc.
 Sixteen First Union Acquisition and rehabilitation or
 Counties National construction of 63 single-family
 Bank of homes for low-income rural families.
 Virginia, Sponsor is Federation of Appalachian
 Roanoke Housing Enterprises, Inc.
 Rockingham First Union Construction of seven single-family
 County National homes for purchase by low-income
 Bank of rural families. Sponsor is Habitat
 Virginia, for Humanity.
 Lynchburg First Federal Construction of 30 single-family
 Savings Bank, homes for purchase by very low-
 Lynchburg income rural families. Sponsor
 is Habitat for Humanity.
 Middletown First Conversion of a vacant school
 National building to 12 rental units for
 Bank of very low-income families or
 Strasburg, individuals, including large
 Strasburg families and disabled persons.
 Sponsor is City Light Development
 Richmond Franklin Purchase and rehabilitation of five
 Federal older homes, construction of five
 Saving and new homes for purchase by low-income
 Loan families, plus renovation of 10
 Association homes for current low-income owners.
 of Richmond, Sponsor is Church Hill Neighborhood,
 Richmond Inc./Interfaith Housing Corp.
 Richmond Pioneer Conversion of two buildings to 28
 Federal single-room-occupancy rental units
 Savings Bank, for low-income individuals and the
 Hopewell elderly. Sponsor is S.R.O. Housing
 of Richmond, Inc.
 -0- 9/23/93
 /CONTACT: James Wallace of the Federal Home Loan Bank of Atlanta, 404-888-5593/

CO: Federal Home Loan Bank of Atlanta ST: Georgia IN: FIN SU:

BN-RA -- AT011 -- 5367 09/23/93 16:21 EDT
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Publication:PR Newswire
Date:Sep 23, 1993

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