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1,419 AFFORDABLE HOUSING UNITS IN SOUTHEAST TO BE SUBSIDIZED BY FEDERAL HOME LOAN BANK OF ATLANTA PROGRAM

 ATLANTA, March 25 /PRNewswire/ -- More than $78 million in affordable housing will be provided for 1,419 very low-, low- and moderate-income families and individuals in the Southeast under a subsidy program announced today by the Federal Home Loan Bank of Atlanta.
 Approximately $5.07 million in Affordable Housing Program (AHP) subsidies from the Federal Home Loan Bank of Atlanta, combined with other funding sources, will be used to construct or renovate housing for lower-income families living in the District of Columbia, Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina and Virginia, or to provide mortgage assistance for low-income homebuyers.
 The AHP subsidies, which are the linchpins of these projects, will fund 21 projects, including housing for persons with AIDS, homeless, elderly and the handicapped. Approximately 65 percent of the units being financed will house very low-income families that earn 50 percent or less of the area median.
 The AHP features interest rate subsidies and direct subsidies for projects that involve building or rehabilitating owner-occupied or rental housing. Financial institutions that are members of the Federal Home Loan Bank of Atlanta apply for the funds, which are awarded competitively on the basis of how well they meet federally mandated criteria.
 "This program is so worthwhile because it helps many families and individuals who would not receive affordable housing assistance otherwise," said Robert E. Showfety, Federal Home Loan Bank of Atlanta president. "We are very excited about the work the Federal Home Loan Bank of Atlanta is doing in the area of affordable housing and are pleased to be able to award this financing to so many deserving organizations."
 The projects announced today are the first of two groups to be funded in 1993 under the AHP, which was established under 1989 legislation. Applications for the second round of 1993 AHP funding are due on July 15.
 The Federal Home Loan Bank of Atlanta is a $19 billion reserve credit bank that provides low-cost financing and other banking services. It serves financial institutions in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia and the District of Columbia. The Federal Home Loan Bank System was established in 1932 to help house America by offering credit at competitive rates for economical home financing.
 A state-by-state summary of the 21 AHP projects follows.
 FEDERAL HOME LOAN BANK OF ATLANTA
 Funded AHP Projects
 First Offering 1993
 PROJECT LENDER AND PROJECT
 STATE CITY HQ CITY DESCRIPTION
 DC Washington Dominion Financing to provide downpayment
 Bank, N.A. assistance for 66 very low- to
 Roanoke, to low-income families purchasing
 Va. homes. The project sponsor is
 the D.C. Local Development
 Corporation.
 ALA Birmingham New South Financing to build 100 single-family
 Federal rental units for the elderly with
 Savings incomes at 60 percent or less of the
 Bank, area median. The project sponsor is
 Irondale Spring Garden II, Ltd., a general
 and limited partnership consisting
 of a for-profit entity and the
 Jefferson County Assisted Housing
 Corporation, a nonprofit.
 FLA Boynton First Financing for a 240-unit, multi-
 Beach Federal family rental complex for low-
 Savings and income elderly and families. The
 Loan Assn. project sponsor is Florida
 of the Palm Affordable Housing, Inc.
 Beaches, W.
 Palm Beach
 Fort Myers Parkway Bank Financing to build 20 single-family,
 Fort Myers owner-occupied units. The project
 sponsor is Habitat for Humanity of
 Lee County, Inc.
 Miami/Dade Citibank, Financing to provide forgivable third
 County FSB, Miami mortgages to 25 very low-income
 families purchasing homes in Dade
 County. The project sponsor is
 Homes for South Florida, Inc.
 Miami/Dade Citibank, Financing on a 188-unit, multi-family
 County FSB, Miami rental project in Miami for very
 low-, low- and moderate-income
 households. Five units will serve
 homeless families. A day care
 center, bank and convenience store
 will be on-site. The project
 sponsors are Tacolcy Economic
 Development Corporation and Codina
 Development.
 GEO Metro Mutual Funding to fill a gap in a project
 Atlanta Federal involving the conversion of an office
 Savings and building to 46 single-room-occupancy
 Loan units that will house homeless
 Association individuals who have AIDS. This
 of Atlanta, project involves a joint effort
 Atlanta effort between Mutual Federal Savings
 and Loan Association, the city of
 Atlanta, and Cooperative Resource
 Center, Inc., a nonprofit.
 Decatur Tucker Financing to fill a funding gap in
 Federal the Lin-Del Cooperative Ownership
 Savings and project involving the rehabilitation
 Association, of 46 units and construction of four
 Tucker units. The project sponsor is
 Progressive Redevelopment, Inc., a
 nonprofit.
 Blue Ridge Trust Financing to build 24 single-family
 Company Bank ownership units for the elderly in
 of North rural Fannin County. The project
 Georgia, sponsor is North Georgia Mountain
 Gainesville Continuing Care Retirement Community,
 Inc.
 MD Baltimore Loyola Financing to rehabilitate and build
 Federal a 120-unit, single-room-occupancy
 Savings Bank complex for the homeless. The
 Baltimore project sponsor is Associated
 Catholic Charities, Inc.
 Baltimore Loyola Financing to rehabilitate the
 Federal Bellevieu-Manchester project, a 48-
 Savings Bank unit, senior citizens housing
 Baltimore complex. The project sponsor is
 the Madison Avenue Presbyterian
 Church Development Corporation.
 Waldorf Tri-County Financing to develop 120 single-
 Federal family and co-op units in a rural
 Savings area of the county. Seventy of the
 Bank of single-family units will be built
 Waldorf, with sweat equity. The project
 Waldorf sponsor is H.O.U.S.E. Inc.
 NC Asheboro Randolph Financing to convert a historic
 Bank and school building into 18 one-bedroom
 Trust apartments for low-income elderly.
 Company The East Side Improvement
 Asheboro Association, Inc. is the project
 sponsor.
 Chapel Hill Central Financing on a 55-unit rental
 Carolina complex that will house families
 Bank, earning 50 percent or less of the
 Durham area median. The project sponsor
 is Orange County Housing
 Corporation, Inc.
 New Bern Raleigh Financing for first mortgages to 15
 Federal families earning less than 60
 Savings Bank percent of the area median, and to
 Raleigh 15 families earning less than 50
 percent of the area median. The 30
 homes will be built on land donated
 by the city. The project sponsor is
 Neuse River Community Development
 Corporation.
 SC Charleston First Financing to fill a funding gap in
 Federal a 50-unit single-room-occupancy
 Savings and development that includes 10 units
 Loan for handicapped individuals and will
 Association house homeless individuals earning
 of 30 percent or less of the area
 Charleston, median. The project sponsor is
 Charleston Volunteers of America of the
 Carolinas.
 Columbia The First Financing to fund a portion of a
 Savings rehabilitation project, St. Lawrence
 Bank, Place, involving 31 multi-family
 Greenville units for individuals and families
 earning 40 percent or less of the
 area median. The project sponsor is
 the Trinity Housing Corporation.
 VA Chesapeake Dominion Financing to purchase a 32-unit
 Bank, N.A. rental complex. The project, Century
 Roanoke Plaza Apartments, is sponsored by
 New Dominion Housing, Inc.
 Newport Dominion Financing the conversion of a hotel
 News Bank, N.A. to an 88-unit single-room-occupancy
 Roanoke complex targeted to serve very low-
 income, single adults. The project
 sponsor is Virginia Mountain Housing.
 Norfolk Dominion Financing as an equity investment in
 Bank, N.A. a 40-unit rental property called
 Roanoke Pine Manors Apartments. Two units
 have been set aside for the homeless.
 The project sponsor is New Dominion
 Housing, Inc.
 Richmond Dominion Financing for a 28-unit, multi-
 Bank, N.A. family rehab project involving seven
 Roanoke fourplex buildings located in a
 redevelopment area of the city. The
 project sponsors are the Task Force
 for Historic Preservation and the
 Minority Community.
 -0- 3/25/93
 /CONTACT: Rebecca A. Vail, 404-888-8119, or James J. Wallace, 404-888-5593, both of the Federal Home Loan Bank of Atlanta/


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

BN-RA -- AT005 -- 9464 03/25/93 09:58 EST
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