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845 AFFORDABLE HOUSING UNITS TO BE SUBSIDIZED BY FEDERAL HOME LOAN BANK OF ATLANTA PROGRAM

 845 AFFORDABLE HOUSING UNITS TO BE SUBSIDIZED
 BY FEDERAL HOME LOAN BANK OF ATLANTA PROGRAM
 ATLANTA, Dec. 17 /PRNewswire/ -- More than $38 million of affordable housing was approved today for 833 very low-, low- and moderate-income families in the Southeast.
 This housing will be subsidized using funds from the Federal Home Loan Bank of Atlanta.
 The bank's $3.62 million in subsidies, in conjunction with other funding sources, will be used to construct or refurbish housing for families in Florida, Georgia, Maryland, North Carolina, South Carolina, and Virginia.
 The Affordable Housing Program (AHP) subsidies will fund 13 projects for 833 single- and multi-family units, including construction of housing with preference given to the homeless and the elderly. Sixty-four percent of the units being financed with AHP subsidies will house families earning 50 percent or less of an area's median income.
 The subsidies will apply to nearly $13 million in loans to the bank's member financial institutions, which in turn will finance affordable housing projects valued at more than $38 million. The funds will be used for both new construction and rehabilitation.
 The AHP features interest rate subsidies for projects that involve the development or rehabilitation of owner-occupied or rental housing for low- and moderate-income families. Financial institutions that are members of the Federal Home Loan Bank of Atlanta apply for the funds. The projects are awarded on a competitive basis, based on how well they meet the federally mandated AHP criteria.
 "The projects awarded under the AHP are diverse and will reach many families," said Robert E. Showfety, Federal Home Loan Bank of Atlanta president. "Our focus on providing economical home financing is exemplified by the positive impact this program is having on families in the Southeast that will receive affordable housing because of this program."
 The projects announced today are the second group funded for 1991 under the AHP, which was established by the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) of 1989. The bank contributed $5.2 million in AHP subsidies for the first round of the program this year. The Federal Home Loan Banks each contribute a portion of their earnings to the program.
 The Federal Home Loan Bank of Atlanta is a $17 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 Atlanta bank is one of 12 in the Federal Home Loan Bank System, established in 1932 to help house America by offering credit at competitive rates for economical home financing.
 A state-by-state summary of the 13 projects follows:
 FEDERAL HOME LOAN BANK OF ATLANTA
 Funded AHP Projects
 Second Offering 1991
 PROJECT LENDER AND PROJECT PROJECT
 STATE CITY HQ CITY DESCRIPTION COST
 (Approx.)
 Florida Naples Parkway Financing the $6.9 mil
 Bank, Fort construction of 120
 Myers apartment units with at
 least half to house
 families earning 50
 percent or less of
 Naples' median income
 and six units for the
 homeless. The nonprofit
 sponsor is Florida
 Affordable Housing, Inc.
 Sanford Crown Financing of a $9.1 mil
 Savings 168-unit garden-style
 Association, apartment complex, designed
 Casselberry for large families. Eight
 of the units will be set aside
 for homeless families. The
 nonprofit sponsor is Florida
 Affordable Housing, Inc.
 Georgia Atlanta Prime Bank, Financing the $1.3 mil
 FSB, purchase, rehabilitation
 Decatur and sale of 19 single-
 family homes in the Atlanta
 University Center neighborhood.
 The nonprofit co-sponsors
 are Atlanta Neighborhood
 Housing Services, Inc.,
 and the University Community
 Development Corporation.
 Cumming Home Trust Financing for the $2.1 mil
 Bank, construction of a 48-unit,
 Gainesville multi-family project that
 will house very-low and
 low-income elderly in a
 rural county. The nonprofit
 sponsor is Catholic Housing
 Initiatives, Inc.
 Smyrna Georgia Financing the $1.9 mil
 Federal replacement of original
 Bank, heating, ventilation and air
 Atlanta conditioning equipment in a
 184-unit apartment complex
 purchased from the Resolution
 Trust Corporation. The for-
 profit sponsor is Harmony
 Forest, Ltd.
 Maryland Baltimore Loyola Financing for $2.1 mil
 Federal rehabilitation of five
 Savings and apartment buildings to
 Loan create a 36-unit cooperative
 Association, in Baltimore. The nonprofit
 Baltimore sponsor is Baltimore
 Corporation for Housing
 Partnerships, Inc.
 Baltimore Loyola Financing for $5.7 mil
 Federal construction of a 108-unit
 Savings and rental complex for the
 Loan elderly and handicapped in
 Association, Baltimore County. The
 Baltimore project sponsor is Shelter
 Development Corporation/
 Shelter Foundation.
 Cumberland First Financing to write $1.2 mil
 Federal down the principal amount
 Savings Bank on 50 units of housing in
 of Western rural Allegany County. The
 Maryland, units will provide rental
 Cumberland and homeownership opportunities
 for families earning 50
 percent or less of the area
 median income. The nonprofit
 sponsor is Interfaith
 Consortium of Greater
 Cumberland, Inc.
 Prince Maryland Subsidy to provide $1.6 mil
 George's Federal mortgage financing on 18
 County Savings and single-family homes that
 Loan will house families earning
 Association, 80 percent or less of the
 Hyattsville Prince George's County median
 income. The project is sponsored
 jointly by the Housing Authority
 of Prince George's County and
 United Communities Against
 Poverty.
 North Asheboro Randolph Subsidy to provide $890,000
 Carolina Bank and permanent financing on an
 Trust abandoned high school
 Company, building that will be
 Asheboro rehabilitated and converted
 to a 22-unit, single-bedroom
 housing complex for the
 elderly. The nonprofit
 sponsor is Eastside
 Improvement Association, Inc.
 Kinston First Financing to write $881,000
 Financial down the interest rate on
 Savings mortgages for 18 single-
 Bank, Inc., family units that will be
 Kinston built and sold to families
 earning 65 percent or less
 of the Kinston area median.
 The project sponsors are the
 City of Kinston, Kinston
 Housing Authority and the
 Lenoir County United Way.
 South Greenville American Financing on 10 $1.3 mil
 Carolina Federal single-family units that
 Bank, FSB, are part of the Poe Mill
 Greenville Homeownership project.
 The project sponsor
 is the Greenville County
 Redevelopment Authority.
 Virginia Southwest Dominion Subsidy to capitalize $1.3 mil
 Virginia Bank, N.A., a housing loan fund that
 Roanoke will finance 32 units of newly
 constructed, single-family
 homes and the purchase,
 rehabilitation and sale of
 four single-family units in
 rural southwest Virginia.
 The project sponsor is the
 Federation of Appalachian
 Housing Enterprises.
 -0- 12/17/91
 /CONTACT: Rebecca A. Vail, 404-888-8119, or James 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:


BR-BN -- AT015 -- 3158 12/17/91 17:31 EST
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Date:Dec 17, 1991
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