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

 921 AFFORDABLE HOUSING UNITS TO BE SUBSIDIZED
 BY FEDERAL HOME LOAN BANK OF ATLANTA PROGRAM
 ATLANTA, Sept. 24 /PRNewswire/ -- More than $31 million in affordable housing will be provided for 921 very low-, low- and moderate-income families in the Southeast under a subsidy program announced today by the Federal Home Loan Bank of Atlanta.
 Approximately $4.4 million in Affordable Housing Program (AHP) subsidies of 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, Florida, Georgia, Maryland, North Carolina, South Carolina and Virginia.
 The AHP subsidies, which are the linchpins of these projects, will fund 19 projects, including housing for the mentally ill, homeless, elderly and the handicapped. Approximately 64 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.
 "Many families have received assistance in finding affordable housing in the Southeast because of this program," said Robert E. Showfety, Federal Home Loan Bank of Atlanta president. "The Federal Home Loan Bank of Atlanta is pleased to play a role in helping families to find solutions to the critical need for affordable housing in this country."
 The projects announced today are the second of two groups that were funded in 1992 under the AHP, which was established under 1989 legislation. Applications for the first round of 1993 AHP funding are due in January 1993.
 The Federal Home Loan Bank of Atlanta is an $18 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 19 AHP projects follows.
 FEDERAL HOME LOAN BANK OF ATLANTA
 Funded AHP Projects
 Second Offering 1992
 State: District of Columbia
 Project City: District of Columbia
 Lender and
 Headquarters City: First American Bank of Virginia, McLean, Va.
 Project Description: Financing to cover closing costs and buydown
 of principal to enable 24 very low-income
 families to purchase rehabilitated homes. The
 project sponsor is the Association of
 Community Organizations for Reform Now
 (ACORN).
 State: Florida
 Project City: Indiantown
 Lender and
 Headquarters City: First Federal Savings and Loan of the Palm
 Beaches, West Palm Beach, Fla.
 Project Description: Financing for 10 single-family homes for
 homeownership targeting low- and very low-
 income rural families. The project sponsor is
 Indiantown Non-Profit Housing, Inc.
 State: Florida
 Project City: Lakeland
 Lender and
 Headquarters City: First Florida Bank, N.A., Tampa, Fla.
 Project Description: Financing to redevelop an existing 132-unit
 apartment complex of one- to four-bedroom
 units to be purchased from the Federal Deposit
 Insurance Corporation. Residents will receive
 daycare and social service assistance. The
 project sponsors are Tri-County Coordinated
 Child Care and the Lakewood Terrace Housing
 Corporation.
 State: Florida
 Project City: Pensacola
 Lender and
 Headquarters City: AmSouth Bank of Florida, Pensacola, Fla.
 Project Description: Financing for the acquisition, rehabilitation
 and permanent financing of three Resolution
 Trust Corporation (RTC) apartment complexes
 containing 89 units. The project sponsor is
 Community Equity Investment, Inc.
 State: Florida
 Project City: Port Richey
 Lender and
 Headquarters City: First Federal Savings and Loan of Florence,
 Florence, Ala.
 Project Description: Financing to purchase and rehabilitate 84
 rental units and construct 16 new units on
 donated land. The project sponsor is Florida
 Housing Affordability, Inc.
 State: Georgia
 Project City: Atlanta
 Lender and
 Headquarters City: Tucker Federal Savings and Loan Association,
 Tucker, Ga.
 Project Description: Funding to rehabilitate 16 existing units and
 build 50 additional units in a cooperative
 housing development for low- and moderate-
 income families. Some of the units will be
 for homeless families or individuals. The
 project sponsor is Progressive Redevelopment,
 Inc.
 State: Georgia
 Project City: Atlanta
 Lender and
 Headquarters City: SouthTrust Bank of Alabama, N.A., Birmingham,
 Ala.
 Project Description: Financing the acquisition and rehabilitation
 of an apartment complex in Atlanta to be
 converted to a 42-unit housing cooperative.
 The project sponsor is the Cooperative
 Resource Center.
 State: Georgia
 Project City: Macon
 Lender and
 Headquarters City: Liberty Savings Bank, FSB, Macon, Ga.
 Project Description: Funding to rehabilitate an existing building
 to provide 96 single-room occupancy units for
 low-income individuals and the homeless. The
 project sponsors are the Macon Housing
 Authority and the Greater Macon Housing
 Corporation.
 State: Maryland
 Project City: Laurel
 Lender and
 Headquarters City: Loyola Federal Savings Bank, Glen Burnie, Md.
 Project Description: Financing to construct a 54-unit rental
 project that will serve very low-income
 families. The project sponsor is the Laurel
 Quality of Life Foundation, Inc.
 State: North Carolina
 Project City: Asheville
 Lender and
 Headquarters City: Asheville Federal Bank, FSB, Asheville, N.C.
 Project Description: Funding to construct a 10-unit, multi-family
 rental development designed to serve very low-
 income families and provide a bridge to
 homeownership. The project sponsor is
 Mountain Housing Opportunities, Inc.
 State: North Carolina
 Project City: Bessemer City
 Lender and
 Headquarters City: East Coast Federal Savings Bank, Goldsboro,
 N.C.
 Project Description: Financing for a new 34-unit apartment complex
 for very low-income families. The project
 sponsor is Brown-Loving Company.
 State: North Carolina
 Project City: Raleigh
 Lender and
 Headquarters City: Central Carolina Bank and Trust Company,
 Durham, N.C.
 Project Description: Financing to construct 44 garden apartments
 for families earning less than 50 percent of
 the area median. Two of the units will be set
 aside for homeless families. The project
 sponsor is the Downtown Housing Improvement
 Corp. (DHIC).
 State: South Carolina
 Project City: Cheraw
 Lender and
 Headquarters City: First Federal Savings and Loan Association of
 Cheraw, Cheraw, S.C.
 Project Description: Financing for rehabilitation loans to low-
 income homeowners and to investors renting
 single-family homes to low-income tenants.
 The project sponsor is the City of Cheraw.
 State: Virginia
 Project City: Arlington
 Lender and
 Headquarters City: First American Bank of Virginia, McLean, Va.
 Project Description: Funding to refinance a 93-unit multi-family
 project serving a mentally disabled resident
 population with incomes of 50 percent or less
 of the area median income. The project
 sponsor is the Arlington Community Residences,
 Inc.
 State: Virginia
 Project City: Lynchburg
 Lender and
 Headquarters City: First Federal Savings Bank, Lynchburg, Va.
 Project Description: Permanent financing of 20 single-family homes
 of low-income families. The project sponsor
 is the Greater Lynchburg Chapter, Habitat for
 Humanity.
 State: Virginia
 Project City: Petersburg
 Lender and
 Headquarters City: Virginia First Savings Bank, FSB, Petersburg,
 Va.
 Project Description: Funding to provide homeownership opportunities
 for 20 low-income families. The project
 sponsors are Petersburg Redevelopment and
 Housing Authority, Petersburg Community
 Development Corporation and the Virginia State
 University Public Administration Department.
 State: Virginia
 Project City: Richmond
 Lender and
 Headquarters City: Dominion Bank, N.A., Roanoke, Va.
 Project Description: Funding for new construction and
 rehabilitation of an existing building for
 low-income families. The project sponsor is
 the Richmond Better Housing Coalition.
 State: Virginia
 Project City: Southwest Virginia
 Lender and
 Headquarters City: Dominion Bank, N.A., Roanoke
 Project Description: Funding to build 19 homes in rural southwest
 Virginia for very low- and low-income
 families. The project sponsor is the
 Southwest Virginia Housing Loan Fund. The
 project will receive additional funding from
 the Appalachian Regional Commission and from
 the Virginia Housing Development Authority.
 State: Virginia
 Project City: Winchester
 Lender and
 Headquarters City: First American Bank of Virginia, McLean
 Project Description: Funding to rehabilitate and construct six
 rental units for occupancy and ultimate
 ownership by very low-income families. The
 project sponsor is City Light Development
 Corporation.
 -0- 9/24/92
 /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: IN: FIN SU:


EA-BR -- AT005 -- 2982 09/24/92 10:05 EDT
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Date:Sep 24, 1992
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