Printer Friendly

BANKATLANTIC RECEIVES AFFORDABLE HOUSING PROGRAM SUBSIDY TO FINANCE 70 HABITAT FOR HUMANITY HOMES IN SOUTH FLORIDA

 FORT LAUDERDALE, Fla., Sept. 24 /PRNewswire/ -- BankAtlantic (NASDAQ- NMS: ASAL) today announced it has been awarded $350,000 in subsidized funding by the Federal Home Loan Bank for construction of 70 single- family homes for low income families in South Florida. BankAtlantic is a member of the Federal Home Loan Bank of Atlanta.
 The homes will be built in partnership with Habitat for Humanity, a widely recognized non-profit group dedicated to eliminating poverty and sub-standard housing wherever it exists, and which has since 1976 constructed approximately 20,000 homes worldwide. The funding is being provided through a special Federal Home Loan Bank initiative called the Affordable Housing Program, which will provide a $5,000 grant for each of the 70 homes in the Habitat for Humanity project.
 "BankAtlantic's entry into the Affordable Housing Program bolsters our existing partnership with Habitat for Humanity, and we are most appreciative of the Federal Home Loan Bank's significant financial assistance in working to meet the low income housing needs of deserving South Florida families," said Alan B. Levan, BankAtlantic chairman and chief executive officer.
 "We at Habitat for Humanity of Broward County are also pleased and excited about the positive impact the Affordable Housing Program subsidy to BankAtlantic will have on Habitat for Humanity projects," said George Bartlett, chairman of Habitat for Humanity of Broward County. "BankAtlantic's steadfast commitment to Habitat for Humanity has been the catalyst for the dramatic growth of our organization and its ability to build and deliver decent homes to low-income families."
 Robert E. Showfetty, president of the Federal Home Loan Bank of Atlanta, said, "Working with BankAtlantic and Habitat for Humanity, our Affordable Housing Program will make a difference in the lives of these deserving South Florida families by providing them with clean, safe housing, and we are delighted to have a role in enabling these families to achieve the American dream of home ownership."
 The Habitat for Humanity $3.85 million project will provide 70 single-family homes for very low income families in South Florida. The new homes will range in size from approximately 1,200 square feet to 1,500 square feet. All 70 homes will be started not more than one year from the date the subsidy to BankAtlantic commences.
 BankAtlantic has over the past two years developed a close partnership with Habitat for Humanity, and has pledged to raise $1 million to support Habitat programs in South Florida. At the outset of its partnership with Habitat for Humanity, BankAtlantic pledged $250,000 to fund no-interest home loans, and promised to raise the additional $750,000 through various community fund-raising activities, and from corporations, businesses, financial institutions and individuals in the South Florida area. BankAtlantic also provides to Habitat at no cost a full floor of meeting and headquarters space in BankAtlantic's Pompano Beach office building, as well as 100,000 square feet of warehouse space in Coral Springs, Fla. for use primarily as a central collection, storage and distribution point for donated building materials arriving in South Florida from corporate and other large donors nationwide. BankAtlantic also provides central mortgage servicing for all Habitat for Humanity homes in Broward County.
 BankAtlantic has $1.3 billion in assets and operates 31 full-service banking offices in Broward, Palm Beach and Dade counties.
 -0- 9/24/93
 /CONTACT: David Finkelman of BankAtlantic, 305-760-5317; George Bartlett of Habitat for Humanity, 305-381-6432; or James Wallace of Federal Home Loan Bank, 404-888-5593/
 (ASAL)


CO: BankAtlantic; Federal Home Loan Bank; Habitat for Humanity ST: Florida, Georgia IN: FIN CST SU:

RK-AW -- FL007 -- 5478 09/24/93 14:28 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Sep 24, 1993
Words:597
Previous Article:ESSEX CORPORATION ANNOUNCES NEW WORKING CAPITAL LENDER
Next Article:GASOLINE TAX FACT SHEET
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters