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 Back
BOSTON — The Federal Home Loan Bank of Boston (the Bank)
awarded $533,568 in grants to fund 34 units of affordable
housing in Bridgeport, Stratford, New Haven, and Waterbury.
In all, 12 initiatives in New England received nearly $8.0
million in grants and advances as part of the Bank's Affordable
Housing Program (AHP) to create or preserve 308 rental and
ownership units for very low-, low-, and moderate-income individuals
and families.
Each year, the Bank sets aside 10 percent of its net profits
to provide grants and subsidized, below market-rate loans
through the AHP. In 2004, the Bank committed $8.6 million
in direct grants and subsidies to fund affordable-housing
initiatives in New England. "As the price of housing
in New England reaches record levels, the AHP helps our members
produce more affordable housing in the communities they serve,"
said Michael A. Jessee, the Bank's president and chief executive
officer. "Safe, decent, affordable housing is essential
to keeping the region vibrant, and the Federal Home Loan Bank
of Boston is firmly committed to helping communities throughout
the district address this critical shortage."
AHP funds are used to create or preserve affordable housing
and help pay construction, acquisition, or rehabilitation
costs, or help cover down-payment and closing-cost expenses
for eligible home buyers. Member financial institutions work
with local developers to apply for AHP funding, awarded twice
a year by a competitive scoring process. The application deadline
for the second round of this year's AHP awards is October
4, 2004.
The Federal Home Loan Bank of Boston (www.fhlbboston.com)
is a $42 billion, cooperatively owned wholesale bank for housing
finance in the six New England states. Its mission is to support
the residential-mortgage and community-development lending activities
of its members, which include over 460 financial institutions
across New England. To accomplish its mission, the Bank utilizes
private-sector capital to provide members and other qualified
customers with reliable access to low-cost wholesale funds,
liquidity, a competitive outlet for the sale of loans, special
lending programs, technical assistance, and other products and
services. Information on the awards follows, and is also available
at
www.fhlbboston.com/ahp. For more information, see our backgrounder.
The Awards
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Location: |
Bridgeport
and Stratford, Connecticut |
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Member: |
Connecticut Community Bank,
N.A. |
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Sponsor: |
Habitat for Humanity
of Greater Bridgeport, Connecticut, Inc. |
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Units: |
20 ownership units |
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Subsidy: |
$160,000 grant
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Habitat New Hope
& East Side Neighborhood Rebuild |
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New construction of 20 detached, single-family homes.
The Bridgeport homes will be constructed on building
lots donated by the City of Bridgeport, and the Stratford
homes will be constructed on vacant property that had
been a public-housing project. All 20 homes will be
sold to very low-income, first-time home buyers who
will provide sweat equity and assist with project design
and development. Home buyers will also have the opportunity
to participate in Neighborhood Revitalization Zone activities,
resident associations, and Habitat committees. Supportive
services include conflict-resolution training, language
classes, and neighborhood-security workshops. Total
development costs are funded by private donations received
by Habitat, construction financing provided by the member,
and the AHP grant. The AHP grant will be used for acquisition
and construction costs.
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Location: |
New Haven,
Connecticut |
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Member: |
NewAlliance Bank |
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Sponsor: |
Habitat for Humanity
of Greater New Haven |
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Units: |
3 ownership units |
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Subsidy: |
$90,000 grant |
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Eaton Row |
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New construction of three homes for sale to very low-income
families in the final phase of The Homes at Monterey
Place, part of the Elm Haven HOPE VI Revitalization
Plan. Habitat for Humanity of Greater New Haven, in
partnership with the Housing Authority of New Haven,
worked with Jonathan Rose Companies to ensure that the
home designs share common elements and clean site lines
to achieve architectural harmony with other homes on
the street. The houses will be on noncontiguous lots
to facilitate integration with the neighborhood. All
are conveniently located to public transportation. NewAlliance
Bank is providing a grant of $100,000. The AHP grant
will be used for construction costs.
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Location: |
Waterbury,
Connecticut |
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Member: |
Webster Bank |
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Sponsor: |
Connecticut Urban
Legal Initiative, Incorporated |
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Units: |
11 ownership units |
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Subsidy: |
$283,568 grant
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Scovill Homes Area
Revitalization Project (SHARP) |
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Rehabilitation of 11 row houses. The program will provide
very low- and low-income families an opportunity to
own their own home. The project is the first phase of
a comprehensive community-development program that comprises
seven row-house buildings with 137 units, originally
developed as workforce housing in 1917. Each house will
contain three bedrooms, a bath, a cellar, and a backyard,
as well as common and play areas for children. This
endeavor is the result of community organizations, city
government, and area residents working together, along
with the technical support of Yale University and the
University of Connecticut. The sponsor has incorporated
a mechanism in the mandatory homeowners association
to monitor and ensure proper maintenance to affect the
property's long-term preservation. Webster Bank is providing
a $440,000 construction loan. The AHP grant will be
used for construction and rehabilitation costs.
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