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BOSTON — The Federal Home Loan Bank of Boston (the Bank) awarded nearly $7.6 million to fund 103 units of affordable rental housing in Vermont. Of this amount, nearly $1.5 million was in the form of a grant or advance subsidy. In all, 12 initiatives in New England received more than $14.5 million in grants, loans, and rate subsidies as part of the Bank's Affordable Housing Program (AHP) to create or preserve 361 rental and ownership units for very low-, low-, and moderate-income individuals and families.

The Bank sets aside 10 percent of its net profits each year to provide grants and subsidized, below market-rate loans through the AHP. "Members and their community partners turn to the AHP as an important resource for funding affordable housing," said Michael A. Jessee, the Bank's president and chief executive officer. "Together we're helping to increase the supply of affordable housing throughout New England."

Added Senator Patrick Leahy, "Access to decent, safe, affordable housing helps foster strong families and strong communities. But rising housing costs are putting that goal beyond the reach of many Vermonters, just as they are in other parts of the country. This investment by the Federal Home Loan Bank of Boston will help alleviate the tight rental market by adding more than 100 new apartments to our housing stock. From Burlington to Middlebury to Rutland, this helps Vermont, right where we live."

AHP funds are used to create or preserve affordable housing and help pay construction, acquisition, or rehabilitation costs. Member financial institutions work with local developers to apply for AHP funding, awarded twice a year through a competitive scoring process. The application deadline for the second and final round of this year's AHP awards is September 30, 2005.

The Federal Home Loan Bank of Boston (www.fhlbboston.com) is a $45 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

	Location:	Middlebury, Vermont
	Member:	Citizens Bank New Hampshire
	Sponsor:	Addison County Parent/Child Center
	Units:	10 rental units
	Subsidy:	$300,000 grant
	Elm Street Transitional Housing Project
	Acquisition and rehabilitation of a boarding house to create 11 service-enriched, transitional apartments for homeless young adults and parents. This initiative will provide nine units for very low-income individuals, one unit for a household earning between 51 to 60 percent of the area median income, and one unrestricted apartment for a resident manager. Residents will participate in the sponsor's Learning Together program and have access to daycare, employment training, and self-sufficiency services. Residents will help develop the facility and participate in its management through a residents' council. This initiative will promote smart-growth goals by reusing land, providing access to public transportation, achieving a density of at least eight units per acre, building high-performance housing, and contributing to the neighborhood's security by participation in crime-watch activities. Citizens Bank will provide construction financing. The Vermont Housing and Conservation Board and the Vermont Community Foundation will provide additional funding. AHP funds will be used for acquisition, construction, rehabilitation, and other soft costs. Approved in Round One of the 2005 AHP.

	Location:	Rutland, Vermont
	Member:	Passumpsic Savings Bank
	Sponsor:	Green Mountain Development Group, Inc., and Rutland Area Visiting Nurse Association and Hospice (RAVNAH)
	Units:	30 rental units
	Subsidy:	$598,395 grant and advance subsidy, $4.7 million advance
	Maples Senior Living Community - Phase 3
	New construction of a two-story building to create 60 senior housing units, 18 of which will be affordable to very low-income elderly and 12 will be affordable to low-income seniors earning less than 80 percent of area median income. The remaining 30 units will have no income restrictions, making Phase III a truly diverse economic community. By providing supportive-service housing for seniors of all income levels, the Maples promotes both economic and social stability for the City of Rutland and its senior population. To address the need for affordable supportive housing, Maples Senior Living Community will offer independent-living apartments in conjunction with on-site meals, health care, counseling, and other social services. AHP funds will be used for acquisition, construction, rehabilitation, and other soft costs. Approved in Round One of the 2005 AHP.

	Location:	South Burlington, Vermont
	Member:	Chittenden Trust Company
	Sponsor:	Cathedral Square Corporation
	Units:	63 rental units
	Subsidy:	$568,926 grant and advance subsidy, $1.398 million advance
	Farrell Street Senior Housing & Service Center
	Development of 63 one- and two-bedroom apartments with extensive supportive services for the elderly, including a commercial kitchen, dining facility, wellness center, and a resident-service coordinator. The proposed four-story building will serve 42 very low-income seniors and 21 seniors with incomes between 51 to 60 percent of the area median income. It will provide housing for frail elders and enable them to remain in their apartments as their health-care needs grow. The building will also have an adult day center operated by the Visiting Nurses; office space for three local agencies serving seniors, including Cathedral Square Corporation's main office; and a service center offering programs and information to the wider community. The initiative is financed with both a HUD 202 Capital Grant and Low Income Housing Tax Credits. Chittenden Trust will provide a permanent loan, and the Vermont Housing and Conservation Board and the Vermont Community Development Program will provide additional funding. AHP funds will be used for construction and rehabilitation. Approved in Round One of the 2005 AHP.