Back

BOSTON — The Federal Home Loan Bank of Boston (the Bank) awarded nearly $1.3 million to fund 25 units of affordable rental housing in Enosburg Falls, Vermont. Of this amount, more than $440,000 was in the form of a grant or advance subsidy. In all, 16 initiatives in New England received more than $13.2 million in grants, loans, and rate subsidies as part of the Bank’s Affordable Housing Program (AHP) to create or preserve 377 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. “Once again, our members and their community partners have come together to address the severe affordable-housing challenge facing our cities, towns, and neighborhoods,” said Michael A. Jessee, the Bank’s president and chief executive officer. “The AHP encourages our member financial institutions, community organizations, and local housing agencies to create housing opportunities for families and individuals throughout New England.”

The Federal Home Loan Bank of Boston (www.fhlbboston.com) is a 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:	Enosburg Falls, Vermont
	Member:	Merchants Bank
	Sponsor:	Housing Vermont
	Units:	25 rental units
	Subsidy:	$440,992 grant and subsidy, $825,000 advance
	Enosburg Falls Post Fire Reconstruction
	Downtown construction to replace rental housing and retail space lost during a fire and reestablish the commercial and residential heart of the village. The sponsor has formed a partnership with the local business community, the village, and the Lake Champlain Housing Development Corporation (LCHDC). The development will replace the original structure and add additional affordable units. Twenty-eight units will be built, of which three will be market rate. The initiative will provide microbusiness lending, adult daycare, transportation, and financial planning. Smart-growth elements include the reuse of an existing site, access to public transportation, and energy-efficient design. Housing Vermont and LCHDC are co-general partners in this initiative. At the end of the 15-year tax credit and AHP retention period, Housing Vermont will provide LCHDC the option to purchase the property. Approved in Round One of the 2006 AHP.