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BOSTON — The Federal Home Loan Bank of Boston (the Bank) awarded more than $6.8 million to fund 224 units of affordable housing in 10 Massachusetts communities. Of these, 200 will be rental and 24 will be ownership units. In all, 23 initiatives throughout New England received more than $18 million in grants, loans, and rate subsidies as part of the Bank’s Affordable Housing Program (AHP) to create or preserve 629 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. “The AHP is one way we help our member banks help their communities secure safe, decent, and affordable housing,” said Michael A. Jessee, the Bank’s president and chief executive officer. “This round helps a wide range of households throughout New England, from the homeless and elderly to the disabled and those fleeing domestic violence. We are proud to help make a difference in the lives of these families.”

“I am pleased that the Home Loan Bank will continue to make funding available for low income housing,” added Congressman Barney Frank (D-MA 4). “The success of this program in New England and elsewhere is a major reason I have worked to create a similar and much larger affordable housing program in legislation to restructure Fannie Mae and Freddie Mac.”

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:	Brookline, Massachusetts
	Member:	Wainwright Bank & Trust Company
	Sponsor:	Planning Office for Urban Affairs
	Units:	20 rental units
	Subsidy:	$199,902 grant and subsidy, $250,000 advance
	St. Aidans Mixed Income Housing
	Adaptive reuse of a former Roman Catholic Church property to create 20 affordable apartments integrated into a larger mixed-use development. Twelve units will be occupied by households with incomes at or below 50 percent of area median income and eight units will be for households between 61 and 80 percent of area median income. All residents will benefit from transportation services, financial literacy training, an after-school program, and participation on the residents’ council. This initiative reuses previously developed land, is accessible to public transportation, incorporates high-performance, energy-efficient elements, and contributes to community organizing activities. In addition to the AHP direct subsidy and subsidized advance, Wainwright Bank & Trust Company will provide construction financing. Other funding includes Low Income Housing Tax Credit equity and grants from HOME, Massachusetts DHCD, MassHousing, and the Town of Brookline. Approved in Round One of the 2007 AHP.

	Location:	Franklin, Massachusetts
	Member:	Wainwright Bank & Trust Company
	Sponsor:	The Community Builders, Inc.
	Units:	50 rental units
	Subsidy:	$400,000 grant
	Eaton Place
	New construction of a 50-unit HUD Section 202 rental development for very low-income elders. The project will be constructed on land donated by the town of Franklin and will consist of one-bedroom units. All residents will benefit from financial-planning, transportation, and computer-training services, and participation on the residents’ council. This initiative will incorporate high-performance, energy-efficient elements and contribute to community organizing activities. Wainwright Bank & Trust Company will provide construction financing, including the AHP grant. Other funding comes from the City of Franklin HOME funds, DHCD HOME, Housing Innovation Funds, Affordable Housing Trust Funds, and Energy Star Rebates. Approved in Round One of the 2007 AHP.

	Location:	Haverhill, Massachusetts
	Member:	TD Banknorth, N.A.
	Sponsor:	Emmaus, Inc.
	Units:	21 rental units
	Subsidy:	$165,000 grant and subsidy, $150,000 advance
	Murray Court
	Construction of 21 units of permanent housing for very low-income, homeless individuals, with priority given to homeless elderly. The property will also include a one-bedroom unit for a resident manager. The sponsor will help residents form a residents’ council and provide employment training, financial literacy classes, and job placement. The property reuses land, is accessible to mass transit, incorporates high-performance, energy-efficient design elements, and promotes community safety and leadership opportunities. TD Banknorth, N.A. is providing construction and permanent financing, a grant, and reduced loan fees. Additional funding includes HOME funds, Massachusetts Housing Stabilization, Innovations and Affordable Housing Trust funds, private foundations, and sponsor equity. Approved in Round One of the 2007 AHP.

	Location:	Lawrence, Massachusetts
	Member:	River Bank
	Sponsor:	Merrimack Valley Habitat for Humanity
	Units:	4 ownership units
	Subsidy:	$97,142
	Market Common II
	Construction of four, three-bedroom homes on donated land to create homeownership opportunities for first-time, very low-income home buyers. Home buyers will contribute sweat equity and form a home-owners’ association. The sponsor will provide financial planning, a family self-sufficiency program, and homeownership counseling. This initiative reuses land, is accessible to public transportation, has a residential density of at least eight units per acre, incorporates high-performance, energy-efficiency features, and promotes civic and leadership opportunities for the home buyers. River Bank is providing construction and permanent financing to Habitat for these four homes. Additional funding will include private fundraising by the sponsor. Approved in Round One of the 2007 AHP.

	Location:	Lynn, Massachusetts
	Member:	Salem Five Cents Savings Bank
	Sponsor:	Lynn Home for Women
	Units:	34 rental units
	Subsidy:	$760,084 grant and subsidy, $1,489,793 advance
	Washington Square Residence Rehabilitation
	Substantial rehabilitation and expansion of a single-room-occupancy (SRO) resource for low-income individuals owned and operated by the sponsor since 1906. Thirty-four units will target individuals earning less than 50 percent of the area median income, including 10 units that will be set aside for homeless individuals. Nine additional units will target those earning above 80 percent of the area median income. All residents will be offered ESL and GED classes and the opportunity to participate on the residents’ council and the sponsor’s board of directors. This initiative reuses previously developed land, is accessible to public transportation, incorporates high-performance, energy-efficient features, and contributes to community organizing activities. Additional funding sources include the Massachusetts Affordable Housing Trust, Housing Innovation Fund, HOME, and sponsor equity. Approved in Round One of the 2007 AHP.

	Location:	Newburyport, Massachusetts
	Member:	Institution for Savings in Newburyport and its Vicinity
	Sponsor:	Newburyport Affordable Housing Corporation
	Units:	7 rental units
	Subsidy:	$586,490 grant and subsidy, $620,000 advance
	Titcomb/Woodland Renovation Project
	Substantial rehabilitation of two buildings that will provide seven affordable units and one market-rate apartment. Five units will be reserved for households earning less than 50 percent of the area median income and two will be for those earning between 51 and 60 percent. Residents will be offered after-school activities, transportation, and the opportunity to participate on the residents’ council and the sponsor’s board of directors. This initiative incorporates high-performance, energy-efficient elements and contributes to community organizing activities. Other sources of funds include the City of Newburyport HOME and CDBG, the Massachusetts Housing Stabilization Fund, and Newburyport Preservation Fund. Approved in Round One of the 2007 AHP.

	Location:	Peabody, Massachusetts
	Member:	North Shore Bank, A Co-Operative Bank
	Sponsor:	Citizens for Adequate Housing, Incorporated
	Units:	14 rental units
	Subsidy:	$482,092 grant and subsidy, $400,000 advance
	Inn Transition
	Acquisition and rehabilitation of a historic building to expand an existing transitional housing program for very low-income, homeless families in recovery from substance abuse. The sponsor will purchase this leased building, expand the current program from 11 to 14 units, and provide daycare services, a family self-sufficiency program, and a residents’ council. The sponsor will also partner with another provider to offer financial planning services. The property is accessible by public transportation, includes high-performance, energy-efficient design, and provides civic leadership opportunities. North Shore Bank, A Co-Operative Bank, will provide construction and permanent financing, including an AHP-subsidized advance. Additional funding includes Massachusetts Housing Stabilization and Innovation Funds, Massachusetts Affordable Housing Trust Funds, HOME, and CDBG funding from the City of Peabody. Approved in Round One of the 2007 AHP.

	Location:	Roxbury, Massachusetts
	Member:	Wainwright Bank & Trust Company
	Sponsor:	Madison Park Development Corporation
	Units:	20 ownership units
	Subsidy:	$200,000 grant
	Orchard Homeownership Initiative
	New construction of 20 units on land donated by the Boston Housing Authority. Ten units will be purchased by households with incomes between 61 and 80 percent of area median income and 10 units will be purchased by households with incomes at or below 50 percent of area median income. All residents will be first-time home buyers and receive homeownership counseling. Residents will also be provided job-placement and educational services, an after-school program, and financial literacy training. This initiative is located near public transportation; incorporates high-performance, energy-efficient elements; and contributes to community organizing activities. Wainwright Bank & Trust Company is providing both construction and permanent financing. Other funding is being provided by City HOME, Massachusetts DHCD HOME, Boston Housing Authority, MassDevelopment, and Neighborworks. Approved in Round One of the 2007 AHP.

	Location:	Springfield, Massachusetts
	Member:	Berkshire Bank
	Sponsor:	YWCA of Western Massachusetts
	Units:	25 rental units
	Subsidy:	$350,000 grant
	YWCA Campus of Hope Supported Housing
	New construction of 25 rental units for very low-income women and their children recovering from domestic violence. This project is Phase II of the Campus of Hope and will consist of a 19-unit supported-housing residence and a six-unit congregate facility for pregnant and parenting teenagers. All households will be offered a family self-sufficiency program, GED and ESL classes, and managed healthcare programs. Additionally, the sponsor will include residents in its Teen Women Advisory Council and Consumer Advisory Council. Berkshire Bank will provide construction and permanent financing, and other funding sources include the City of Springfield HOME program, Department of Housing and Community Development HOME, Housing Innovations Fund, and Low Income Housing Tax Credits. Approved in Round One of the 2007 AHP.

	Location:	Worcester, Massachusetts
	Member:	Southbridge Savings Bank
	Sponsor:	South Middlesex Opportunity Council, Incorporated (SMOC)
	Units:	29 rental units
	Subsidy:	$447,037 grant and subsidy, $225,000 advance
	Duxbury Road
	Rehabilitation of a 29-unit, single-room-occupancy lodging house to provide sober, permanent housing for very low-income, homeless individuals. The sponsor will help form a residents’ council and provide employment-training, job-matching, and financial-planning services. The initiative is accessible to public transportation, incorporates high-performance, energy-efficient features, and promotes resident participation in the local crime watch. Southbridge Savings Bank will provide the permanent financing, including the AHP-subsidized advance. Additional funding will include grant equity from the Massachusetts Housing Innovations Fund. Approved in Round One of the 2007 AHP.