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 Back
BOSTON — The Federal Home Loan Bank of Boston (the
Bank) awarded a grant for $162,655 to fund five units of
affordable housing in Manchester, New Hampshire. 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.”
“Having a decent, stable place to live is absolutely
essential for families struggling to get out of poverty,” added
Congresswoman Carol Shea-Porter, whose district includes
Manchester. “This grant provided by FHLB Boston will
go a long way towards helping mothers and children to get
back on their feet and build new lives for themselves. I’m
pleased to support private sector initiatives, such as this,
to reinvest in the health and growth of our communities.”
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 round
of AHP awards is September 28, 2007.
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
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Location: |
Manchester, New Hampshire |
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Member: |
Centrix Bank & Trust |
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Sponsor: |
New Life Ministries of New England |
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Units: |
5 rental units |
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Subsidy: |
$162,655 grant |
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New Life Ministries |
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Acquisition and rehabilitation of an oversized house that will offer five units of transitional, supportive housing for single, formerly homeless mothers recovering from substance abuse. This initiative will allow families to transition to financial independence and economic stability and include managed healthcare, employment training, job placement, and daycare. The property provides access to mass transit and incorporates energy-efficient features. Centrix Bank & Trust is providing a bridge loan and permanent financing at discounted rates to the sponsor.
Approved in
Round One of the 2007 AHP.
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