Back

BOSTON — The Federal Home Loan Bank of Boston (the Bank) awarded more than $2.3 million to fund 58 units of affordable rental housing in North Kingstown, Rhode Island. 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 North Kingstown will receive this vital funding,” added U.S. Senator Jack Reed (D-RI), a senior member of the Banking Committee, which oversees federal housing policy. “This money will help provide safe, decent, affordable housing for working families and seniors in North Kingstown.”

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

	Location:	North Kingstown, Rhode Island
	Member:	Citizens Bank of Rhode Island, Citizens Bank of Massachusetts
	Sponsor:	Crossroads Rhode Island
	Units:	58 rental units
	Subsidy:	$464,150 grant and subsidy, $1,850,000 advance
	Navy Drive Project I
	New construction of 58 apartments for very low-income families. This is the first of three phases to redevelop a deteriorating HUD property and involves the demolition of existing units. The site design will incorporate a pedestrian path to transform Navy Drive into a village-like environment. The sponsor will re-house existing, formerly homeless residents and the demolition and construction will be scheduled to avoid the temporary relocation of families. Site-funded social workers will provide case management, family-life skills, education, and employment training. This initiative is accessible to mass transit and will be built to high-performance, energy-efficiency standards, and residents will participate in the neighborhood crime watch. Citizens Bank of Rhode Island will provide permanent financing. Other funding includes Low Income Housing Tax Credits and bond financing through the State of Rhode Island. Approved in Round One of the 2007 AHP.