|
Back
BOSTON The Federal Home Loan Bank of Boston (the Bank)
awarded nearly $1.25 million to fund 35 units of affordable
housing in Bridgeport, Farmington, Middletown, and New Haven.
Of this amount, $737,282 was in the form of grants or subsidies.
In all, 17 initiatives in New England received nearly $10.3
million in grants, loans, and rate subsidies as part of the
Bank's Affordable Housing Program (AHP) to create or preserve
385 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. "Affordable housing is a cornerstone
of the Federal Home Loan Bank of Boston's mission," said
Michael A. Jessee, the Bank's president and chief executive
officer. "Beyond the funding, we are proud of the program's
record of bringing people together to help alleviate the housing-affordability
crisis."
Representative Christopher Shays added, "I am grateful
for the Federal Home Loan Bank of Boston's support of my hometown,
Bridegport, and their funding of 25 rental units for very-low,
low-, and moderate-income residents of our community. Affordable
housing is a key element to a stable community and the Federal
Home Loan Bank of Boston is a leader in improving neighborhoods
throughout New England."
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 by a competitive
scoring process. The application deadline for the first round
of next year's AHP awards is April 29, 2005.
The Federal Home Loan Bank of Boston (www.fhlbboston.com)
is a $42 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: |
Bridgeport, Connecticut |
| |
Member: |
Webster Bank, N.A. |
| |
Sponsor: |
United Cerebral Palsy Association of Southern Connecticut |
| |
Units: |
25 rental units |
| |
Subsidy: |
$240,000 grant and $510,000 advance |
| |
|
| |
Olde School Commons |
| |
Conversion and rehabilitation of a donated school building into 25 rental units for families and individuals with annual incomes at 25, 50, and 60 percent of the area median income. All apartments will be accessible and adaptable for people with disabilities. The initiative is located close to a major supermarket, pharmacy, community-health services, banks, churches, restaurants, and public transportation. The sponsor has a comprehensive plan to help residents transition from nursing homes and/or develop work skills. In addition to sponsoring the AHP application, Webster Bank, N.A. is providing both a construction loan and a long-term permanent loan. The AHP funds will be used for construction and rehabilitation costs.
Approved in
Round Two of the 2004 AHP.
|
| |
Location: |
Farmington, Connecticut |
| |
Member: |
Webster Bank N.A. |
| |
Sponsor: |
Hartford Area Habitat for Humanity |
| |
Units: |
1 ownership unit |
| |
Subsidy: |
$10,000 grant |
| |
|
| |
Hartford Area Habitat for Humanity Homes |
| |
New construction of a three-bedroom, single-family home on a lot donated by the Town of Farmington. The Victorian-style home will be two stories with a full basement and a garage. The Habitat Family Services Coordinator has accepted a qualified, very low-income home buyer. Habitat began working on the site in May 2004, and the house is being built almost completely by volunteers. The new homeowner will benefit from Habitat's family-assistance program and a landscaping plan that utilizes native species as a cost-effective way to provide an attractive and functional outdoor space for the family. Webster Bank, N.A. is also providing a $10,000 construction loan. The AHP grant will be used for construction costs.
Approved in
Round Two of the 2004 AHP.
|
| |
Location: |
Middletown, Connecticut |
| |
Member: |
Liberty Bank |
| |
Sponsor: |
The Connection, Inc. |
| |
Units: |
2 ownership units |
| |
Subsidy: |
$50,000 grant |
| |
|
| |
Military Road Homeownership |
| |
New construction of two detached, three-bedroom, ranch-style homes for sale to very low-income, first-time home buyers. The homes will be constructed on land donated by the Middletown Housing Partnership Trust through a 99-year ground lease. Home buyers will receive comprehensive supportive services, including family self-sufficiency programs and employment training. Home buyers will also receive pre- and post-purchase counseling and have the opportunity to participate on the Middletown Housing Partnership Trust's board. The initiative is located near mass transportation and will benefit from a variety of nearby community resources and amenities. Liberty Bank will provide financing for construction and the mortgage. The AHP grant will be used for hard construction costs.
Approved in
Round Two of the 2004 AHP.
|
| |
Location: |
New Haven, Connecticut |
| |
Member: |
People's Bank |
| |
Sponsor: |
Fair Haven Development Corporation |
| |
Units: |
7 ownership units |
| |
Subsidy: |
$175,000 grant |
| |
|
| |
FHDC Homeownership Initiative II |
| |
Acquisition, rehabilitation, and construction of seven two-family, Victorian-style houses for very low-income home buyers. Three of the homes will consist of a gut rehabilitation of existing two-family houses; the remaining four will be prefabricated, two-family, Victorian-style houses that will blend in with the architectural fabric of the Fair Haven neighborhood. Each home is expected to contain one home-owner unit featuring three bedrooms, two full bathrooms, a dining room, a family room, a living room, and a two-bedroom rental unit, thus creating a total of 14 housing units. Fair Haven Development Corporation will provide pre- and post-purchase counseling and an empowerment/supportive services program, including employment, education, and homeownership services. People's Bank will provide mortgages to two home buyers and the AHP grant will be used for acquisition, construction, and rehabilitation costs and developer fees.
Approved in
Round Two of the 2004 AHP.
|
|