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 Back
BOSTON — The Federal Home Loan Bank of Boston (the Bank)
awarded more than $1.2 million to fund 34 units of affordable
rental and ownership housing in Bridgeport, Fairfield, Ledyard,
and New Haven, Connecticut. Of this amount, $830,544 was in
the form of a grant or advance subsidy. In all, 16 initiatives
in New England received nearly $9.7 million in grants, loans,
and rate subsidies as part of the Bank's Affordable Housing
Program (AHP) to create or preserve 284 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. "In New England and elsewhere, demand
for affordable housing far exceeds the supply," said
Michael A. Jessee, the Bank's president and chief executive
officer. "The Bank's AHP provides members and developers
much needed funds to provide more New Englanders a safe, decent,
and affordable place to live."
Representative Christopher Shays added, "The need for
high-quality affordable housing in Fairfield County and other
parts of Connecticut cannot be overstated and I am so grateful
for these Federal Home Loan Bank grants. I am particularly
pleased to know the grants were awarded to Habitat for Humanity
of Greater Bridgeport and Operation Hope, two local organizations
that have made a huge and positive impact in our community."
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 first round
of next year's AHP awards is April 28, 2006.
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: |
Bridgeport, Connecticut |
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Member: |
Connecticut Community Bank, N.A. |
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Sponsor: |
Habitat for Humanity of Greater Bridgeport Connecticut, Inc. |
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Units: |
17 ownership units |
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Subsidy: |
$212,500 grant |
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Habitat Neighborhood Rebuild 2005 |
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New construction of 16 single-family homes and renovation of one existing property to provide homeownership opportunities for 17 very low-income, first-time home buyers. The homes will be constructed on building lots donated by the City of Bridgeport. All home buyers will receive pre- and post-purchase homeownership counseling and services that promote economic empowerment and participation in a Family Self-Sufficiency Program. The project achieves smart growth goals by reusing property, providing access to public transportation, and utilizing high-density design and high-performance building practices. The member will finance the project's construction debt in addition to providing the AHP direct subsidy, which will be used for construction, rehabilitation, and other development costs.
Approved in
Round Two of the 2005 AHP.
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Location: |
Fairfield, Connecticut |
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Member: |
Webster Bank, N.A. |
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Sponsor: |
Operation Hope of Fairfield, Inc. |
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Units: |
8 rental units |
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Subsidy: |
$392,689 grant and advance subsidy, $400,000 advance |
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Jarvis Court |
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Acquisition and new construction of a former Navy-owned housing development to create eight units of permanent supportive rental housing for homeless households at or below 50 percent of area median income. The four homes that were sold to the sponsor from the town will be demolished and four two-family homes will be created. All tenants will have a diagnosed mental health condition and some may have a co-occurring substance addiction. Operation Hope of Fairfield will provide employment training, financial literacy workshops, and small-business training. The member is providing a $400,000 permanent loan and the AHP funds will be used for construction and rehabilitation.
Approved in
Round Two of the 2005 AHP.
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Location: |
Ledyard, Connecticut |
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Member: |
Liberty Bank |
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Sponsor: |
Habitat for Humanity of Southeastern Connecticut |
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Units: |
4 ownership units |
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Subsidy: |
$100,355 grant |
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Colonial Arms |
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New construction of four detached, single-family homes on donated land. Upon completion, all four homes will be sold to very low-income, first-time home buyers. Two of the households to be served are previously homeless, and all will receive services that promote economic empowerment, including pre- and post-purchase homeownership counseling, financial literacy training, and training related to the provision of sweat equity. The project achieves the smart growth goal of utilizing high-performance building practices. The member will provide the project with both a line of credit and the AHP direct subsidy, and AHP funds will be used for costs associated with construction, rehabilitation, developer fees, and other development costs.
Approved in
Round Two of the 2005 AHP.
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Location: |
New Haven, Connecticut |
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Member: |
People's Bank |
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Sponsor: |
Neighborhood Housing Services of New Haven (NHS) |
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Units: |
5 ownership units |
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Subsidy: |
$125,000 grant |
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NHS of New Haven 2005 Homeownership Initiative |
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Acquisition and rehabilitation of four blighted houses located in New Haven's Hill neighborhood and one located in the Beaver Hill neighborhood. All will be sold to very low-income, first-time home buyers who will receive pre- and post-purchase homeownership counseling services, including financial literacy and landlord training. The project achieves smart growth goals by reusing property, providing access to public transportation, and utilizing high-density design and high-performance building practices. The member will provide permanent financing in addition to providing the AHP direct subsidy, and AHP funds will be used for construction and rehabilitation.
Approved in
Round Two of the 2005 AHP.
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