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BOSTON — The Federal Home Loan Bank of Boston (the Bank) awarded nearly $5.5 million to fund 187 units of affordable rental and ownership housing in Allston, Boston, Fitchburg, Framingham, Great Barrington, Jamaica Plain, Lexington, Mattapan, and New Bedford, Massachusetts. Of this amount, $830,544 was in the form of grants or advance subsidies. 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."

Congressman Barney Frank added, "These funds from the Home Loan Bank Affordable Housing Program will help meet the great social and economic need for housing in Massachusetts."

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

	Location:	Allston, Massachusetts
	Member:	Bank of America Rhode Island, N.A.
	Sponsor:	Allston Brighton Community Development Corporation
	Units:	59 rental units
	Subsidy:	$300,000 grant
	Long-Glen Apartments
	Acquisition and rehabilitation to convert market-rate housing into 59 affordable apartments. This initiative will serve 29 households earning at or below 30 percent of area median income (AMI), 14 less than 50 percent AMI, and 16 between 51 and 60 percent AMI. Residents will receive economic empowerment services, including financial literacy and planning, small-business assistance for home-based businesses, and computer skills training. This initiative achieves smart growth goals by reusing an existing building, providing access to mass transit, offering higher density, and incorporating energy-efficient measures. Thirty-four units are public housing units, funded with capital and operating support from HOPE VI. The member is providing construction and permanent financing. Additional funding includes Low Income Housing Tax Credit equity, state HOME funds, state Housing Investment Fund and Facilities Conversion Fund, Massachuetts Affordable Housing Trust, City of Boston, Keyspan, and the HomeFunders Foundation. AHP funds will be used for costs associated with construction, rehabilitation, and construction contingency. Approved in Round Two of the 2005 AHP.

	Location:	Boston, Massachusetts
	Member:	Citizens Bank of Massachusetts
	Sponsor:	Sojourner House
	Units:	10 rental units
	Subsidy:	$150,000 grant
	Humphreys Street
	Acquisition and construction of a 10-unit rental property near Upham's Corner in Dorchester. The property will house seven households with incomes at or below 50 percent of area median income (AMI) and three households with incomes between 51 and 60 percent of AMI. In addition, four units will be reserved for previously homeless households. All tenants will receive services that promote economic empowerment, including GED and ESL courses. The project achieves smart growth goals by reusing property, providing access to public transportation, and utilizing high-performance building practices. The member will finance the construction and permanent debt, and the AHP funds will be used for other soft costs. Approved in Round Two of the 2005 AHP.

	Location:	Fitchburg, Massachusetts
	Member:	Chittenden Trust Company
	Sponsor:	South Middlesex Opportunity Council, Incorporated (SMOC)
	Units:	13 rental units
	Subsidy:	$245,092 grant and advance subsidy, $275,000 advance
	Harmony House
	Acquisition and rehabilitation of a former rest home into 13 single-room occupancy units for chronically homeless individuals. The residents will have incomes at or below 50 percent of area median income and will receive employment training and financial planning services. 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 permanent debt, and AHP funds will be used for costs associated with acquisition, construction, rehabilitation, development consultant, and legal fees. Approved in Round Two of the 2005 AHP.

	Location:	Framingham, Massachusetts
	Member:	Chittenden Trust Company
	Sponsor:	Advocates, Inc.
	Units:	9 rental units
	Subsidy:	$237,000 grant
	Warren Road Rehabilitation
	Rehabilitation of a donated, turn-of-the-century Victorian duplex to create nine single-room occupancy units for very low-income individuals with developmental disabilities and behavioral and mental health issues. All tenants will be previously homeless and all will have access to managed health care and employment training services. 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 permanent debt, and AHP funds will be used for costs associated with construction, rehabilitation, a development consultant, and legal fees. Approved in Round Two of the 2005 AHP.

	Location:	Great Barrington, Massachusetts
	Member:	TD Banknorth, N.A.
	Sponsor:	Community Development Corporation of South Berkshire
	Units:	10 rental units
	Subsidy:	$438,424 grant and advance subsidy, $298,000 advance
	Hillside Avenue
	New construction of 10 rental units to serve very low- and low-income households. Six units will serve households at or below 50 percent of area median income (AMI) and four will serve households between 51 and 60 percent of AMI. Of the three-acre site, one acre will be developed and two acres will be permanently conserved for open space. The site is located near restaurants and a grocery, pharmacy, post office, banks, library, churches, synagogue, and several social service providers. Construct Incorporated will provide ESL and GED classes and employment training to residents. All residents will be encouraged to participate in a Tenants Association that will empower the residents to participate in management policies and planning with the owner. The member is providing a construction loan of $500,000, a $298,000 permanent loan, and a $15,000 permanent grant; AHP funds will be used for construction and rehabilitation. Approved in Round Two of the 2005 AHP.

	Location:	Jamaica Plain, Massachusetts
	Member:	Bank of America Rhode Island, N.A.
	Sponsor:	Jamaica Plain Neighborhood Development Corporation
	Units:	11 ownership units
	Subsidy:	$225,000 grant
	Jamaica Plain Scattered Sites Phase I
	New construction of 11 residential properties for moderate- and low-income first-time home buyers. Seven units will serve households at or below 50 percent of the area median income (AMI) and four will serve households between 61 and 80 percent of AMI. Daycare services, employment training, and financial literacy classes will be offered to the residents as well as a small-business development program. Jamaica Plain Neighborhood Development Corporation will execute an Affordable Housing Covenant to keep the initiative affordable for 30 years, with an option to renew by the City for an additional 20 years. This initiative will promote smart growth by reusing land, providing access to public transportation, building high-performance and energy-efficient housing, and density. The member will provide both permanent and construction loans. AHP funds will be used for construction, rehabilitation, and other soft costs. Approved in Round Two of the 2005 AHP.

	Location:	Lexington, Massachusetts
	Member:	Brookline Bank
	Sponsor:	Supportive Living, Inc.
	Units:	11 rental units
	Subsidy:	$300,000 grant
	Douglas House
	Rehabilitation of one building to create 15 units of rental housing for survivors of brain injury. Eleven units will serve households at or below 50 percent of the area median income (AMI) and four will be offered without income restrictions. Supportive Living, Inc. will provide residents with supportive services to help them become more self-sufficient and independent. A van will transport and enable residents to become involved in the community. The residents will be encouraged to form a residents council and one resident will be selected to join the board of directors. The initiative will incorporate smart growth strategies by reusing an existing building, providing access to public transportation, and utilizing high-density plans and energy-efficient elements. The member is providing a $600,000 permanent loan and AHP funds will be used for acquisition. Approved in Round Two of the 2005 AHP.

	Location:	Mattapan, Massachusetts
	Member:	Bank of America Rhode Island, N.A.
	Sponsor:	Nuestra Comunidad Development Corporation
	Units:	45 rental units
	Subsidy:	$523,134 grant and advance subsidy, $2.2 million advance
	Adams Court - Phase B
	Rehabilitation of three buildings to create 45 units of rental housing. The initiative has been split into two phases; Phase A has been funded. Twenty-seven units will serve households at or below 50 percent of the area median income (AMI) and 18 will serve households between 51 to 60 percent of AMI. Five units will be committed for homeless families with Section 8 subsidy, and three units will be handicap-accessible. Nuestra Comunidad Development Corporation will offer residents financial literacy training and micro-business lending. Mattapan CDC and Haitian American Public Health will provide ESL and employment training. The member is providing a $50,000 predevelopment loan, a $6,949,000 construction loan, and a $2,200,000 permanent loan. AHP funds will be used for acquisition, construction, and rehabilitation. Approved in Round Two of the 2005 AHP.

	Location:	New Bedford, Massachusetts
	Member:	Citizens Bank of Massachusetts
	Sponsor:	South Shore Housing Development Corporation
	Units:	19 rental units
	Subsidy:	$280,000 grant
	Welcome Home Veterans Housing
	Acquisition and renovation of a former factory into 19 apartments for veterans. The property will house 12 individuals with incomes at or below 50 percent of area median income (AMI) and six individuals with incomes between 51 and 60 percent of AMI, with one unit for a resident manager earning between 61 and 80 percent of AMI. With the exception of the resident manager, all residents will be previously homeless. All will receive services, including GED courses and employment 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 finance the project's pre-development, construction, and permanent debt in addition to providing the AHP direct subsidy. AHP funds will be used for construction, rehabilitation, and other soft costs. Approved in Round Two of the 2005 AHP.