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BOSTON —The Federal Home Loan Bank of Boston (the Bank) awarded nearly $4.7 million to fund 202 units of affordable rental housing in Bridgeport, Ridgefield, and Somers, Connecticut. Nearly $2.3 million is in the form of a grant or advance subsidy. In all, 15 initiatives in New England received almost $15.0 million in grants, loans, and rate subsidies as part of the Bank’s Affordable Housing Program (AHP) to create or preserve 449 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 an important way the Bank, our members, and local sponsors address the need for safe, decent affordable housing in New England,” said Michael A. Jessee, the Bank’s president and chief executive officer. “This round’s funds will help diverse population groups, including the elderly, the homeless, and the disabled.”

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:	Bridgeport, Connecticut
	Member:	Webster Bank, N.A.
	Sponsor:	Women's Institute for Housing & Economic Development, Inc.
	Units:	48 rental units
	Subsidy:	$769,756 grant and subsidy, $750,000 advance
	Park City Hospital Supportive Housing
	Substantial rehabilitation of a former hospital in Bridgeport’s South End to create 48 units of supportive housing for very low-income individuals with mental illness and/or substance abuse. Half of the units will be for the homeless and 25 percent will be available for veterans. All will be fully equipped one-bedroom apartments designed to offer full independent living. Applied Behaviorial Rehabilitation Institute, Inc. will provide residents a variety of supportive services. The building, donated by the Bridgeport Housing Authority, will utilize high-performance, energy-efficient design and provide community stability through leadership opportunities for residents and involvement with the South End Resident Council. Webster Bank, N.A. will provide construction financing and use the AHP-subsidized advance to fund the permanent debt. Approved in Round Two of the 2006 AHP.

	Location:	Ridgefield, Connecticut
	Member:	Fairfield County Bank-Corp
	Sponsor:	Ridgefield Housing Authority
	Units:	72 rental units
	Subsidy:	$798,844 grant and subsidy, $860,000 advance
	Ballard Green Affordable Housing Expansion - Phase I
	Construction of 12 units and rehabilitation of the existing Ballard Green public-housing facility to create 72 one-bedroom apartments for independent elderly residents. This initiative will repair the roofs and windows of the existing units to fulfill the 15-year AHP retention requirement. The sponsor intends to seek additional funding at a future date to modernize the existing apartments. The initiative will also provide supportive services, including a family self-sufficiency program as well as GED and other adult-education programs. Fairfield County Bank-Corp will provide financial-literacy counseling. This initiative will contribute to the neighborhood’s public safety through the local crime watch. Approved in Round Two of the 2006 AHP.

	Location:	Somers, Connecticut
	Member:	Rockville Bank
	Sponsor:	Somers Housing Authority
	Units:	82 rental units
	Subsidy:	$718,582 grant and subsidy, $800,000 advance
	Woodcrest Elderly Housing Expansion - Phase I
	Construction of 34 new units and rehabilitation of the existing Woodcrest public housing facility to create 82 one-bedroom apartments for independent, very low-income elderly residents. The existing 52 units will be substantially renovated and reconfigured into 48 apartments. The sponsor will provide empowerment services including a family self-sufficiency program, managed health-care services, and adult-education programs. This initiative will be built to high-performance housing and energy-efficiency standards and will contribute to public safety through a local crime watch. The Town of Somers has donated additional land for the expansion of this facility. The member is providing the permanent financing through an AHP subsidized advance and will provide financial-literacy counseling. Additional funding includes Low Income Housing Tax Credits equity, sponsor equity, and state HOME and small cities CDBG grants. Approved in Round Two of the 2006 AHP.