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BOSTON — The Federal Home Loan Bank of Boston (the Bank) awarded more than $2.4 million to fund 28 units of affordable rental housing in Brattleboro and Burlington, Vermont. More than $1.0 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:	Brattleboro, Vermont
	Member:	Chittenden Trust Company
	Sponsor:	Brattleboro Area Community Land Trust
	Units:	17 rental units
	Subsidy:	$550,862 grant and subsidy, $560,000 advance
	Brattleboro Housing Opportunities
	Acquisition and substantial rehabilitation of an established single-room-occupancy unit (SRO) and a former warehouse in Brattleboro’s historic Estey Organ complex. The sponsor will combine the first floor of the warehouse and SRO into a condominium to serve 17 very low-, low-, and moderate-income residents and create office space. The warehouse renovation will create four one-bedroom, three two-bedroom, and two three-bedroom units. The SRO will have seven individual rooms and a one-bedroom manager unit. Empowerment services include the opportunity for a resident to serve on the sponsor’s board of directors as well as counseling and training. Financing for this initiative includes Historic and Low Income Housing Tax Credits. The Chittenden Trust Company will use the AHP-subsidized advance to provide permanent financing. Approved in Round Two of the 2006 AHP.

	Location:	Burlington, Vermont
	Member:	Merchants Bank
	Sponsor:	Burlington Housing Authority
	Units:	11 rental units
	Subsidy:	$519,940 grant and subsidy, $800,000 advance
	Sophie's Place
	Acquisition and rehabilitation of an existing single-family home and construction of a new building to create 11 units of service-enriched housing for very low-income, homeless families recovering from domestic violence. The sponsor is partnering with Women Helping Battered Women to provide a variety of supportive services. This initiative will reuse land and buildings, is accessible to mass transit, includes high-performance, energy-efficient features, and contributes to public safety through a crime watch. Merchants Bank will provide permanent financing through the AHP-subsidized advance. Additional funding includes sponsor equity, a grant through the Vermont Residential Energy Efficiency Program, city HOME funds, the City of Burlington Trust Fund, and grants from the Vermont Housing and Conservation Board. Approved in Round Two of the 2006 AHP.