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In the second round of the 2004 Affordable Housing Program (AHP),
the Federal Home Loan Bank of Boston (the Bank) awarded over $5.2
million in grants and subsidies for 17 initiatives. These projects
will result in 385 units of affordable housing across New England.
Twelve of the 17 approved developments will create or preserve
367 rental units, while the remaining five will create 18 homeownership
units. The average subsidy per approved application was $311,637.
The average subsidy per unit was $13,761, up from last round's average
of $12,475 per unit.
This round included an initiative to renovate a former nursing
home in Worcester, Massachusetts, to create 19 single-room occupancy
(SRO) units for formerly homeless women, including the elderly and
disabled. Sponsored by the South Middlesex Opportunity Council,
this facility will provide rehabilitation services to residents
needing support for issues related to mental health, substance abuse,
and alcohol abuse.
The United Cerebral Palsy Association of Southern Connecticut is
sponsoring an initiative to convert a former Bridgeport school building
into 25 affordable rental units that will be accessible to people
with disabilities. The project is designed to help residents transition
from nursing-home care to more independent living. Support will
also be provided for those residents looking to develop new work
skills.
The Bank has set aside about $4.2 million to award in the first
2005 AHP funding round. The application period closes on April 29,
2005, at 5:30 p.m., and the winning initiatives will be announced
on the Bank's web site, www.fhlbboston.com, in late June as well
as in the next edition of Tools.
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