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In the second funding round of the 2005 Affordable Housing Program
(AHP), the Federal Home Loan Bank of Boston (the Bank) awarded more
than $9.6 million in grants, loans, and rate subsidies for 16 initiatives.
These projects will result in 284 units of affordable housing across
New England.
Twelve of the 16 approved developments will create or preserve
247 rental units, while the remaining four will create 37 homeownership
units. The average subsidy per approved application was $308,113.
The average subsidy per unit was $17,358, up from the previous round's
average of $12,804.
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February 14, the Bank participated in a ribbon-cutting for the
AHP-funded Victory House in Boston's South End. Pictured from
the left are: Charlotte Golar Richie, director of Boston's Department
of Neighborhood Development; Nora Bloch, vice president / community
development lending, Wainwright Bank & Trust Company; John
Eller, senior vice president / housing and community investment,
Federal Home Loan Bank of Boston; and Representative Byron Rushing.
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This round included an initiative to acquire and rehabilitate the
historic Hotel Dreyfus in Providence, Rhode Island, to create a
mixed-use building that will include 14 residential/work artist
studios, 10 work studios, and commercial space including a restaurant
and a gallery/ micro-business incubator for resident artists. Of
the 14 residential units, 11 will be for very low-income households
and three will be unrestricted, market-rate units. Sponsor AS220
will provide economic empowerment services targeted to the artist
residents.
In New Bedford, Massachusetts, South Shore Housing Development Corporation
is sponsoring the acquisition and renovation of a former factory
into 19 apartments for veterans. With the exception of the resident
manager, all residents will be previously homeless. Residents will
receive services including GED courses and employment training.
The application period for the first AHP round of 2006 closes on
April 28, 2006, at 5:00 p.m. Applications must be submitted electronically
at https://housing.fhlbboston.com/ahp/.
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