In August, the Federal Home Loan Bank of Boston sponsored an opening celebration for the AHP-funded Applewood Apartments in Haverhill, Massachusetts. Applewood Apartments offers four units of permanent rental housing for very low-income homeless families. Pictured, from the left, are: James J. Fiorentini, mayor of Haverhill; Jeanine T. Murphy; executive director, Emmaus, Inc.; Scott D. Cote, executive vice president, Pentucket Five Cents Savings Bank; M. Susan Elliott, executive vice president, Federal Home Loan Bank of Boston; and Brad MacDougall, community liaison, Rep. Martin Meehan (D-MA-5).

By Lily Bryant

Affordable Housing Program Funds 377 Units in First Round of 2006  In the first funding round of the
2006 Affordable Housing Program (AHP), the Federal Home Loan Bank of Boston (the Bank) awarded more than $13.2 million in grants, loans, and rate subsidies to fund 16 initiatives. These projects will result in 377 units of affordable housing across New England.

Thirteen of the 16 approved developments will create or preserve 367 rental units, while the remaining three will create 10 homeownership units. The average subsidy per approved application was $376,728, an increase from last round’s average of $308,113.

This round included an initiative to build a new 90-unit mixed-income senior development in West Roxbury, Massachusetts. With 80 affordable units and 10 market-rate units, the project will also incorporate smart-growth elements including land reuse, access to mass transit, and meeting minimum LEED requirements.

In Kennebunk, Maine, a historic vacant elementary school will be reused to create 28 affordable rental units. This rural initiative will also meet the green-design standards of the Maine State Housing Authority.
The application period for the second AHP round of 2006 closes on September 29, 2006, at 5:00 p.m. Applications must be submitted electronically through the Bank’s web site, www.fhlbboston.com. T