Published: November 26, 2008
Affordable Housing in New Hampshire Gets $1.5 Million Infusion
BOSTON, Nov. 26 /PRNewswire/ -- The Federal Home Loan Bank ofBoston (the
Bank) awarded nearly $1.5 million as grants, loans, and subsidies to fund 63
units of affordable rental housing inNashua andRindge. Of that amount, over
$935,000 was given as a grant or subsidy. In all, 24 initiatives in eight
states received more than $22.8 million as part of the Bank's Affordable
Housing Program (AHP) to create or preserve 816 rental and ownership units for
very low-, low, and moderate-income individuals and families.
Each year, the Bank commits 10 percent of its net profits to provide
grants and subsidized, below market-rate loans through the AHP. "The awards
will help stimulate economic development during these tough times," said
Michael A. Jessee, the Bank's president and chief executive officer. "I
commend our member banks for their efforts to increase the stock of decent
affordable housing in our communities."
Congressman Paul Hodes added, "I applaud the Federal Home Loan Bank of
Boston's AHP award to Harbor Homes and Southwestern Community Services. Both
organizations provide much needed housing for our communities' veterans and
seniors. The Affordable Housing Program plays a crucial role in ensuring the
availability of housing for working families inNew Hampshire."
AHP funds are used to create or preserve affordable housing and help pay
construction, acquisition, or rehabilitation costs. Member financial
institutions work with local developers to apply for AHP funding, awarded
twice a year through a competitive scoring process. The application deadline
for the first round of next year's AHP awards is April 17, 2009.
The mission of the Federal Home Loan Bank ofBoston is to support the
residential-mortgage and community-development lending activities of its
members, which include over 450 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
http://www.fhlbboston.com/ahp.
Location: Nashua
Member: Merrimack County Savings Bank
Sponsor: Harbor Homes, Incorporated
Units: 39 rental
Subsidy: $543,714 grant and subsidy, $516,000 advance
Dalianis House. Acquisition and rehabilitation of a building to provide 39
units of transitional housing for very low-income, homeless residents,
including veterans. The property is located near the sponsor's administrative
offices where a variety of supportive services will be offered, including
employment, GED training, and transportation services. Merrimack County
Savings Bank provides the long-term permanent financing through the
AHP-subsidized advance. The U.S. Department of Veterans Affairs and New
Hampshire Housing Finance Authority will also provide funding.
Location: Rindge
Member: RBS Citizens, National Association
Sponsor: Southwestern Community Services, Inc. (SCS)
Units: 24 rental
Subsidy: $395,000 grant
Rindge Senior Housing. Construction of 24 energy-efficient rental units of
senior housing on land donated by theTown of Rindge. The downtown development
will serve very low- and low-income elderly residents who will benefit from
agency and town services, including managed healthcare. Residents will also
have the opportunity to serve on the sponsor's board of directors as well as a
residents council. RBS Citizens, N.A. provides construction financing, and the
initiative will also receive Low Income Housing Tax Credits and Community
Development Block Grant funds.
CONTACT: Mark S. Zelermyer
617-292-9750
mark.zelermyer@fhlbboston.com
SOURCE Federal Home Loan Bank ofBoston
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