An $8.2 million apartment complex for senior citizens in Rock Hill, and four developments spear-headed by Aiken-based Community Development and Improvement Corporation (CDIC) are among 11 affordable-housing initiatives in South Carolina to win more than $2.7 million in funding as part of the Federal Home Loan Bank of Atlanta's Affordable Housing Program (AHP).

Local housing developers, in partnership with the Bank's member financial institutions, will use a mix of grants and subsidized loans to build, buy, or renovate 407 single-family and multifamily housing units targeted to elderly and lower-income families in Aiken, Anderson, Bamberg, Darlington, Gaffney, Greenville, Hardeville, North Augusta, Rock Hill, and Spartanburg.

The Paces Foundation, Inc. and FHLBank Atlanta member Regions Bank will use a $500,000 grant to help construct Pine Ridge Apartments -- a 72-unit infill project for senior residents located in Rock Hill's Old Town neighborhood. CDIC will receive a total of $905,000 in AHP grants from FHLBank Atlanta members Carolina First Bank, Regions Bank, and Security Federal Bank to help pay for four projects, including the redevelopment of Ridgeview Manor, an 88-unit apartment complex for low-income families in North Augusta.

"These housing partnerships will use AHP funds to create a range of housing that is affordable: from adaptive reuse of housing stock to new rental housing for senior citizens," said Lynn Brazen, FHLBank Atlanta director of community investment services.

AHP is a competitive grant program that helps develop single-family and multifamily housing. Awards are granted twice a year to housing organizations that apply for funds through financial institutions that are members of the Bank. Since 1990, FHLBank Atlanta has contributed more than $285 million to support affordable housing production in the South.

Awards announced today are part of more than $20.1 million in AHP grants the Bank recently awarded to 11 states and the District of Columbia to support the development of 72 housing development projects. Since 1990, housing organizations have used the AHP grants to help develop more than 52,000 housing units for very low- to moderate-income families and to provide down-payment assistance to nearly 5,200 families. For a complete list of award winners and details about individual projects, visit www.fhlbatl.com/ahpwinners.

About FHLBank Atlanta

FHLBank Atlanta is a $135 billion financial services organization that provides low-cost financing, community development grants, and other banking services to more than 1,200 financial institutions in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, and the District of Columbia. FHLBank Atlanta is one of 12 district banks in the Federal Home Loan Bank System, which since 1990 has contributed more than $2 billion to affordable housing development in the United States.

2005 AHP Winners-round II

SOUTH CAROLINA

Cedar Springs

Spartanburg, SC

Member: Carolina First Bank

Sponsor: Community Development and Improvement Corporation

Grant: $275,000 for 48 units

Community Development and Improvement Corporation (CDIC) will use AHP funds to construct 48 one-bedroom rental units for elderly residents in Spartanburg. All units will be 730 square feet, with amenities such as washer/dryer hookups, microwaves, dishwashers, and pre-wiring for cable and Internet. Up to 20 percent of the units will be set aside for residents who are speech or hearing impaired.

Charleston Place

Greenville, SC

Member: BB&T of SC

Sponsor: The Housing Authority of the City of Greenville, SC

Grant: $225,000 for 40 units

AHP funds will be used to construct Charleston Place Apartments, a 40-unit apartment community for persons aged 55 and over in Greenville. Charleston Place will include 40 one-bedroom units with 700 square feet of living space, and extensive amenities. Units are restricted to elderly tenants who have incomes at or below 60 percent of the area median income.

Darlington Downtown Lofts

Darlington, SC

Member: Carolina Bank

Sponsor: The Mid Atlantic Foundation

Subsidized Loan: $340,000 for 28 units

AHP funds will be used for construction and permanent financing, to renovate a building into Darlington Downtown Lofts, a 28-unit mixed-use rental community for very low- and low- income families in Darlington. A portion of the first floor of the vacant building will be developed into commercial space. The $4.8 million project will also include funding from South Carolina's State Housing Authority's Low Income Housing Tax Credits, Federal Historic Tax Credits, and South Carolina's HOME Program.

Deerfield Village

Hardeville, SC

Member: Regions Bank

Sponsor: Community Development and Improvement Corporation

Grant: $250,000 for 26 units

Community Development and Improvement Corporation (CDIC) in partnership with Jasper County Neighborhoods United, Inc. will use AHP funds to construct 26 single-family rental homes for families earning at or below 50 percent of the area median income in Hardeville. The development will consist of 10 two-bedroom units, 10 three-bedroom units, and six four-bedroom units.

Owner Occupied Rehabilitation

Anderson, SC

Member: Carolina First Bank

Sponsor: City of Anderson, South Carolina

Grant: $105,000 for 14 units

The City of Anderson will use AHP funds to renovate 14 housing units for very low-income homeowners in Anderson.

Pecan Gardens

Gaffney, SC

Member: Regions Bank

Sponsor: Affordable Housing Solutions

Grant: $500,000 for 48 units

AHS will use AHP funds to renovate a 48-unit rental complex for low-income families in Gaffney. All units will receive new carpet, vinyl flooring, cabinets, light and plumbing fixtures, and ceiling fans. A playground will be installed as well as an expanded community building with a community room for resident services. Additional project financing includes a write-down of the existing USDA debt to $775,000, a USDA loan of $310,000, and over $1.7 million in Low-Income Housing Tax Credit equity.

Pine Ridge Apartments

Rock Hill, SC

Member: Regions Bank

Sponsor: The Paces Foundation, Inc.

Grant: $500,000 for 72 units

AHP funds will be used to construct Pine Ridge Apartments, a three-story, 72-unit rental complex for seniors in Rock Hill. The urban in-fill project will include 36 one-bedroom and 36 two-bedroom units, a community room, leasing management facilities, hair salon, health/fitness center, social lounges, mail kiosk, and other amenities.

Queen Street Phase II

Greenville, SC

Member: Carolina First Bank

Sponsor: Homes of Hope Inc.

Grant: $110,000 for five units

AHP funds will be used to construct five single-family rental homes for very low-income families in Greenville. Queen Street Phase II will consist of five three-bedroom, two-bath, bungalow style homes.

Ridgeview Manor

North Augusta, SC

Member: Security Federal Bank

Sponsor: Community Development and Improvement Corporation

Grant: $250,000 for 88 units

Community Development and Improvement Corporation (CDIC) in partnership with the Aiken Housing Authority will use AHP funds to renovate an 11-building property in North Augusta into Ridgeview Manor, an 88-unit rental complex for lower-income families earning at or below 50 percent of the area median income.

Toole Hill

Aiken, SC

Member: Regions Bank

Sponsor: Community Development and Improvement Corporation

Grant: $130,000 for 13 units

Community Development and Improvement Corporation (CDIC) in partnership with the City of Aiken will use AHP funds to construct 13 single-family rental homes for low- to moderate-income families in scattered sites in the Toole Hill area of Aiken.

Voorhees Denmark CDC Revitalization

Bamberg, SC

Member: South Carolina Bank and Trust, N.A.

Sponsor: Voorhees-Denmark Community Development Corporation

Grant: $212,500 for 25 units

AHP funds will be used to renovate the homes of 25 very low- to moderate-income homeowners in Bamberg and Denmark.

CONTACT: Federal Home Loan Bank of Atlanta

Asia Grimes

agrimes@fhlbatl.com

(404) 888-8037

Source: primezone