Benjamin L. Cardin

11/08/2019 | Press release | Distributed by Public on 11/08/2019 14:50

Cardin, Van Hollen Announce $3.1 Million for Affordable Housing Developments Statewide

November 08, 2019

WASHINGTON - U.S. Senators Chris Van Hollen and Ben Cardin (both D-Md.) announce the award of $3.1 million for affordable housing developments around Maryland from the Federal Home Loan Bank of Atlanta (FHLBank Atlanta), one of 11 district banks in the Federal Home Loan Bank System. Through this investment, Maryland community developers will partner with local FHLBank Atlanta member financial institutions to build or repair over 600 affordable housing units for families, seniors, and individuals. By leveraging private investments, these federal grants will result in more than $108 million in new affordable housing development statewide.

'Ensuring that every Marylander has a safe and affordable place to call home is a high priority for Team Maryland. By contributing to the availability of stable, energy efficient homes, this federal investment will make a real difference in the lives of Maryland's low-income seniors, families, people with disabilities, as well as those struggling with substance abuse. The ongoing support of FHLBank Atlanta in our local communities also will mobilize significant private investment, boosting local economic activity and jobs,' said the Senators.

'Affordable Housing is a critical need for every state in FHLBank Atlanta's district,' said Arthur L Fleming, Senior Vice President and Director of Community Investment Services for FHLBank Atlanta. 'We are grateful to Senators Cardin and Van Hollen for their attention to this important issue, and we are proud our AHP funds will be used to assist the development, rental, or purchase of much-needed safe and affordable housing in Maryland.'

Specifically, grant funding will be allocated as follows:

  • $500,000 for the rehabilitation of 83 units for low income households at Ox Fibre Brush Factory Apartments inFrederick through member Capitol One, National Association and sponsored by EquityPlus Manager, LLC and the Mid Atlantic Foundation.
  • $150,000 for a new emergency generator preserving 40 units of affordable housing for seniors at St. John's Commons, Inc. inHavre de Grace through member Branch Banking and Trust Company, and sponsored by St. John's Commons, Inc.
  • $500,000 for the rehabilitation of 56 affordable housing units and the construction of another 21 units at Chautauqua Park West inGarrett County through member First United Bank & Trust, and sponsored by Garrett County Community Action Committee, Inc.
  • $500,000 for the rehabilitation of 60 transitional housing units for very-low income individuals recovering from substance abuse at Gaudenzia Clifton Avenue in Baltimore through member Capital Bank, National Association, and sponsored by Gaudenzia Foundation, Inc.
  • $480,000 for the construction of 54 units at the Reserve at Somerset Commons Phase IIinPrincess Anne, 48 of which are reserved for low-income households and four of which are reserved for residents with disabilities through member Enterprise Community Loan Fund, Inc., and sponsored by Enterprise Homes, Inc.
  • $500,000 for the preservation and renovation of 99 units for low income seniors at Park View at Coldspring inBaltimore through member Enterprise Community Loan Fund, Inc., and sponsored by Enterprise Homes, Inc.
  • $500,000 for the renovation of 189 affordable family apartments at Greenspring Overlook Apartments inBaltimore through member Enterprise Community Loan Fund, Inc., and sponsored by Greater Baltimore AHC, Inc.

FHLBank Atlanta offers competitively-priced financing, community development grants, and other banking services to help member financial institutions make affordable home mortgages and provide economic development credit to neighborhoods and communities. The Bank's members-its shareholders and customers-are commercial banks, credit unions, savings institutions, community development financial institutions, and insurance companies located in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, and the District of Columbia. FHLBank Atlanta is one of 11 district banks in the Federal Home Loan Bank System. Since 1990, the FHLBanks have awarded approximately $6.2 billion in Affordable Housing Program funds, assisting more than 911,000 households.

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