The Federal Home Loan Bank of Boston has awarded $3 million in grants, loans and interest-rate subsidies through its Affordable Housing Program (AHP), which will be used to finance 79 units of affordable rental and ownership housing in New England.
"This marks the 20th consecutive year the bank has awarded grants and subsidies under the AHP," said Edward A. Hjerpe III, the bank’s president and CEO. "The funds committed — more than $186 million — have led to more than 22,300 housing units for very low-, low-, and moderate-income households, and have helped stimulate economic development throughout New England."
"This welcome announcement by the Federal Home Loan Bank of Boston of the latest Affordable Housing Program underlines two important points. First, it shows the importance of public-private cooperation in meeting an important social need. Second, it is one more example of the constructive role that has been played by community banks," said Congressman Barney Frank.
In Amherst, two homes will be constructed on land donated by Amherst College to provide homeownership opportunities for two very low-income, first-time homebuyers. The homes will be completed by students, staff and faculty under the college’s civic engagement initiative. Phases one and two were awarded AHP funding. Easthampton Savings Bank is providing a construction line of credit.
A foreclosed rental property on Eagle Street in Fall River will be acquired and rehabilitated to provide energy-efficient, permanent housing for 17 homeless and low-income families. Eleven units will be affordable to families earning less than 50 percent of the area median income and six will be affordable to families earning less than 80 percent of the area median income. Bridgewater Savings Bank is providing construction and permanent financing.
Twenty units of veterans family housing in Gardner will be constructed on 10 acres of land donated by Mount Wachusett Community College. The initiative, which will be LEED Gold and Energy Star-rated, will target very low-income, disabled Iraq/Afghanistan veterans with traumatic injuries and post-traumatic stress disorder. Fidelity Co-operative Bank will provide a revolving line of credit for construction financing.
A four-bedroom home in Kingston will be built by women as a means to teach construction skills. The home, which will incorporate many energy-efficient elements, will be affordable for a very low-income family and designed for two handicapped children. The family will participate in more than 800 hours of sweat equity and will attend pre- and post-purchase homebuyer counseling classes. In addition to the AHP direct subsidy, RBS Citizens, National Association will provide a $10,000 grant. The land was donated by the town.
In Newton, a two-family home will be acquired and rehabilitated to provide supportive housing for two families headed by very low-income, homeless veterans, with a special outreach to homeless women veterans. In addition to the AHP direct subsidy, the Village Bank is providing the acquisition and permanent financing. Other funding includes a Community Development Block Grant and Community Preservation Act funding from the city.
The former Grace Church on Main Street in Oxford will be acquired, preserved and rehabilitated to provide 16 units of single-room occupancy for very low-income, formerly homeless individuals. Southbridge Savings will provide acquisition, construction, and permanent financing through an AHP subsidized advance.
Three single-family, energy-efficient Springfield homes for low- and very low-income first-time home buyers will be constructed in a neighborhood with high foreclosure rates. Besides AHP funding, Bank of America will provide end-loan financing, and additional funding comes from the Neighborhood Stabilization Program and Charlesbank Homes.
