Memphis Area Teachers CU Gets FHLBGrant

MEMPHIS, Tenn. - (06/27/06) -- The Federal Home Loan Bank ofCincinnati reported Monday it has awarded a $200,000 grant throughMemphis Area Teachers CU to help construct two rental units inMemphis for very low-income, disabled families, at least one ofwhom will have been homeless. The grant was awarded to the NorthMemphis Community Development Corp., through the Memphis AreaTeachers' CU. The $209,300 Seventh Street Homes project will befunded with equity from the development corporation and the$200,000 AHP grant. In addition, the credit union will provideconstruction financing. The grant was among $11.5 million inAffordable Housing Program awards announced by the CincinnatiFHLB.