The Federal Housing Finance Board is providing nearly $47 million for low-income housing.
It approved 341 projects comprising 11,831 units. The money will help finance the purchase, construction, or rehabilitation of rental or owned units in 42 states and the District of Columbia.
"These new projects help meet unmet housing finance needs for diverse populations and diverse geographies," said Bruce A. Morrison, chairman of the finance board. "We hope they will provide models for other low-income housing programs."
The finance board's affordable-housing program was formed in 1989 under the Financial Institutions Reform, Recovery, and Enforcement Act. The finance board oversees the program and provides direct subsidies or loans at subsidized rates to banks and thrifts who belong to one of the 12 home loan banks. The finance board also oversees the Federal Home Loan Bank System.
Following are two of the approved projects.
From the Federal Home Loan Bank of Boston:
Somerset Savings Bank in Somerville, Mass., will receive a direct subsidy of $200,000 to help finance a residence for women and children recovering from homelessness, abuse, and poverty.
The project's price tag will total $5.1 million; the city of Somerville, the state, and some affordable housing groups will pick up part of the tab.
From the Federal Home Loan Bank of Atlanta:
Reisterstown (Md.) Federal Savings Bank will use a one-year $2 million subsidized advance from the finance board to pay for the construction of an 82-unit rental project in Baltimore.
The apartments are for very-low-income senior citizens. The project's financing will include a $575,000 20-year loan from Reisterstown Federal, as well as a loan from the state of Maryland and a foundation grant. The total development will cost $5.9 million.