FHLB of Boston announces $30.3M in housing funds

BOSTON – The Federal Home Loan Bank of Boston announced last month that it has awarded $30.3 million to support 48 affordable housing initiatives in the six New England states. More

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FHLB of Boston announces $30.3M in housing funds

Posted 2/4/13

BOSTON – The Federal Home Loan Bank of Boston announced last month that it has awarded $30.3 million to support 48 affordable housing initiatives in the six New England states.

According to a news release, $14.2 million was awarded as Affordable Housing Program grants and subsidies, with the balance coming as subsidized advances or loans. The funds were awarded through member financial institutions to projects that will create or preserve 1,004 units of affordable rental and ownership housing for households earning at or below 80 percent of area median income.

Program funds are used to help pay construction, acquisition or rehabilitation costs. Member financial institutions work with local developers to apply for AHP funding, which is awarded through a competitive scoring process. Funds awarded in the 2012 round, which range from $25,000 to $4.6 million per project, will support a wide range of initiatives, such as: Habitat for Humanity energy-efficient ownership homes; supportive housing for 18- to 22-year-olds after they leave foster care; and housing with on-site health care and mental-health services.

Rhode Island communities receiving funding included: Coventry, Cumberland, East Greenwich, Newport, Pawtucket, Providence, Richmond, and Warwick. New Bedford was among the Massachusetts communities. For details on each initiative, visit www.fhlbboston.com/ahp. •

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