Washington, DC – August 12, 2013 – (RealEstateRama) — U.S. Senator Kay Hagan today announced that Southeastern Housing Preservation, Inc. will receive a $480,000 grant from the Federal Home Loan Bank (FHLBank) of Atlanta for the Westgate Terrace Apartment community in Franklin, which will provide 60 rental units for very low- to low-income families earning less than 60 percent of the area median income.
“These grants will help ensure that residents in Franklin have an affordable place to call home,” Hagan said. “I’m pleased that our state has received this funding to help advance projects that will strengthen our communities and improve the quality of life for North Carolinians.”
North Carolina is receiving five grants worth a total of $1.7 million through FHLBank Atlanta’s Affordable Housing Program that seeks to revitalize neighborhoods, create jobs, and support economic development. The grant grants will create, improve or preserve 184 affordable rental and homeownership units.
FHLBank Atlanta is a cooperative bank that 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.
Last month, Hagan introduced bipartisan legislation with eight of her Senate Banking Committee colleagues to modernize and reform the country’s broken housing finance system. The legislation would strengthen our housing finance system, protect taxpayers and ensure access to affordable, long-term mortgages for qualified borrowers. Hagan’s proposal would help ensure North Carolinians have access to affordable rental housing.