Hagan Announces $5.4 million in Affordable Housing Grants to build 626 units in North Carolina

WASHINGTON, D.C. – June 20, 2014 – (RealEstateRama) — U.S. Senator Kay Hagan today announced that North Carolina is receiving a total of $5.4 million in affordable housing grants from the Federal Home Loan Bank (FHLBank) of Atlanta to create, improve or preserve 626 affordable housing units.

“One of the toughest challenges that our communities face today is ensuring that all North Carolinians have a safe and affordable place to call home,” said Senator Hagan, a member of the Senate Banking Committee. “This funding will help spur economic development, create jobs, strengthen communities, and improve the quality of life for North Carolina families.”

Details of the projects are listed below.

Chapel Hill:
Community House Men’s Transitional Housing (Inter-Faith Council for Social Service): $500,000 for the new construction of transitional and shelter housing for homeless men in Chapel Hill.

Durham:
New Beginnings Building (Durham Rescue Missions Ministries, Inc.): $450,000 for the renovation of a three-story building for homeless residents.

Roxboro:
Windridge Apartments (Scantland, Inc. and The Mid Atlantic Foundation): $500,000 for the new construction of a 60-unit project for low-income families. The project will include three three-story buildings with 42 two-bedroom units and 18 three-bedroom units.

Charlotte
Moore Place Phase II (Charlotte Center for Urban Ministry, Inc.): $500,000 for the new construction of a three-story building with efficiency apartments. This building will be the second phase of Moore Place, which is Charlotte’s first permanent housing facility for the homeless.

Shelby
Cleveland County Rescue Mission (Inter-Faith Alliance Corp): $500,000 for the renovation of a vacant building to create a new shelter for the homeless.

Kannapolis

Autumn Crest Apartments (Wynnefield Properties and The Mid Atlantic Foundation): $500,000 for the new construction of an 87-unit project for low-income families. The project will include four three-story residential buildings with 67 two-bedroom units and 23 three-bedroom units.

Asheville

Villas at Fallen Spruce (Schaumber Development LLC and Mountain Housing Opportunities, Inc.): $500,000 for the new construction of 55 garden apartments for low-income seniors. The development will serve senior households earning between 30 and 60 percent of the area median income.

Mars Hill

Mars Hill Commons (Mountain Housing Opportunities, Inc.): $500,000 for the new construction of a 48-unit family project which includes four residential buildings, an office/community building, a play ground and a picnic area.

Lexington
South Side Apartments (Lexington Housing Redevelopment Corp. and TCG North Carolina, LLC): $500,000 for the rehabilitation of a 130-unit project for low-income families.
Bellamy Veterans Housing (Lexington Housing Redevelopment Corp.): $500,000 for the purchase and rehabilitation of a 12-unit property for homeless veterans.

Pembroke
Pembroke Senior Village (Lumbee Land Development, Inc.): $500,000 for the new construction of a 50-unit multifamily rental project for seniors. The grant will help provide affordable housing in Robeson County where there is a high demand.

FHLBank Atlanta, one of 12 cooperative banks in the Federal Home Loan Bank system, 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. Since the FHLBank’s Affordable Housing Program was founded in 1990, it has supported 353 projects and assisted 13,365 affordable housing units in North Carolina.

The Senate Banking Committee recently passed a bill based on bipartisan legislation Senator Hagan introduced with nine of her colleagues to modernize and reform the country’s broken housing finance system. The legislation would help ensure North Carolina families can find safe and affordable housing.