December 22, 2016

FHLB funds CT affordable housing

Meriden2020.com
Meriden2020.com
A rendering of proposed apartments on Crown Street in Meriden, which would replace the former Meriden Record Journal Building. The development was among several in Connecticut that recently received a subsidy and advance through FHLB.

Eight Connecticut affordable-housing developments are among 45 New England housing initiatives that will share in $56.4 million in grants, loans and interest-rate subsidies from the Federal Home Loan Bank (FHLB) of Boston, officials say.

The FHLB said Thursday the funds will finance 1,100 units of affordable rental and ownership housing for households earning at or below 80 percent of area median income in seven states.

In Connecticut, eight housing initiatives were designated for grants, loans and subsidies totaling more than $5.6 million.

Edward A. Hjerpe III, the bank's president and chief executive officer, said, "AHP financing increases access to housing and also contributes to the creation of new jobs and economic growth in our communities."

AHP funds were awarded through member financial institutions to projects that will create or preserve affordable rental and ownership housing. In total, $29.5 million dollars were awarded as grants and subsidies, with the balance coming as subsidized advances or loans.

Since its inception in 1990, the AHP has funded more than $506 million to create or preserve more than 28,900 affordable housing units in total throughout New England.

The FHLB listed eligibility for the following Connecticut housing initiatives:

57 rental units, Meriden, $1,451,767 grant and subsidy, $4,000,606 advance;

60 rental units, Meriden, $1,499,962 grant and subsidy, $2,391,000 advance;

37 rental units, Tolland, $1,270,635 grant and subsidy, $1,850,000 advance;

1 home ownership unit, Sterling, $23,000 grant;

2 home ownership units, Uncasville, two separate $25,000 grants;

33 rental units, Willimantic, $750,000 grant;

13 rental units, Bridgeport, $573,748 grant and subsidy, $600,000 advance;and

42 units of mixed income housing, Willimantic, funding from state, local sources and low income housing tax credits.

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