Lexington housing community receives funding
A local housing community in Lexington will receive enough money to make the repairs needed in order to continuing offering affordable living solutions for families.
Lexington’s Hilltop Terrace, located on Carolina Avenue, will receive $245,600 for its 63 units. The award was granted through the Branch Banking and Trust Co. and its sponsor, Community Housing Partners Corp.
“This will be a complete renovation of the property, which is a historic building as well, being that it was the old Lexington Hospital,” said Penny Trogdon, regional manager at the complex. “We will be preserving the building and doing a complete renovation of the apartments there.”
Trogdon said the community is excited about the renovations that already have started.
“The residents are thrilled. The population that we serve are so appreciative, and that is really rewarding for us too,” Trogdon said.
The funding is part of $13.6 million that FHLBank Atlanta will award in 10 states and the District of Columbia to create or preserve an estimated 2,265 units of affordable rental and ownership housing.
The bank will award the funds as part of its 2012 Affordable Housing Program offering. The projects represent $271 million in total housing development.
“Over the past two decades, FHLBank Atlanta’s AHP funding has enabled our members and their customers to respond to the housing and economic needs of their communities,” said Arthur Fleming, senior vice president and director of community investment services for the bank. “These funds strengthen local economies by serving as a catalyst for revitalizing neighborhoods, creating jobs and supporting economic development.”
Local for-profit and nonprofit developers, in partnership with FHLBank Atlanta member institutions, will use the funding to build and repair 250 other affordable rental and home ownership units in Asheville, Charlotte and Swannnanoa.
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Affordable Housing Program
AHP is a competitive funding program that helps develop owner-occupied and rental housing for very-low and moderate-income families. Federal Home Loan Bank of Atlanta awards the funds annually to member financial institutions and their community housing programs.
AHP is a component of FHLBank Atlanta’s affordable housing, economic development and down-payment assistance initiatives. For the complete list of AHP winners, visit www.fhlbatl.com/ahpawards.