Grant Allows for Affordable Housing in Alabama to Get Underway
With Alabama mortgage loans - and housing in general - so far out of reach for many, the following is good news:
The Federal Home Loan Bank of Atlanta is awarding $4.6 million to affordable housing projects in the stats, part of a $20.9 million allocation to projects in 12 states and Washington, D.C.
The $20.9 million will provide grants and subsidies to 68 affordable housing projects, or 2,777 housing units. Individual grants range from $23,000 to $500,000.
The funding will help local community developers build, buy or preserve 2,429 units in Alabama, Florida, Georgia, Maryland the Carolina and Virginia housing markets. It will also be used to develop 348 units through partnerships in five states outside the FHLBank Atlanta’s southeastern district.
Alabama’s share of the funding will be used for 626 units in the state.
“This funding will help developers bring affordable housing projects with total development costs of more than $230 million to neighborhoods and underserved communities from Arkansas to [the Maryland housing market],” Raymond Christman, FHLBank Atlanta’s president and CEO, said in a news release.
The awards are part of a competitive grant program intended to spur the development of owner-occupied and rental housing for very low-, low- and moderate-income families. The hope is to avoid dangerous bad credit mortgages for this demographic.
Awards are made biannually to financial institutions and community housing partners. FHLBank Atlanta has provided more than $300 million for affordable housing projects in the Southeast since 1990.
April 14th, 2007 at 10:34 pm
I am a developer recently relocated from South Florida to South Alabama.
Our primary focus was in the low and very-low income subsidized housing arena concentrating on rural areas throughout central and south Florida. Over the last 15 years we have built approx 900 units.
My father became sick and I decided to relocate to Baldwin County Alabama. I am currently developing an affordable, unsubsidized product in Gulf Shores and Foley servicing the retirement community.
Somehow, I was introduced to a potential project located in Prichard, (Mobile) area. Although it is covered with problems to the non-experienced, I find it to be a necessary challenge. After declining on the aquisition last week, I have found myself in the same area twice again.
A quick description is that it is a very historical neighborhood dating back to the 1920’s. Approx 57 homes with an additional 53 vacant lots as part of the same area. The homes are currently rented and after investigating, seems to be predominantly elderly, retirees living a quiet lifestyle. Most of the homes need an extensive amount of repair work as well as the infrastructure within the neighborhood. The project was built by a family to house thier own workers and the architecture is incredible.
I have experience working with several non-profit organizations, as well as HUD, Florida Housing Coalition, FmHA, and other church and local organizations.
I have relocated to Alabama and preliminarily find minimal programs to help support home ownership among those less fortunate.
Please forward me contact information that could help get this type work moving in this area as there is a desperate need. I am very new here and although I love the area, I realize the networking process will take some time.
You could contact me directly at 561-261-9755 or via email at dtripp@complandco.com
Thank you for your time.
June 9th, 2007 at 5:00 pm
Darryl, my name is Mosetta and I own a couple of vacant lots that I plan to develop in Prichard. I understand how hard it is to get started without proper networking. Let’s see what we can do with credit and 2 lots free and clear. It could only be a win/win situation for the both of us. Let’s talk. (915)490-8993. Mo
June 14th, 2007 at 11:15 pm
Hi Mr. Tripp how are you? My name is Omni Lewis and my sister is looking for a house in Alabama, and I hope you can help her. My sister is handicap and has five children and is looking for something in her budget please give her a call at 248-636-5735 her name is Tan Glenn or me(Omni Lewis) call at 248-636-8506. Thank you Mr. Tripp
June 3rd, 2008 at 12:24 pm
WAS WONDERING YOU HAVE ALREADY BUILT SOME UNITS FOR LOW-INCOME FAMILIES. MY DAUGHTER IS MOVING THIS WEEK TO FOLEY AND WILL BE LOOKING FOR SOME PLACE LIKE THIS. SHE HAS 2 DAUGHTERS. ALSO, IF YOU YOU ARE LOOKING FOR ANY HELP IN YOUR OFFICE, I AM THINKING ABOUT MOVING TO FOLEY AL . I AM CURRENTLY A PROJECT ASSISTANT FOR A GENERAL CONTRACTOR THAT WORKS WITH HUD PROJECTS.
THANKS
TERESA PATTERSON