For Immediate Release Contact: Melissa Warden, 312-552-1218 mwarden@fhlbc.com Federal Home Loan Bank of Awards More than $19 Million through Its Affordable Housing Program CHICAGO, December 4, 2012 The Federal Home Loan Bank of recently awarded more than $19 million through its competitive Affordable Housing Program (AHP) to help finance 58 affordable housing projects located primarily in Illinois and Wisconsin. The list of projects starts on page 2. These rental and ownership projects will provide more than 2,700 affordable housing units to individuals and families who need a home that they can afford, says Sam Nicita, Community Investment Officer at the Federal Home Loan Bank of. The number of units being built, rehabilitated, or purchased with AHP subsidy in rural communities is up more than 50 percent over the last year, which speaks to the need for affordable rural housing and the quality of the projects submitted to us in our competitive round. We understand that rural housing markets provide fewer affordable housing options, so we are pleased that more of these needs will be addressed in the near future. The Federal Home Loan Bank of allocates 10% of its earnings to affordable housing programs. During 2012, those programs consisted of both the $19 million competitive AHP grant program and a $12 million Downpayment Plus (DPP ) program; DPP provides forgivable grants through the Bank s member institutions to assist with down payment and closing costs for eligible households. Since 1990, the Federal Home Loan Bank of has awarded more than $286 million in competitive AHP grants and more than $90 million in DPP funds that have helped provide housing for families whose incomes are 80% or less of the area median income. Non-profit groups, for-profit developers, and public entities apply for the competitive AHP grants through one of the Federal Home Loan Bank of s member institutions; more than 760 commercial banks, savings institutions, credit unions, and insurance companies in Illinois and Wisconsin are members of the Federal Home Loan Bank of.. About the Federal Home Loan Bank of The Federal Home Loan Bank of is a $66.4 billion wholesale bank serving the needs of member housing finance institutions located in Illinois and Wisconsin. Our mission is to partner with our member shareholders to provide them competitively priced funding, a reasonable return on their investment, and support for community investment activities. The U.S. Congress created the Federal Home Loan Bank System, which includes 12 Federal Home Loan Banks, in 1932 to promote housing finance, but the Banks are wholly owned by their member institutions. Downpayment Plus and DPP are registered trademarks of the Federal Home Loan Bank of.
2012 Affordable Housing Program (AHP) Awards Illinois Location Project Name Description Bellwood Carrollton Senior Suites of Bellwood Walnut Estates The Kilpatrick Renaissance St. Edmund's Tower Annex BMO Harris Bank N.A. will provide $700 000 of AHP subsidy to Senior Suites Corporation and United Neighborhood Organization for the new construction of 89 rental units. Located in Bellwood the project will serve elderly residents. Town and Country Bank will provide Apple Prairie Residential Services with a $272 000 AHP subsidy for the construction of 34 single family rental units in Greene County. BMO Harris Bank N.A. will provide a $700 000 AHP subsidy to RRG Development Inc. for the new construction of a 98 unit senior property in. MB Financial Bank N.A. will provide $272 000 of AHP subsidy to St. Edmund's Redevelopment Corporation for the new construction of 34 very low income rental units. Located in the project will serve elderly residents. Dorchester Artist Housing IFF will provide $184 000 of AHP subsidy to Brinshore PL-I Corp. for the rehabilitation of 32 units of former public housing in. Veterans New Beginnings BMO Harris Bank N.A. will provide $315 463 of AHP subsidy to New Pisgah Missionary Baptist Church for the new construction of 54 rental housing units for veterans. Located in the project will serve mentally and/or physically disabled persons and persons recovering from substance abuse. Community Integrated Living Arrangement TransLife Center Senior Suites of Norwood Park First American Bank will provide a $128 000 AHP subsidy to Esperanza Community Services for the acquisition of 16 units in for conversion to group living environments for individuals with special needs. MB Financial Bank, N.A. will provide a $72 000 AHP subsidy to House and Social Service Agency for the rehabilitation of a building in for conversion to nine units of supportive housing. BMO Harris Bank N.A. will provide Senior Suites Corporation and United Neighborhood Organization with a $640 000 AHP subsidy to purchase and rehabilitate 84 rental units serving elderly households in. 1
Porta Coeli Residence Hinsdale Bank and Trust will provide $688 000 of AHP subsidy to Porta Coeli Senior Housing NFP for new construction of 86 units of very low income housing. Located in the project will serve elderly residents. Christian Logan, Macoupin, Menard, Montgomery, and Sangamon IL Homeownership Coalition for People with Disabilities A member consortium consisting of Security Bank s.b. and Town and Country Bank will provide $48 000 of AHP subsidy to Illinois Assistive Technology Program for assistance with down payment and closing costs for eight homebuyers in Christian, Logan, Macoupin, Menard, Montgomery, and Sangamon. Danville Freeport Jacksonville Mt. Vernon Peoria Rock Falls Sterling Stonington and Taylorville Danville Veterans Home Freeport, Illinois Supportive Housing Development Gilmore Estates Senior Apartments College Oaks Park METEC Homebuying Made Easy Rock Falls Elderly Living Ster-Lynn Estates Hathaway Homes First Midwest Bank will provide a $585 000 AHP subsidy to Mercy Housing Lakefront for the construction of 65 rental units in Danville serving formerly homeless veterans. BMO Harris Bank N.A. will provide $192 000 of AHP subsidy to Accessible Space Inc. for the construction of 25 accessible rental units. Located in Freeport the project will serve persons with physical disabilities. Town and Country Bank will provide $200 000 of AHP subsidy to Morgan County Civic Services for the new construction of 22 rental units. Located in Jacksonville the project will serve elderly residents. Freedom Bank will provide $400 000 of AHP subsidy to Housing Authority of the City of Mount Vernon for the new construction of 50 rental housing units in Mt. Vernon. Busey Bank will provide $182 500 of AHP subsidy to METEC for downpayment and closing cost assistance to 23 first-time homebuyers in Peoria Tazewell, and Woodford Counties. At least 20% of the households assisted will have special needs. Freedom Bank will provide $595 000 of AHP subsidy to Whiteside County Dwellings Update Association Inc. for the purchase of 18 buildings totaling 72 townhome-style units located in Rock Falls that will serve the elderly. Sterling Federal Bank will provide $570 000 of AHP subsidy to Whiteside County Dwellings Upgrade Association to purchase a 60-unit rental building in Sterling. First National Bank of Pana will provide $256 000 of AHP subsidy to Christian County Integrated Community Services for the new construction of 32 duplex and single-family rental homes in Stonington and Taylorville. 2
Wheeling Phil Haven BMO Harris Bank N.A. will provide $400 000 of AHP subsidy to Kenneth Young Center and Daveri Development Group LLC for the new construction of 50 permanent supportive housing units. Located in Wheeling the project will serve persons with physical and/or mental disabilities. Wisconsin Location Project Name Description Brodhead Old School Apartments IFF will provide a $184 000 AHP subsidy to Movin Out Inc. for the purchase and rehabilitation of a former school in Brodhead into 24 new rental units. Calumet and Outagamie Appleton Housing Authority Owner Occupied Project A member consortium consisting of AnchorBank, fsb Associated Bank N.A. and BMO Harris Bank N.A. will provide $240 000 of AHP subsidy to Appleton Housing Authority for assistance with down payments closing costs minor rehabilitation and counseling fees for 30 first-time homebuyers in Calumet and Outagamie. Crawford Grant and Lafayette Badger South LLC Freedom Bank will provide a $700 000 subsidy to The Burton Foundation to assist with the purchase and rehabilitation of 96 scattered rental units located in Crawford, Grant and Lafayette. 2012 AHP Housing Accessibility Program Coulee Bank will provide $160 000 of AHP subsidy to Couleecap Inc. for accessibility improvements in 20 owner-occupied single-family units. Homes will be scattered throughout four predominantly rural Wisconsin : Crawford, La Crosse. The majority of households served will be disabled or elderly. 2012 AHP Well and Septic Program 2012 AHP Rural Rehabilitation Program Citizens First Bank will provide a $160 000 AHP subsidy to Couleecap Inc. for the rehab of 20 homes in Monroe, and Vernon. State Bank Financial Coulee Bank, and BMO Harris N.A. will provide a $240 000 AHP subsidy to Couleecap Inc. for the rehab of 30 properties in Crawford La Crosse Monroe, and Vernon. 3
2012 AHP Weatherization Deferral Program A member consortium consisting of Citizens First Bank and Citizens State Bank of La Crosse will provide $240 000 of AHP subsidy to CouleeCap Inc. for rehabilitation of 30 owner-occupied single-family homes that have been deferred for weatherization services in Crawford, La Crosse, Monroe, and Vernon. 2012 AHP Homebuyer Citizens First Bank will provide a $239 900 AHP subsidy to Couleecap for the purchase of 30 homes in Crawford, La Crosse 80% of which will target first-time homebuyers. Fond du Lac Grant Iowa and Richland Riverside NHS of Richland County Hometown Bank will provide a $360 000 AHP subsidy to ADVOCAP Inc. for the new construction of a 46 unit multi-family rental property serving the elderly in Fond du Lac. AnchorBank, fsb, will provide a $160 000 AHP subsidy to NHS of Richland County for the purchase of 20 homes for new homebuyers in Grant Iowa, and Richland. Horicon Oak Grove Redevelopment Wisconsin Bank and Trust will provide $101 618 of AHP subsidy to Housing Authority of the County of Dodge Wisconsin for the purchase and redevelopment of 24 rental units in Horicon. Kenosha Racine Walworth and Waukesha Manitowoc and Sheboygan Homebuyer s Advantage Partners for Community Development Downpayment Assistance Program AnchorBank, fsb as part of a consortium of lenders will provide $560 000 of AHP subsidy to Housing Resources Inc. for downpayment and closing cost assistance to 70 home purchasers the majority of whom will be first-time buyers. The other participating lenders are Associated Bank, N.A., Bank Mutual, BMO Harris Bank N.A. Guaranty Bank Great Midwest Bank, S.S.B. The Equitable Bank S.S.B and Waukesha State Bank. The homes will be located in Kenosha Racine Walworth and Waukesha. BMO Harris Bank N.A. will provide a $56 000 AHP subsidy to Partners for Community Development Inc. to assist with the purchase of 7 properties for first-time homebuyers in Manitowoc and Sheboygan. Menomonie Dancing Oaks Cottages Bremer Bank N.A. will provide a $148 354 AHP subsidy to West Cap for the construction of 24 multifamily rental units serving the elderly in Menomonie. 4
Neighborhood Reclamation Project III A member consortium consisting of BMO Harris Bank N.A. and PyraMax Bank, FSB will provide $240 000 of AHP subsidy to ACTS Community Development Corporation for assistance with down payment closing costs minor rehabilitation and counseling fees for 30 homebuyers in. Lindsay NSP BMO Harris Bank N.A. will provide an $180 000 AHP subsidy to Lindsay NSP Manager LLC to purchase and rehab 24 single family homes and a 16-unit multifamily development in. Farwell Studio Apartments First Business Bank will provide $161 159 of AHP subsidy to Trinity Housing Resources Inc. for the purchase and rehabilitation of 34 rental units located in. Friendship Gardens IFF will provide a $378 000 AHP subsidy to United Methodist Children's Services of Wisconsin for the construction of a 36-unit rental property serving the elderly in. Impact 1 Town Bank will provide Impact Seven Inc. with a $178 252 AHP subsidy to purchase and rehabilitate 24 units of affordable single-family housing in. Area Oshkosh LBWN Southside Rent to Own Homes Affordable Homeownership Collaboration UCC Bilingual First Time Home Buyers Program Tower Redevelopment, Phase 2, LLC Town Bank will provide a $192 000 AHP subsidy to Layton Boulevard West Neighbors Inc. (LBWN) for the acquisition and rehabilitation of 24 homes in the City of. The homes many of which will be foreclosed properties will provide affordable rental housing with an opportunity for the renter to purchase the home. PyraMax Bank, FSB will provide a $320 000 AHP subsidy to Select Inc. to assist 40 first-time homebuyers with down payment assistance in. BMO Harris Bank N.A. will provide United Community Center with a $270 000 AHP subsidy for the purchase of 45 homes in the Greater area. Bank First National will provide a $424 000 AHP subsidy to the Housing Authority of the City of Oshkosh for the acquisition and rehabilitation of 53 units of rental housing serving seniors and individuals with disabilities. 5
Portage and Reedsburg Pat Smith Manor and Elder Locke Manor Johnson Bank will provide a $135 132 AHP subsidy to Impact Seven Inc. to assist with the rehabilitation of 24 rental units serving disabled households in Portage and Reedsburg. Statewide Statewide Statewide Movin Out Inc. Purchase/Rehab Phase X Movin Out, Inc. Rehab Phase XIV Movin Out Inc. Homebuyer Phase XXI Bank Mutual will provide a $90 000 AHP subsidy to Movin Out Inc. for down payment and rehabilitation assistance to 10 homebuyers with physical disabilities. Bank Mutual will provide a $240 000 AHP subsidy to Movin Out for the rehab of 30 homes serving the disabled population. BMO Harris Bank N.A. will provide a $400 000 AHP subsidy to Movin Out for down payment and closing costs assistance for 50 low-income households with family members who have a permanent disability. Watertown Globe Apartments IFF will provide a $344 000 AHP subsidy to Movin Out Inc. to assist with the construction of 48 rental units in Watertown. Out of District Location Project Name Description Montgomery, AL Plaza at Centennial Hill Bank, N.A., will provide a $339 985 AHP subsidy to Michaels Development Company I LP to assist with the construction of a 129-unit rental property in Montgomery Alabama. Mesa, AZ Escobedo at Verde Vista Bank, N.A., will provide $550 000 of AHP subsidy to Save the Family Foundation of Arizona for a 70- unit rental housing development in Mesa Arizona. The project will partially demolish a former military barracks and vacant public housing development and construct 14 fully accessible buildings. Phoenix, AZ The Lofts at McKinley Bank, N.A., will provide $450 000 of AHP subsidy to Gorman and Company for the construction of a 60-unit rental building. Designed for independent seniors the project is located in a HUD-qualified census tract in Phoenix Arizona. 6
Redlands, CA Lugonia Avenue Bank, N.A., will provide $672 000 of AHP subsidy to Housing Partners I Inc. for the construction of 85 rental units. Located in Redlands California the project will demolish a 73-year-old public housing project originally built for military use and redevelop it with subsidized housing and a community center. Baton Rouge, LA Baton Rouge, LA Cypress Springs 1854 North Street Bank, N.A., will provide $500 000 of AHP subsidy to Community Development Inc. and CDI-Baton Rouge Inc. for the construction of three buildings totaling 144 units. Located in Baton Rouge Louisiana the project will serve the elderly and disabled. Bank, N.A., will provide $141 963 of AHP subsidy to Gulf Coast Housing Partnership Inc. for the purchase and adaptive reuse of a vacant furniture store for 38 rental units located in Baton Rouge Louisiana. Kansas City, MO ReStart Inc. IFF will provide ReStart Inc. with a $700 000 AHP subsidy to rehabilitate 98 units of affordable housing that will serve persons experiencing homelessness physical, and/or substance abuse in Kansas City Missouri. Leakesville, MS McIntosh Homes Bank, N.A., will provide $161 332 of AHP subsidy to The Michaels Development Company I LP and South Mississippi Housing and Development Corporation for the new construction of a senior housing development consisting of six buildings totaling 50 units located in Leakesville Mississippi. Hobbs, NM Forney, TX Casa Hermosa Apartments Silver Spring at Forney Bank, N.A., will provide $696 000 of AHP subsidy to Lea County Housing Inc. for the purchase and rehabilitation of five buildings totaling 88 units located in Hobbs New Mexico. A portion of the units will be reserved for persons with disabilities or recovering from substance abuse. Bank, N.A., will provide $500 000 of AHP subsidy to Stoneleigh Manager SST LLC and Beacon Hill Group LLC for the construction of 12 single-story residential buildings totaling 80 units. Located in Kaufman Texas the project will serve elderly households. 7