The Federal Home Loan Bank of Boston (FHLBank Boston) has awarded $30.3 million to support 48 affordable housing initiatives in the six New England states. Of this amount, $14.2 million was awarded as Affordable Housing Program (AHP) grants and subsidies, with the balance coming as subsidized advances or loans.
The funds were awarded through FHLBank Boston member financial institutions to projects that will create or preserve 1,004 units of affordable rental and ownership housing for households earning at or below 80% of area median income. Among the projects being funded are Habitat for Humanity energy-efficient homes, new housing with on-site health care and mental health services for survivors of brain injury and related cognitive disorders, and the rehabilitation of a former shoe factory mill building into 42 rental units for low- and very low-income households.
‘Availability of affordable housing remains a major issue here in New England, and partnerships like these help provide real solutions,’ says Edward A. Hjerpe III, president and CEO of FHLBank Boston. ‘These initiatives will not only give more families safe, decent and affordable homes, but they will also create jobs and boost economic development throughout the region.’