The Federal Home Loan Bank of Atlanta has agreed to provide $1.3 million to fund affordable housing projects in Baltimore and Cecil County, Maryland's U.S. senators announced Wednesday.
"As a senior member of the Senate Appropriations Committee, I have fought to put funds in the federal checkbook to develop affordable housing," Senator Barbara Mikulski said in a joint statement with Senator Ben Cardin.
Developers will work with local member institutions of the Atlanta-based community development bank to construct or renovate 128 residential units, the senators said.
In North East, Capital One Bank will be working with the Housing Initiative Partnership Inc. to construct New East Crossing, a 72-unit rental complex, FHLBank Atlanta said in a statement. The bank is granting $500,000 for the $14.3 million project.
In Baltimore, the Harbor Bank of Maryland is working with Empire Homes of Maryland Inc. to renovate six vacant buildings, creating 18 affordable apartments, said the bank, which is granting $300,000 of the $3 million project.
Capital Bank and the Gaudenzia Foundation Inc. will also be partnering on a project in Baltimore: the construction of a three-story residential building with 20 transitional and 18 permanent apartments. FHLBank Atlanta is granting $500,000 toward total development costs, $5.3 million, of that project, the bank said.
"The FHLBank Atlanta mission is to help communities create affordable housing opportunities for families that need assistance," said Wes McMullan, president and CEO of the FHLBank Atlanta. "We are proud to partner with Maryland to address this important issue."Copyright © 2014, The Baltimore Sun