Adams Announces $920,000 in Affordable Housing Funding for the 12th District
Charlotte, NC—Today, Congresswoman Alma Adams (NC-12) announced that North Carolina's 12th Congressional District has been awarded $920,000 in affordable housing funding from the Federal Home Loan Bank of Atlanta (FHLBank Atlanta), one of the 11 district banks in the Federal Home Loan Bank System.
This grant will benefit two affordable housing communities in Charlotte: the Tryon Shelter and Magnolia Gardens. The Tryon Shelter, a shelter for homeless men, is receiving $420,000 to renovate the common space for improved service and safety and Magnolia Gardens is receiving $500,000 to be used toward new construction of 82 additional affordable housing units for seniors age 55 and older.
"We have an affordable housing crisis in Mecklenburg County where monthly rents top $1,000 yet wages remain stagnant," said Congresswoman Adams. "In our community there are 29,000 people on the affordable housing waitlist which is why this remains a top priority of mine and I'll continue to fight for the resources we need to address it."
"The Affordable Housing Program helps our members work with their local communities to boost economic development and create jobs," said Robert Dozier, Executive Vice President and Chief Business Officer, FHLBank Atlanta. "We are proud to partner with Representative Adams to help make a real difference for families in Mecklenburg County."
FHLBank Atlanta offers competitively-priced financing, community development grants, and other banking services to help member financial institutions make affordable home mortgages and provide economic development credit to neighborhoods and communities. The Bank's members—its shareholders and customers—are commercial banks, credit unions, savings institutions, community development financial institutions, and insurance companies located in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, and the District of Columbia. FHLBank Atlanta is one of 11 district banks in the Federal Home Loan Bank System. Since 1990, the FHLBanks have awarded approximately $5 billion in Affordable Housing Program funds, assisting more than 791,000 households.