Lupine Terrace, a workforce housing neighborhood designed by MRLD, received a $360,000 grant from the Federal Home Loan Bank of Boston as announced in a Reuters press release. The Federal Home Loan Bank of Boston (the Bank) awarded $4.1 million in grants, loans, and rate subsidies to fund 142 units of affordable housing in Augusta, Bath, Bristol, Camden, Kennebunk, Lewiston, Lincoln, Vinalhaven, and Waterville. Of that amount, more than $3.0 million is in the form of grants or subsidies. In all, 28 initiatives received more than $17.5 million in grants, loans, and rate subsidies as part of the Bank’s Affordable Housing Program (AHP) to create or preserve 445 rental and ownership units for very low-, low-, and moderate-income individuals and families.The grant aids Lupine Terrace with the construction of energy-efficient three-bedroom homes on a 10-acre site for first-time home buyers earning less than 80 percent of area median income. The initiative will target five homes for very low-income families and seven homes for low- and moderate-income families. Residents will be provided daycare services and ownership/financial-literacy counseling, and will participate in a homeowners’ association and the Camden Affordable Housing Committee. In addition to the AHP grant, Camden National Bank will provide some of the first mortgage debt.Each year, the Bank commits 10 percent of its net profits to providegrants and subsidized, below market-rate loans through the AHP. “The creditcrisis has made the need for affordable housing even greater,” said Michael A.Jessee, the Bank’s president and chief executive officer. “Now more than ever,working families, seniors, and special needs populations need decent housing,and I’m proud that our contribution will help make that a reality for morethan 400 individuals and families.”Congressman Tom Allen added, “I applaud the Federal Home Loan Bank ofBoston’s commitment to affordable housing in communities throughout Maine andacross New England.” Even with the recent turmoil in the housing market, Mainecontinues to face an affordable housing shortfall, especially in our ruralareas. I will continue to work with FHLB Boston, other members of Maine’scongressional delegation and advocates for affordable housing to offer Mainefamilies better options for homes that fit within their budgets.”AHP funds are used to create or preserve affordable housing and help payconstruction, acquisition, or rehabilitation costs. Member financialinstitutions work with local developers to apply for AHP funding, awardedtwice a year through a competitive scoring process. The application deadlinefor the second round of this year’s AHP awards is September 12, 2008.The mission of the Federal Home Loan Bank of Boston is to support the residential-mortgage and community-development lending activities of its members, which include over 450 financial institutions across New England. Toaccomplish its mission, the Bank utilizes private-sector capital to providemembers and other qualified customers with reliable access to low-costwholesale funds, liquidity, a competitive outlet for the sale of loans,special lending programs, technical assistance, and other products andservices.
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