AmSouth Obtains $1M In Affordable Housing Grants For Southeastern U.S. Projects

AmSouth Bank has obtained $1 million in grants for four organizations that provide affordable housing in the Southeast. The bank has more than 680 branches and 1,200 ATMs across in Florida, Tennessee, Alabama, Mississippi, Louisiana and Georgia, and will now become a critical player in the effort to ensure housing affordability for future generations.

The money will be awarded through the Federal Home Loan Bank of Atlanta’s Affordable Housing Program, which provides funding assistance for both multi-family and single-family homes. The funds will help a number of organizations build or renovate 194 units set aside for affordable housing in a region where such a thing is increasingly scarce.

The following organizations will receive grants:

• Hale County Housing Resource Center. The group will receive a $160,000 grant to construct Cauldwell Creek, a subdivision of 32 lease-option financed single-family residences for low-income families in Greensboro, Ala. The development is the first phase of a rural planned community.
• Bennett and Company. Another $160,000 grant will be issued to construct Country Club Cottages, a 32-unit rental apartment complex for low-income elderly residents in Thomasville, Ala. The $3.5 million development will include 20 two-bedroom units and 12 one-bedroom units.
• Metro City Redevelopment Coalition, Inc. The organization will receive a $250,000 grant to offset development costs associated with the construction and rehabilitation of Melrose PepperMill Apartments II in Baton Rouge, La.
• Woodbine Community Organization. Victory Village, a 100-unit multifamily rental project for low-income households in Nashville, Tenn., will be bolstered by a $500,000 grant. The project will incorporate family rental housing, affordable and market rate for-sale housing, and assisted living housing on a 27-acre site in north Nashville.

Since 1990, housing organizations have used the AHP grants to help develop more than 52,000 housing units for low- to moderate-income families and to provide down payment assistance to nearly 5,200 families. With the soaring costs in the Southeast and the Gulf Coast housing market, and the recent storms making a bad situation even more challenging, it is good to see that these initiatives are providing assistance to the people who need it most.