Affordable Multifamily Projects Planned in SC Communities

SUMTER, SC-The Federal Home Loan Bank of Atlanta has awarded $588,000 to help two local partnerships develop 90 multifamily housing units for low-income families in Bluffton, SC and Sumter, SC.

The bank provided the grants to the public-private partnerships through its Affordable Housing program.

Affordable Housing Solutions for Florida, Inc. received $300,000, throughWachovia Bank. The group will use the funding to build 40 multi-family town homes for low- and moderate-income families in Bluffton, SC.

Santee Lynches Affordable Housing and C.D.C. and Sumter National Bank received a $288,000 grant to refurbish 50 rental units for elderly residents in Sumter.

“The rapid increase in rental housing prices in South Carolina has caused many working families to be priced out of the housing market,” FHLBA Affordable Housing Advisory Council Chairwoman Leona Plaugh says in a prepared statement. “This funding will greatly expand the housing options for fixed- and lower-income residents in the area.”

The awards are part of $18.6 million in program grants the Federal Home Loan Bank of Atlanta has awarded this year to develop housing for 3,594 low-income families in 11 states and the District of Columbia.