BOSTON-The Federal Home Loan Bank of Boston is committing 10% of its net profits to provide grants and subsidized, below market-rate, loans through American Housing Project. The allotted money was divided between needy areas in the New England, including Massachusetts, New Hampshire, Vermont and Maine.

Massachusetts is garnering the lion’s share with $9.3 million in grants, loans and rate subsidies that will affect 240 units throughout 13 cities. The money will create a variety of rental units such as 38-42 Upton St. in Boston, which will rehabilitate 37 units in row houses in the South End for low-income individuals. Thirty units will be for the formerly homeless and one set aside for a manager making between 51% and 60% of the area median income. Rehabilitation is the theme for 196 Federal St. in Greenfield, turning 10 units into two-year transitional housing for homeless at-risk youth, many of whom have aged-out of foster care. Other low-income redo projects are happening in Newton, Spencer, Turner Falls and Westfield. And North Bedford is acquiring and renovating a foreclosed three-family home into seven single-occupancy units.

The Bay state is also building more affordable housing in Roxbury, Ipswich, Lawrence, North Chelmsford, Northampton, and Turner Falls. Notably, Pittsfield is building the Berkshire Veterans’ Village, which will entail 39 units of housing specifically for homeless veterans. The community is also providing support services such as employment training, job placement and family self-sufficiency. Westfield is providing similar help with the construction of its Reed House Annex helping very-low income residents live in one-bedroom units, while offering GED classes, training and employment.

“The credit crisis has made the need for affordable housing even greater,” says the bank’s president and CEO, Michael Jessee, in a released statement, “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 more than 400 individuals and families.”

Maine is taking its $4.1-million gift and adding 142 rental and ownership units. Augusta and Vinalhaven are focusing on revamping existing structures into affordable housing units for very-low and low income families. The rest of the state is focusing on the construction of apartments and houses for the needy in Bath, Bristol, Lewiston, Lincoln and Waterville. Camden, instead, is creating Lupine Terrace, 12 three-bedroom homes on 10 acres for first-time home buyers earning less than 80% of the area median income. Bristol is also using its benefit to construct homes on the donated lots of Easy St. and Coggins Rd. Three single-family homes will go to families earning below 50% of the area median income, with amenities such as a 30-year, 0%-interest mortgage and financial planning training.

Rhode Island is using its $2.2 million to purchase and revive the Mercantile block in Providence. The units will be targeting artists earning below 50% median income. Three units will be put aside for young people coming out of foster-care and two floors will be designated as commercial space for the artists to present their creations. Vermont will spread $1.3 million over three projects in St. Johnsbury, Vergennes and West Woodstock. The St. Johnsbury project will redevelop Covered Bridge Therapeutic centers as support-units for men returning from incarceration and substance abuse, with eight reserved for homeless and live-in staff.

The cities, states, local developers and banks and financial institutions work together to provide alternate resources along with the grants and loan subsidies provided through the AHP, such as credit lines, bridge financing, down-payments, etc., depending the specific project’s needs.

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