Amsouth (NYSE:ASO)
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AmSouth Bank (NYSE:ASO) has obtained $774,950 in grants
for four organizations that provide affordable housing in the
Southeast.
The money will be awarded through the Federal Home Loan Bank of
Atlanta's Affordable Housing Program, a competitive program that
provides funding assistance for single- and multi-family housing.
Since the early 1990s, AmSouth has sponsored 88 successful Affordable
Housing Program applications through the Atlanta bank, which has
provided over $38 million in subsidies used in developing 2,713 units
of affordable housing. The bank has also provided over $46 million in
construction and permanent financing for these projects.
The Affordable Housing Program funds awarded in the most recent
grants, coupled with bank financing and other resources, will help the
organizations build or renovate 105 units of affordable housing.
The following organizations, whose applications were all
underwritten by AmSouth, will receive grants:
Columbia, Tenn., Housing Authority: The Columbia Housing Authority
will use a $499,950 grant to renovate North Ridge Apartments, a
50-unit complex for very low- and low-income residents in Columbia,
Tenn. The 25-year-old development of rental duplexes will be
completely upgraded with new interior and exterior features, including
new roofing, new appliances, ramps and rails to provide handicap
accessibility, insulation, and other improvements.
The Braden Group: The Braden Group will use a $140,000 grant to
construct Saratoga Court Apartments, a 48-unit rental complex for
elderly residents in Summerville, Ga. The complex consists of 24
one-bedroom units and 24 two-bedroom units. Amenities include porches,
storage rooms, monitored call systems, a community building with space
for a kitchen, library, computer room, exercise room, manager's office
and laundry facility.
Pinellas Habitat for Humanity: Pinellas Habitat for Humanity will
use a $100,000 grant for infrastructure costs related to building 12
single-family and multi-family homes as part of the Lake Butler
subdivision in Tarpon Springs, Fla. Pinellas Habitat will work with
the Tarpon Springs Housing Authority to develop the mixed-income
housing project, which will offer 45 percent of the units to very low-
and low-income homebuyers.
Clarksdale Area Habitat for Humanity: Clarksdale's Habitat for
Humanity will use a $35,000 grant to construct seven single-family
homes in the Bobby Barr Subdivision for very low-income families in
Clarksdale, Miss. Participating homeowners will help construct their
homes and attend homeowner education classes. The subdivision is named
for Bobby Barr, AmSouth's Clarksdale city president, who has been a
long-time supporter, advocate and local chapter president for Habitat
for Humanity.
Organizations seeking these grants must be underwritten by a
member bank, such as AmSouth. According to the Federal Home Loan Bank
of Atlanta, since 1990, housing organizations have used more than $300
million in Affordable Housing Program funds to help develop more than
55,656 housing units and to provide down-payment assistance to nearly
5,700 families.
About AmSouth
AmSouth is a regional bank holding company with $54 billion in
assets, more than 680 branch banking offices and more than 1,200 ATMs.
AmSouth operates in Florida, Tennessee, Alabama, Mississippi,
Louisiana and Georgia. AmSouth is a leader among regional banks in the
Southeast in several key business segments, including consumer and
commercial banking, small business banking, mortgage lending,
equipment leasing, and trust and investment management services.
AmSouth also offers a complete line of banking products and services
at its web site, www.amsouth.com.