ATLANTA, Feb. 18 /PRNewswire/ -- Federal Home Loan Bank of Atlanta (FHLBank Atlanta) announced today that it will award $1.5 million to help developers fund 178 affordable housing units in Maryland. The funding is part of more than $43 million FHLBank Atlanta will award in ten states to create or preserve 4,514 units of affordable housing.
FHLBank Atlanta will award the funds as part of its 2008 Affordable Housing Program (AHP) offering. Local community developers, in partnership with FHLBank Atlanta member institutions, will use the awards to fund three affordable housing developments in Garrett County, as well as the cities of Baltimore and Oakland.
"Our partnerships provide tangible economic benefits to the communities we serve by stimulating the local economy with affordable housing options and employment opportunities," said Arthur Fleming, first vice president and director of Community Investment Services, FHLBank Atlanta.
AHP is a competitive funding program that helps develop owner-occupied and rental housing for very low-, low-, and moderate-income families. FHLBank Atlanta awards the funds annually to member financial institutions and their community housing partners. AHP is a component of FHLBank Atlanta's affordable housing, economic development, and down-payment assistance initiatives. For the complete list of AHP winners, visit www.fhlbatl.com/ahp.
Situated on three hundred acres, Ridgeview Valley is a master plan community located just a short drive off of Rt. 219 in the Deep Creek Lake area. To drive down Gravely Run Road towards the pristine farmland , you would never know that you were just a stone's throw from a main Garrett County artery in this village like community. The area feels very secluded, yet is conveniently located to Deep Creek Lake, Wisp Resort, shopping and other attractions.
The developers have worked to preserve the history of this land, originally established by the Harvey family in 1911 as a dairy farm. The preserved family home is now the sales office and will eventually house the homeowners association. The family's original red barn still stands and serves as a gathering place for performance and other community events.
Ridgeview Valley has a total of three hundred and eighty two sites including single family lots, condos, duplexes and townhouses. All units are set up in a village like style. Planned amenities include an indoor pool, community center, exercise facility, party room, private massage area, adventure trails, tennis courts, recreational fields and an outdoor amphitheater.
The planned community is designed to work in harmony with nature, not to compete with it. Of the development's three hundred acres, one hundred fifty of them are set aside as natural green space. Other environmentally friendly features include geo thermal heating and tankless hot water heaters.
Residents can look forward to organized events as Ridgeview Valley plans include concerts and other happenings for residents. A concert by Wolfcreek Session is planned this fall to benefit Cindy's Fund.