Award helps complete Affordable Housing Projects

By Candace Jarrett
Morning News Reporter
Published: June 6, 2008

LAKE CITY — A $6.2 million award has helped complete construction of 20 new Affordable Housing Projects (AHP) throughout South Carolina during the 2007-08 fiscal year.

The Federal Home Loan Bank of Atlanta helped developers with projects in 16 counties, including Darlington and Florence.

“This funding is critical to ensure many communities build and maintain a diverse stock of affordable housing units and it also stimulates economic development in the region,” said Richard Dorfman, president and CEO of Federal Home Loan Bank of Atlanta. “AHP funds, in combination with loans to members, are providing a reliable and critical funding source to local communities when and where they need it most.”

AHP is a competitive grant program that helps develop owner-occupied and rental housing for very low-, low- and moderate-income families. Since 1990, Federal Home Loan Bank of Atlanta has provided more than $5 billion to member financial institutions in the form of low-cost loans and grants for affordable housing and economic development.

Danny Ellis, president of Charlotte, N.C.-based GEM Management, was awarded more than $680,000 for construction of 48 affordable housing units in Andrews and Lake City.

Florence Graham and James Miller, along with Aaron Graham and his wife, Lettie, all live at Bailey Garden Apartments in Lake City. They said the apartment complex is 100 times better than the places they lived previously.

Bailey Garden Apartments, which has 24 units, was built for senior citizens and people with disabilities.

“I lost my husband 16 years ago and I lived (at my old residence) for more than 14 years,” said 77-year old Florence Graham, who isn’t related to Aaron and Lettie Graham. “I get up in the morning and I say my prayers and I walk through this house thanking Jesus for it.”

Each year, the Federal Home Loan Bank of Atlanta commits 10 percent of its annual net income to developing affordable housing. Project sponsors partner with the banks member financial institutions to seek the competitive grants or low-cost loans.

Ellis said he has 7,000 units of mainly affordable housing scattered across the Southeast. He said the the Federal Home Loan Bank of Atlanta is one of many sources that help fill this housing need.

“There’s obviously a need because all the apartments are filled to capacity with a wait list,” he said.

Aaron Graham said he and his wife moved to Bailey Garden Apartments as soon as it opened in February. For him, he said, convenience is key.

“We came and filled out the application and they did the credit check and we were approved,” he said. “I was shocked and my wife threw up her hands and thanked God. I can walk to everything and we’re right next to the police department, so safety is never an issue.”

Florence Graham, James Miller, Aaron and Lettie Graham agree they don’t know what their situation would be like without affordable housing and developers interested in building it.

“I was really struggling at my last place, trying to pay all my bills,” Miller said. “I can rest here. I sit here and am so close that I can look right at Wal-Mart while my dishes wash in my dishwasher and my icemaker makes me ice. I don’t have to worry about that miserable scorching trailer anymore.”