Carter Bank, FHLBank Atlana announces investment of $2.3M in grant funding

Carter Bank and the Federal Home Loan Bank of Atlanta announced an investment of $2.3M in grant funding, designated for three separate projects that will create 168 new affordable housing units across North Carolina. The funding, sourced from FHLBank Atlanta’s Affordable Housing Program General Fund and administered through Carter Bank, a member of FHLBank Atlanta, reinforces a commitment to enhancing community development and addressing housing needs in the region. Developers Wynnefield Forward and Workforce Solutions identified a need for more safe, affordable housing in Asheboro, High Point and Salisbury, North Carolina. After securing sites and arranging initial financing, the organizations had gaps in funding due to the rising cost of construction materials and labor. They worked with Carter Bank to apply for grant funding from FHLBank Atlanta, receiving the final critical funding of $2.3M to move ahead with the projects. In High Point, Walnut Ridge, sponsored by Wynnefield Forward will receive $900,000 for the purchase and construction of 60 multifamily rental units. In Salisbury, Pinnacle Ridge, also sponsored by Wynnefield Forward will receive $545,000 for the construction of 60 multifamily rental units. In Asheboro, Memorial Square, sponsored by Workforce Solutions will receive $848,000 for the construction of 48 multifamily rental units.