ATLANTA, Aug. 12, 2013 /PRNewswire/ -- SunTrust Banks, Inc. (NYSE: STI) has received a total of $2.2 million in Affordable Housing Program (AHP) grants and subsidies from the Federal Home Bank of Atlanta. The awards will be used to help fund 437 single and multifamily housing units affordable to lower-income residents in communities in Alabama, Florida and Georgia.
"Helping provide quality, affordable housing is a long-standing tradition at SunTrust consistent with our focus on improving the financial well-being of families and the communities we serve," said Walt Mercer, commercial real estate executive at SunTrust. "The AHP awards are a good example of the public and private sectors working together successfully to help better our communities and the lives of the people who live there."
AHP is a competitive award program that provides funds to help develop single-family and multifamily housing for very low- to moderate-income households. The Federal Home Loan Bank of Atlanta generally grants AHP awards annually to member financial institutions and their community housing partners.
SunTrust-related communities receiving the awards are as follows:Alabama The Plaza at Centennial Hill Phase 2A Montgomery, Alabama Sponsor: Michaels Development CompanyGrant: $494,021 for 76 rental unitsAHP funds will be used for the redevelopment of a portion of the former Tulane Gardens public housing complex owned by the Montgomery Housing Authority. The City of Montgomery has recently undertaken a large-scale downtown redevelopment effort, which has resulted in new hotels, shopping, and entertainment. Georgia Trestletree Village Atlanta, Georgia Sponsor: Community Housing Concepts, Inc.Grant: $500,000 for 188 rental units AHP funds will be used for rehabilitation and property improvements to Trestletree Village, a 188-unit multifamily rental property in Atlanta. Planned property improvements include the addition of an equipped playground, an onsite laundry facility, and a fenced-in community garden. Albany AME Bethel Housing Albany, Georgia Sponsor: Integrity Development Partners, LLCSecondary Sponsor: Bethel Housing Community Development, Inc.Grant: $500,000 for 98 rental unitsAHP funds will be used for the renovation of Bethel Housing Complex in Albany, Georgia. A major part of the renovation will be to ensure that the apartment units will be designed to meet all applicable federal and state laws for accessibility and adaptability. Ashley House Valdosta, GeorgiaSponsor: Integrity Development Partners, LLCGrant: $500,000 for 61 rental unitsThe Ashley House property is a unique affordable housing redevelopment and preservation opportunity located in historic downtown Valdosta, Georgia. AHP funds will be used for a significant renovation of both the common area spaces and the individual units. Florida Sweetwater Apartments Clewiston, FloridaSponsor: Goodwill Industries of Southwest Florida, Inc.Grant: $210,000 for 14 rental unitsAHP funds will be used for the development of 14 multifamily units targeted exclusively to extremely low-income disabled households. The project will have a positive impact in the neighborhood and throughout the community, as there is a shortage of new affordable housing for disabled households. About SunTrust Banks, Inc. SunTrust Banks, Inc., headquartered in Atlanta, is one of the nation's largest banking organizations, serving a broad range of consumer, commercial, corporate and institutional clients. As of June 30, 2013, SunTrust had total assets of $171.5 billion and total deposits of $127.6 billion. Through its flagship subsidiary, SunTrust Bank, the Company operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic states and a full array of technology-based, 24-hour delivery channels. The Company also serves clients in selected markets nationally. Its primary businesses include deposit, credit, trust and investment services. Through its various subsidiaries, the Company provides mortgage banking, asset management, securities brokerage, and capital market services. SunTrust's Internet address is suntrust.com. SOURCE SunTrust Banks, Inc.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts