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Residential Real Estate

Aug. 9 - Jesup Teen Challenge Awarded $500K Fed Grant for Housing Rehab

Category: Residential Real Estate

A Jesup faith-based recovery center for teens has received Federal Home Loan funds to rehabilitate existing living quarters at its local campus.

The $500,000 awarded to Jesup Teen Challenge is less than one-third of what will be need to rehab 60 living units, add 24 new unite and develop a central kitchen, dining and gathering space. The grant is earmarked for the rehabilitation portion of the project, with the remaining $1.2 million to come from other sources.

The grant is part of a $21.1 million nationwide allocation from the Federal Home Loan Bank of Atlanta to assist in the funding of 52 affordable housing projects in 15 states and the District of Columbia, as part of its 2013 Affordable Housing Program.

The projects represent over $513 million in total housing development. For every $1 dollar in AHP funding, another $24 dollars of development was leveraged under the FHLBank Atlanta 2013 AHP.

Local for-profit and nonprofit developers, in partnership with FHLBank Atlanta member institutions, will use $14.6 million of the AHP funds to assist in the acquisition, new construction, rehabilitation, or preservation of 2,926 affordable rental and homeownership housing units in 15 states and the District of Columbia. FHLBank Atlanta’s local partner bank for this project is Synovus Bank.

Teen Challenge was founded by the Rev. David Wilkerson in Brooklyn in 1958. Today, most of the centers offer a 12-18 month residential program for men, women, boys or girls.  These centers are designed to help individuals learn how to live drug-free lives. The programs are discipline-oriented and offer a balance of Bible classes, work assignments and recreation.

According to the Teen Challenge website, there are more than 200 Teen Challenge residential programs in the United States and Canada. The story of Teen Challenge is told in the book, “The Cross and the Switchblade.”

About Federal Home Loan Banks

The Federal Home Loan Banks are 12 U.S. government-sponsored banks that provide stable, on-demand, low-cost funding to American financial institutions (not individuals) for home mortgage loans, small business, rural, agricultural, and economic development lending. With their members, the FHLBanks represents the largest collective source of home mortgage and commu According to Wikipedia, "The Federal Home Loan Banks are 12 U.S. government-sponsored banks that provide stable, on-demand, low-cost funding to American financial institutions (not individuals) for home mortgage loans, small business, rural, agricultural, and economic development lending. With their members, the FHLBanks represents the largest collective source of home mortgage and community credit in the United States.

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