First Federal Secures Nearly $48,000 for Critical Home Repairs
February 16, 2011
CHARLESTON, SC – February 16, 2011 – The homes of some rural, low-income residents of the tri-county will soon receive critical repairs as a result of nearly $48,000 in federal funds secured by First Federal.
First Federal submitted an affordable housing application to the Federal Home Loan Bank of Atlanta for Operation Home, a Mount Pleasant-based nonprofit that makes essential home repairs so needy people can remain in their homes.
The funds – $47,820 – were recently approved as part of the Federal Home Loan Bank’s 2010 Affordable Housing Program which awarded $42.7 million to fund 90 affordable housing projects in 11 states and the District of Columbia.
The funds will be used to make repairs that include: roof and floor repairs, window replacement, building wheelchair ramps, bathroom modifications and other projects that increase safety and accessibility.
As a Federal Home Loan Bank member institution, First Federal applied for funds for Operation Home. ‘’We’re always searching for creative ways to help provide more
affordable housing within the communities we serve,” said Edward McKelvey, vice president/CRA officer. “This opportunity is important because First Federal is partnering with Operation Home to make significant improvements for some very needy people.”
Operation Home Executive Director Anna Hamilton said people served by the critical repair program must be at or below 50 percent of the Area Median Income (AMI) and be disabled, have children or be elderly. “Most of our clients meet all of those,” she said. “I have 215 families on a waiting list now, so this is a critical project and we’re very grateful to First Federal. These funds will significantly improve the quality of life for these clients.”
The award will be dispersed to First Federal, and all repair work completed and inspected before funds flow to Operation Home.
About First Federal
Owned by First Financial Holdings, Inc., First Federal is headquartered in Charleston, South Carolina, and operates 66 financial centers in the Charleston metropolitan area, Horry, Georgetown, Florence and Beaufort counties in SC and in Brunswick, New Hanover and Pender counties in North Carolina. The Company also provides insurance and brokerage services through First Southeast Insurance Services, The Kimbrell Insurance Group and First Southeast Investor Services.
