Magnolia Terrace, Phase II, receives a $300,000 AHP Grant from the Federal Home Loan Bank

The AHP Grant is one step towards a successful 2007 application for housing tax credits. Magnolia Terrace did not receive a funding allocation in the 2006 tax credit round due partially to not receiving the AHP Grant in 2006 . The project will consist of 36 units adjacent to the existing 50-unit Phase I.