$1M Grant for Raleigh Rescue Mission’s New Residential Campus
April 7, 2025
Amanda M. Lloyd
North State Bank | Executive Vice President and Chief People Officer
ALloyd@NorthStateBank.com | 919.855.9925
Sheryl Touchton
Federal Home Loan Bank of Atlanta | Director of Corporate Communications
STouchton@fhlbatl.com
Lauren LaPlante
Raleigh Rescue Mission | Campaign Manager
LaurenL@RaleighRescue.org
RALEIGH, N.C. – North State Bank and the Federal Home Loan Bank of Atlanta (FHLBank Atlanta) have committed $1 million in grant funding to support Raleigh Rescue Mission’s “The Garden,” a new 101-room residential campus in Knightdale, North Carolina, serving situationally homeless women and children.
The grant is funded through FHLBank Atlanta’s Affordable Housing Program (AHP) General Fund. As a member of FHLBank Atlanta, North State Bank partnered with Raleigh Rescue Mission, Inc., the project sponsor, to secure and distribute the funding for The Garden. North State Bank collaborated with M&F Bank, an FHLB member since 1932, as a participant on the loan. M&F Bank was an instrumental partner on the grant application.
The Garden is an ambitious initiative by Raleigh Rescue Mission to address situational homelessness and provide comprehensive support services. The development plans include:
- Residential Facilities: A 101-unit residential support facility designed to offer long-term transitional housing for individuals and families experiencing situational homelessness.
- Educational Amenities: A dedicated learning center equipped with classrooms catering to infants through 12th grade, providing educational support and resources to residents.
- Recreational Spaces: Outdoor recreational areas, including walking trails and a playground, to promote physical well-being and community engagement.
The Garden is part of a larger 60-acre mixed-use development that also features 156 single-family homes, 24 multi-family units, and a two-acre commercial parcel, fostering a diverse and supportive community environment.
“Affordable housing is essential to the strength of our local economy,” said North State Bank Market President John Norwood, who worked with the Raleigh Rescue Mission on their application. “It fosters a more stable workforce by allowing families to live in the communities where they work. The Garden is a thoughtfully designed campus that will provide residents with the opportunity to build a brighter future.”
FHLBank Atlanta’s General Fund supports the acquisition, construction, rehabilitation, and preservation of affordable housing developments. In December 2024, FHLBank Atlanta awarded grants to 66 recipients through its 2024 program, allocating $55 million to help develop and restore more than 4,200 affordable housing units.
“Thanks to the hard work of the North State Bank team and its partnership with project leaders and sponsors, 101 households will have access to brand-new, affordable rental units,” said FHLBank Atlanta President and CEO Kirk Malmberg. “We are pleased to offer this annual program and work with member banks, like North State Bank, that bring the funding into their communities.”
The Garden is expected to be completed by summer 2026.
About North State Bank
Founded in 2000, North State Bank is an independent, full-service community bank serving Wake and New Hanover counties through seven offices. The Bank operates four unique divisions: CommunityPLUS—for community management associations; Government Lending—including SBA; Mortgage; and a Specialized Lending Group (SLG) for developers and builders.
About Federal Home Loan Bank of Atlanta
FHLBank Atlanta offers competitively priced financing, community development grants, and other banking services to help member financial institutions make affordable home mortgages and provide economic development credit to neighborhoods and communities. The Bank’s members—its shareholders and customers—are commercial banks, credit unions, savings institutions, community development financial institutions, and insurance companies located in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, and the District of Columbia. FHLBank Atlanta is one of 11 district Banks in the Federal Home Loan Bank System. Since 1990, the FHLBanks have awarded approximately $9.1 billion in Affordable Housing Program funds, assisting more than 1.2 million households. For more information, visit at www.fhlbatl.com.
About Raleigh Rescue Mission
Raleigh Rescue Mission started over 60 years ago and serves situationally homeless individuals from over 20 counties in North Carolina through the New Life Plan.
The New Life Plan has six distinct Phases, each building upon the previous. It addresses the needs of our homeless clients by providing for basic needs such as food, clothing, hygiene and healthcare – and then moving through a series of programs that include counseling, parenting classes, vocational training, obtaining a car to broaden employment options, and then gaining employment and moving into their own apartment or home.
Raleigh Rescue Mission is an organization with a long-term purpose and steadfast strategy to break the cycle of poverty and homelessness. We are here for those who need a second chance and are willing to do the work it takes to rebuild their lives.
About M&F Bank
Founded in 1907 in North Carolina, M&F Bank is the second-oldest African American-owned bank in the United States. With more than $500 million in total assets, M&F Bank is the eighth-largest African American-owned financial institution in the U.S. and the only Community Development Financial Institution (CDFI) and minority-owned bank in North Carolina. The bank’s mission is to promote personal and community development by providing capital to small- and medium-sized businesses in its local communities. M&F Bank serves thousands of customers and operates eight locations throughout Durham, Raleigh, Greensboro, Winston-Salem, and Charlotte. To learn more, visit MFBonline.com.