ATLANTA, Dec. 10, 2013 (GLOBE NEWSWIRE) -- Federal Home Loan Bank of Atlanta (FHLBank Atlanta) announced today that registration for its 2014 Affordable Housing Program (AHP) Competitive Round will be open through February 11, 2014.
FHLBank Atlanta's AHP Competitive funds can be used to help finance the acquisition, construction, rehabilitation, and development of affordable rental and ownership housing. Up to $500,000 will be awarded per project to FHLBank Atlanta's member financial institutions and their community housing partners through a competitive application process.
To apply for AHP Competitive funding, project sponsors must work with an FHLBank Atlanta member financial institution to submit their application and complete a one-time registration. Registration instructions can be found at FHLBank Atlanta's website, www.fhlbatl.com/ahp. Sponsors that have registered for the AHP Competitive in previous years do not need to register again.
Project sponsors are defined as nonprofit or for-profit housing developers, public entities, contractors, community builders, and other corporations and organizations engaged in housing construction and rehabilitation and development, for either ownership or rental housing.
The full schedule for the 2014 AHP Competitive Round is:
- January 14, 2014: Applications available
- February 11, 2014: Registration closes
- February 13, 2014: Application and supporting documents deadline
AHP Competitive is one of the largest sources of private affordable housing funding available today. Since 1990, FHLBank Atlanta has awarded $648 million in AHP Competitive funds, which has resulted in the financing of more than 73,000 affordable units of rental and ownership housing. In 2013, the Bank assisted in the financing of 3,651 rental units and 28 ownership units of affordable housing. FHLBank Atlanta's AHP Competitive funds have facilitated $6.4 billion of community development throughout the Southeast – a 1:15 ratio of AHP funded equity to total development financing.
For more information, call the Bank's Community Investment Services Department at 1.800.536.9650 option 3, option 1, option 3.
About the Affordable Housing Program
AHP is a competitive funding program that helps develop both owner-occupied and rental housing for very low-, low-, and moderate-income families. FHLBank Atlanta awards the funds annually to member financial institutions and their community housing partners. AHP is a component of FHLBank Atlanta's affordable housing, economic development, and down-payment assistance initiatives.
About FHLBank 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 12 district banks in the Federal Home Loan Bank System, which since 1990 has contributed more than $4.8 billion to the Affordable Housing Program.
CONTACT: Meredith Moses Federal Home Loan Bank of Atlanta firstname.lastname@example.org (404) 888-8145Source:Federal Home Loan Bank of Atlanta