Federal Home Loan Bank of Atlanta Awards $24.5 Million for Affordable Housing Development

ATLANTA, June 18, 2014 (GLOBE NEWSWIRE) -- Federal Home Loan Bank of Atlanta (FHLBank Atlanta) announced today that it has awarded $24.5 million to assist in the funding of 60 affordable housing projects in 13 states and the District of Columbia as part of its 2014 Affordable Housing Program (AHP). The projects represent more than $450 million in total housing development. For every $1 dollar in AHP funding, another $18 dollars of development was leveraged under the FHLBank Atlanta 2014 AHP.

Local for-profit and nonprofit developers, in partnership with FHLBank Atlanta member financial institutions, will use $21.3 million of the AHP funds to assist in the acquisition, new construction, rehabilitation, or preservation of 3,156 affordable rental and homeownership housing units in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, and the District of Columbia. Developers with projects in states outside of the Bank's district, including Arkansas, Louisiana, Massachusetts, New Jersey, Pennsylvania, and Texas, will receive AHP funds totaling $2.8 million to develop 397 housing units. For the complete list of winners, click here.

"The availability of affordable housing continues to be a challenge across the Southeast," said Robert Dozier, FHLBank Atlanta Executive Vice President and Chief Business Officer. "Through more than two decades of the Affordable Housing Program, more families have been able to access safe, decent, and affordable homes. The program supports our members in their commitment to creating jobs and boosting economic development in their communities."

FHLBank Atlanta awards AHP funds annually through a competitive application process. Applications for the 2015 AHP funding round will be accepted beginning June 2015. Potential applicants must work with an FHLBank Atlanta member financial institution to complete the AHP Competitive program application. A list of member financial institutions is available on the FHLBank Atlanta website at www.fhlbatl.com

FHLBank Atlanta's AHP awards range from $28,200 to $500,000 per project and will be made in the following states and the District of Columbia:

State Rental
AHP Funds Total
Alabama 80 0 $500,000 $1,327,445
Florida 674 37 $4,640,400 $62,366,021
Georgia 507 0 $2,800,000 $56,196,502
Maryland 515 0 $2,591,649 $85,047,131
North Carolina 626 0 $5,450,000 $58,950,472
South Carolina 50 0 $350,000 $7,244,868
Virginia 602 0 $4,379,367 $72,111,778
District of Columbia 102 0 $940,000 $33,757,881
Out of District 374 23 $2,823,440 $74,591,918
3,530 60 $ 24,474,856 $451,594,016

AHP is a component of FHLBank Atlanta's affordable housing, economic development, and down-payment assistance initiatives.

About the 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 12 district banks in the Federal Home Loan Bank System, which since 1990 have contributed more than $5.1 billion to the Affordable Housing Program.

CONTACT: Meredith Moses Federal Home Loan Bank of Atlanta mmoses@fhlbatl.com (404) 888-8145Source:Federal Home Loan Bank of Atlanta