Federal Home Loan Bank of Atlanta Awards $22 Million for Affordable Housing Development

ATLANTA, Aug. 08, 2016 (GLOBE NEWSWIRE) -- Federal Home Loan Bank of Atlanta (the Bank) announced today that it has awarded $21,988,927 to assist in the funding of 55 affordable housing projects in 16 states as part of its 2016 Affordable Housing Program (AHP). The projects represent $646,289,038 in total housing development. For every $1 dollar in AHP funding, another $28 dollars of financing was leveraged under the FHLBank Atlanta 2016 AHP.

Local for-profit and nonprofit developers, in partnership with FHLBank Atlanta member financial institutions, will use $15.9 million of the AHP funds to assist in the acquisition, new construction, rehabilitation, or preservation of 2,708 affordable rental and homeownership units in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, and Virginia. Developers with projects in states outside of the Bank’s district, including, Arkansas, California, Indiana, Louisiana, Mississippi, New Jersey, Pennsylvania, Texas, and West Virginia, will receive AHP funds totaling $6.1 million to develop 845 housing units. For the complete list of winners, click here.

“Since 1990, FHLBank Atlanta has awarded $714.6 million in AHP grants and provided 113,158 housing opportunities for moderate, low-, and very low-income households,” said Robert Dozier, FHLBank Atlanta Chief Business Officer. “We are proud to partner with our shareholders, community-based housing sponsors, and developers, to meet the credit and affordable housing needs of the communities we serve.”

FHLBank Atlanta awards AHP funds annually through a competitive application process. Applications for the 2017 AHP funding round will be accepted beginning January 3, 2017. 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 $68,000 to $500,000 per project and will be made in the following states:

StateRental UnitsOwner UnitsAHP FundsTotal Development
Alabama98-$500,000 $11,454,707
Florida19110$1,578,353 $22,205,882
Georgia32010$1,450,000 $53,001,491
Maryland333-$3,068,000 $81,944,093
North Carolina42610$1,920,300 $45,073,990
South Carolina67-$725,000 $10,089,157
Virginia1,20439$6,618,884 $191,382,875
Out of District845-$6,128,390 $231,136,843

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 headquartered 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 $5 billion in Affordable Housing Program funds, assisting more than 791,000 households.

For more information, visit our website at www.fhlbatl.com.

Some of the statements made in this announcement are “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, which include statements with respect to the Bank's beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties, and other factors, many of which may be beyond the Bank's control, and which may cause the Bank's actual results, performance, or achievements to be materially different from the future results, performance, or achievements expressed or implied by the forward-looking statements.

The forward-looking statements may not be realized due to a variety of factors, including without limitation any one or more of the following factors: legislative, regulatory and accounting actions, changes, approvals or requirements; future economic and market conditions (including the housing market); changes in demand for advances or consolidated obligations of the Bank and/or the FHLBank System; changes in interest rates; changes in prepayment speeds, default rates, delinquencies, and losses on mortgage-backed securities; political, national, and world events; disruptions in information systems; and adverse developments or events affecting or involving other Federal Home Loan Banks or the FHLBank System in general. Additional factors that might cause the Bank's results to differ from these forward-looking statements are provided in detail in our filings with the Securities and Exchange Commission, which are available at www.sec.gov.

New factors may emerge, and it is not possible for us to predict the nature, or assess the potential impact, of each new factor on our business and financial condition. Given these uncertainties, we caution you not to place undue reliance on forward-looking statements. These statements speak only as of the date that they are made, and the Bank has no obligation and does not undertake to publicly update, revise, or correct any of the forward-looking statements after the date of this announcement, or after the respective dates on which such statements otherwise are made, whether as a result of new information, future events, or otherwise, except as may be required by law.

CONTACT: Sharon Cook Federal Home Loan Bank of Atlanta scook@fhlbatl.com (404) 888.8173

Source:Federal Home Loan Bank of Atlanta