ATLANTA, Oct. 17, 2016 (GLOBE NEWSWIRE) -- Federal Home Loan Bank of Atlanta (FHLBank Atlanta) announced today that its 2017 Affordable Housing Program (AHP) Competitive round will open on January 3, 2017. Up to $500,000 will be awarded per project to its member financial institutions and their community housing partners through a competitive application process. The deadline for submitting applications is February 2, 2017.
FHLBank Atlanta AHP Competitive funds can be used to help finance the acquisition, construction, rehabilitation, and development of affordable rental and ownership housing. AHP Competitive is a unique product offering that can help financing institutions reach new customers and borrowers, achieve business development and community lending goals, and facilitate economic development.
AHP Competitive is one of the largest sources of private affordable housing funding available today. Since 1990, FHLBank Atlanta has awarded $714.6 million in AHP Competitive funds, which has resulted in the financing of more than 113,000 affordable units of rental and ownership housing. In 2016, the Bank awarded nearly $22 million to assist in the financing of 3,484 rental units and 69 ownership units of affordable housing. FHLBank Atlanta’s AHP Competitive funds have facilitated more than $10 billion of community development – a 1:14 ratio of AHP funds to total development financing.
Potential applicants should work with an FHLBank Atlanta member financial institution to complete the AHP Competitive application.
Nonprofit, for-profit, and local government sponsors should review the AHP Implementation Plan for updates to application guidelines and requirements. To learn more about submitting an AHP application, register for a webinar through the Bank’s events calendar.
If you need assistance finding a member financial institution to work with, or for more information, call the Bank’s Community Investment Services department at 1.800.536.9650, option 3, option 0.
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.
CONTACT: Sharon Cook Federal Home Loan Bank of Atlanta firstname.lastname@example.org (404) 888.8173
Source:Federal Home Loan Bank of Atlanta