×

Federal Home Loan Bank of Atlanta Awards $5 Million for Affordable Housing in Virginia

ATLANTA, Dec. 12, 2012 (GLOBE NEWSWIRE) -- Federal Home Loan Bank of Atlanta (FHLBank Atlanta) announced today that it will award $5 million to assist in funding 16 affordable housing developments in Virginia. The funding is part of $13.6 million that FHLBank Atlanta will award in 10 states and the District of Columbia to create, improve, or preserve 2,265 units of affordable housing.

FHLBank Atlanta will award the funds as part of its 2012 Affordable Housing Program (AHP) offering. The projects represent over $271 million in total housing development. For every one dollar in AHP funding, another twenty dollars of development was leveraged under the FHLBank Atlanta 2012 AHP.

Local for-profit and nonprofit developers, in partnership with FHLBank Atlanta member institutions, will use the funding to build and repair 651 affordable rental and homeownership units in the cities of Abingdon, Amherst, Charlottesville, Craigsville, Elkton, Exmore, Gordonsville, Grottoes, Portsmouth, Pulaski, Raphine, Richmond, Scottsville, South Boson, Toms Brook and Warsaw.

"Over the past two decades, FHLBank Atlanta's AHP funding has enabled our members and their customers to respond to the housing and economic needs of their communities," said Arthur Fleming, FHLBank Atlanta Senior Vice President and Director of Community Investment Services. "These funds strengthen local economies by serving as a catalyst for revitalizing neighborhoods, creating jobs and supporting economic development."

AHP is a competitive funding program that helps develop 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. For the complete list of AHP winners, visit www.fhlbatl.com/ahpawards.

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 has contributed more than $4.6 billion to the Affordable Housing Program.

Virginia 2012 AHP Winners

City/County Project Name Member Sponsor Award Total Units
Abingdon Abingdon Terrace Apartments Branch Banking and Trust Company People Incorporated Housing Group $279,638 32
Amherst Amherst Village Apartments EagleBank REBJ, Inc. $440,000 48
Charlottesville Habitat for Humanity Virginia Homeownership StellarOne Bank Habitat for Humanity Virginia $230,590 15
Craigsville Craigmont Manor Branch Banking and Trust Company Mark-Dana Corporation $340,000 44
Elkton Elkmont Manor
Branch Banking and Trust Company Mark-Dana Corporation $305,000 44
Exmore Exmore Village Branch Banking and Trust Company Mark-Dana Corporation $290,000 36
Gordonsville Meadow Run Apartments EagleBank REBJ, Inc. $409,000 43
Grottoes Grottoes Manor
Branch Banking and Trust Company Mark-Dana Corporation $260,000 46
Portsmouth Hope Village Apartments Branch Banking and Trust Company Portsmouth Redevelopment and Housing Authority $457,561 48
Pulaski Laurel Woods Branch Banking and Trust Company Community Housing Partners Corporation $230,000 46
Raphine Lakeside Manor Branch Banking and Trust Company Mark-Dana Corporation $225,000 23
Richmond Richmond Overlook Branch Banking and Trust Company RHA - Housing, Inc. $375,000 50
Scottsville Scottsville School Apartments Virginia National Bank Piedmont Housing Alliance $86,085 34
South Boston Willow Oaks Apartments Bank of America, National Association Woodbine Community Organization $500,000 72
Toms Brook Toms Brook School Apartments Branch Banking and Trust Company People Incorporated Housing Group $187,981 14
Warsaw Warsaw Manor Branch Banking and Trust Company Southeastern Housing Preservation, Inc. $395,929 56

CONTACT: Sharon Cook Federal Home Loan Bank of Atlanta scook@fhlbatl.com (404) 888-8173Source:Federal Home Loan Bank of Atlanta