×

Federal Home Loan Bank of Atlanta Awards $21.1 Million for Affordable Housing Development

ATLANTA, Aug. 9, 2013 (GLOBE NEWSWIRE) -- Federal Home Loan Bank of Atlanta (FHLBank Atlanta) announced today that it has awarded $21.1 million to assist in the funding of 52 affordable housing projects in 15 states and the District of Columbia, as part of its 2013 Affordable Housing Program (AHP). The projects represent over $513 million in total housing development. For every $1 dollar in AHP funding, another $24 dollars of development was leveraged under the FHLBank Atlanta 2013 AHP.

Local for-profit and nonprofit developers, in partnership with FHLBank Atlanta member institutions, will use $14.6 million of the AHP funds to assist in the acquisition, new construction, rehabilitation, or preservation of 2,926 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 Arizona, California, Iowa, Illinois, Indiana, Louisiana, Pennsylvania, and Texas, will receive funds totaling $6.5 million in AHP funding to develop 758 housing units.

"For over two decades, FHLBank Atlanta's AHP funding has enabled our shareholders and their customers to create safe and affordable housing for communities across the Southeast," said Robert Dozier, FHLBank Atlanta Executive Vice President and Chief Business Officer. "We are proud of the great impact these funds make toward building stronger communities and local economies."

FHLBank Atlanta awards AHP funds annually through a competitive application process. Applications for the 2014 AHP funding round will be accepted beginning January 2014. 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 $51,000 to $500,000 per project and will be made in the following states and the District of Columbia:

State Rental
Units
Owner
Units
AHP
Funds
Total
Development
Alabama 196 0 $894,021 $17,421,087
Florida 418 10 $2,087,377 $60,419,781
Georgia 866 0 $3,158,000 $59,568,163
Maryland 693 0 $3,005,555 $80,740,627
North Carolina 172 12 $1,743,100 $23,097,113
South Carolina 48 0 $355,145 $4,325,613
Virginia 447 0 $2,886,789 $55,331,371
District of Columbia 64 0 $500,000 $27,845,208
Out of District 747 0 $6,490,999 $184,263,593
3,651 28 $21,120,986 $513,021,556

AHP is a component of FHLBank Atlanta's affordable housing, economic development, and down-payment assistance initiatives. For the complete list of winners, click here.

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 $4.8 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