Federal Home Loan Bank of Atlanta Awards $40 Million for Affordable Housing Development

Funding will Create, Improve, or Preserve 3,897 Affordable Rental, Homeownership Units

Jan 21, 2010, 11:48 ET from Federal Home Loan Bank of Atlanta

ATLANTA, Jan. 21 /PRNewswire/ -- Federal Home Loan Bank of Atlanta (FHLBank Atlanta) announced today that it will award $40 million to fund 78 affordable housing projects in 10 states as part of its 2009 Affordable Housing Program (AHP) offering.  

Local community developers, in partnership with FHLBank Atlanta member institutions, will use $35.8 million of the funds to buy, build, or preserve 3,384 affordable housing units in seven states within FHLBank Atlanta's district including Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, and Virginia. Partnerships in states outside of the Bank's district including California, Kentucky, and Tennessee will receive funds totaling $4.2 million to develop 513 housing units.

"For the past 20 years, FHLBank Atlanta has provided critical economic stimulus to communities through our Affordable Housing Program," said Richard A. Dorfman, FHLBank Atlanta President and Chief Executive Officer. "Our funding promotes growth and stability by revitalizing neighborhoods, creating jobs, and supporting economic development during these challenging times."

FHLBank Atlanta's AHP awards range from $50,000 to $1 million and will be made in the following states in the Bank's district:

  • Alabama

$6,488,184 for 695 units

  • Florida

$12,005,499 for 897 units

  • Georgia

$7,856,404 for 693 units

  • Maryland

$925,000 for 116 units

  • North Carolina

$3,578,616 for 397 units

  • South Carolina

$2,060,185 for 251 units

  • Virginia

$2,855,383 for 335 units

The 2009 AHP funds will be combined with other funding sources to develop more than $514 million of affordable housing.  In addition, a portion of this year's AHP is dedicated to alleviating the foreclosure crisis by supporting the reclamation and redevelopment of foreclosed properties.

AHP is a competitive funding program that helps develop owner-occupied and rental housing for very low-to-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 winners, visit www.fhlbatl.com/ahp.  

About FHLBank Atlanta

FHLBank Atlanta offers competitively-priced financing, community development grants, and other banking services to help more than 1,200 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, and insurance companies headquartered 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 $3.6 billion to the Affordable Housing Program.

SOURCE Federal Home Loan Bank of Atlanta