Federal Home Loan Bank of Atlanta to Award $6.5 Million for Affordable Housing in Alabama

ATLANTA, Jan. 28 /PRNewswire/ -- Federal Home Loan Bank of Atlanta (FHLBank Atlanta) announced today that it will award $6.5 million to fund 11 affordable housing developments in Alabama. The funding is part of $40 million FHLBank Atlanta will award in ten states to create or preserve 3,897 units of affordable housing.

FHLBank Atlanta will award the funds as part of its 2009 Affordable Housing Program (AHP) offering. Local community developers, in partnership with FHLBank Atlanta member institutions, will use the funding to build or repair 695 affordable housing units in Baldwin, Hale, Jefferson, Madison, and Mobile counties, as well as the cities of Adamsville, Birmingham, Boaz, Columbiana, Gadsden, Hayden, Huntsville, Jasper, and Northport.

"For the past 20 years, FHLBank Atlanta has been helping to bring affordable housing to areas that have the greatest need," said Arthur Fleming, senior vice president and director of Community Investment Services, FHLBank Atlanta. "AHP funding provides critical economic stimulus to entire communities by 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/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.

    
    
                               Alabama 2009 AHP Winners
    
                                                                       Total
     City/County  Project Name      Member       Sponsor      Award    Units
     -----------  ------------      ------       -------      -----    -----
     Adamsville  The Estates at  Compass Bank    National  $1,000,000    44
                     Ashton                     Affordable          
                                                 Housing         
                                               Preservation
                                                Associates 
            
     Baldwin,    Alabama Habitat    Branch        Alabama    $740,000    74
     Jefferson,  for Humanity -   Banking and   Association 
     Madison,         NSP        Trust Company  of Habitat 
     and Mobile                                 Affiliates
     Counties                       
                                                    
     Birmingham  Residences at  Superior Bank  Main Street $1,000,000    52
                 Ensley Centre                 Birmingham, 
                                                   Inc.                  
    
     Boaz          Savannah     Regions Bank  Paladin, Inc.  $468,000    52
                    Gardens 
    
     Columbiana    The Shoals      Bank       Chimney Peak   $210,000    42 
                      Mill      Independent    Development
                   Development                 Corporation
    
     Gadsden      The Lodge at  Compass Bank   Woodbine      $337,184    40
                   Greenbridge                 Community
                                              Organization                    
    
     Hale County  Owning -Rural Regions Bank   HERO, Hale     $75,000     5  
                     Studio                      County
                                             Housing Resource 
                                                 Center 
                                                        
     Hayden        Royal Pines  Regions Bank   Downtown      $800,000    40
                    Recovery                  Jimmie Hale
                     Center                     Mission
                             
     Huntsville   Evangel Drive    First       Downtown    $1,000,000   250
                   Relocation    Commercial  Rescue Mission
                      and         Bank of
                   Expansion     Huntsville
    
     Jasper          Jasper    Regions Bank  Hawkeye, Inc.   $400,000    48
                   Housing II, 
                      Ltd.                                     
    
     Northport     Northview   Regions Bank      West        $458,000    48
                   Housing 43,                  Alabama
                     Ltd.                      Affordable                     
                                                Housing 
                                           Corporation, Inc.

SOURCE Federal Home Loan Bank of Atlanta