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Federal Home Loan Bank of Atlanta Awards $20 Million for Affordable Housing Development
ATLANTA, June 08, 2017 -- Federal Home Loan Bank of Atlanta (the Bank) announced today that it has awarded $20,361,018 million to assist in the funding of 54 affordable housing projects in 16 states and the District of Columbia as part of its 2017 Affordable Housing Program (AHP). The projects represent $466,988,450 in total housing development. For every $1 dollar in AHP funding, another $22 dollars of financing was leveraged under the FHLBank Atlanta 2017 AHP.
Local for-profit and nonprofit developers, in partnership with FHLBank Atlanta member financial institutions, will use $14.7 million of AHP funds to assist in the acquisition, new construction, rehabilitation, or preservation of 2,215 affordable rental and homeownership 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, Arkansas, Connecticut, Kentucky, Louisiana, Maine, Michigan, Pennsylvania, Tennessee, and Wisconsin, will receive AHP funds totaling nearly $5.7 million to develop 893 housing units. For the complete list of winners, click here.
“The Affordable Housing Program helps pave the way for our members to work with developers and community groups to foster greater housing opportunities and economic development in the communities they serve,” said Robert Dozier, FHLBank Atlanta Executive Vice President and Chief Business Officer. “We are proud of the impact these funds have in helping low- and moderate-income families find affordable housing, and in building stronger local economies.”
FHLBank Atlanta awards AHP funds annually through a competitive application process. Since 1990, FHLBank Atlanta has awarded more than $914 million in AHP grants and provided more than 142,000 housing opportunities for moderate, low-, and very low-income households. Applications for the 2018 AHP funding round will be accepted beginning June 2018. 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 $80,000 to $500,000 per project and will be made in the following states:
|State||Rental Units||Owner Units||AHP Funds||Total Development|
|District of Columbia||64||--||$331,857||$44,610,032|
|Out of District||889||4||$5,653,166||$148,999,901|
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: Peter E. Garuccio Federal Home Loan Bank of Atlanta email@example.com (404) 888.8143