ATLANTA, Jan. 8, 2004 (PRIMEZONE) -- The Federal Home Loan Bank of Atlanta (FHLBank Atlanta) will award $14.4 million in grants for 60 housing projects that will provide more than 2,608 units of affordable housing in the Southeast.
FHLBank Atlanta awards the highly competitive grants to housing organizations that apply for funds through financial institutions that are members of the FHLBank of Atlanta. These grants are made available to communities through the Bank's Affordable Housing Program (AHP), which since 1990 has contributed more than $257 million to address affordable housing needs in the South.
"The Affordable Housing Program is one of the most important financial resources in the country for developing affordable housing," said Raymond Christman, FHLBank Atlanta president and chief executive officer. "Demand for the funds continues to outstrip capacity, though we are excited about the innovative ways developers and lenders are leveraging AHP grants to address a range of critical affordable housing needs."
Individual grants -- ranging from $10,000 to $500,000 -- combined with low-cost loans will be made in the following states:
-- Alabama ($968,000 for 90 units) -- Florida ($1,698,700 for 241 units) -- Pennsylvania ($101,462 for 29 units) -- Georgia ($2,292,967 for 650 units) -- South Carolina ($1,710,607 for 298 units) -- Louisiana ($285,000 for 42 units) -- Tennessee ($175,000 for 13 units) -- Maryland ($1,028,277 for 268 units) -- Virginia ($908,451 for 122 units) -- Mississippi ($535,729 for 28 units) -- North Carolina ($4,740,368 for 827 units)
Awards announced today are part of nearly $30 million in Affordable Housing Program (AHP) grants the Bank awarded in 2003. Since 1990, FHLBank Atlanta has used the AHP grants to help provide more than 45,000 homeownership and rental units for very low- to moderate-income families as well as down-payment assistance to nearly 4,000 families. AHP is a competitive grant program that helps develop low-income, single-family and multifamily housing. Awards are granted twice a year to member financial institutions and their community-based housing partners. For a complete list of 2003 award winners and details about individual projects, visit www.fhlbatl.com/ahpwinners
About FHLBank Atlanta
Federal Home Loan Bank of Atlanta is a $115 billion financial services organization that provides low-cost financing, community development grants, and other banking services to 1,194 financial institutions 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 $1.7 billion to affordable housing development in the U.S.