ATLANTA, Feb. 6, 2004 (PRIMEZONE) -- The Federal Home Loan Bank of Atlanta (FHLBank Atlanta) will award nearly $1 million in grants to three housing projects that will provide 90 units of affordable housing in Alabama.
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 was established by the U.S. Congress, and has contributed more than $242 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 will be made in the following Alabama communities:
-- A partnership of Regions Bank and Affordable Housing Solutions
will use $300,000 in grants to construct 14 housing units for
special needs individuals in Demopolis, and $500,000 to
renovate and rehabilitate a 52-unit complex in rural
Carrollton.
-- A partnership of AmSouth Bank and Paladin, Inc. will use
$168,000 in grants to construct 24 units of multifamily housing
in Russellville.
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, please 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.