ATLANTA, Oct. 20, 2004 (PRIMEZONE) -- The Federal Home Loan Bank of Atlanta (FHLBank Atlanta) announced awards of more than $6.7 million to spur economic development in Alabama, Florida, Georgia, North Carolina, South Carolina, and Virginia. Sixteen community partnerships will use these funds to reduce the interest rate on more than $23 million of loans.
FHLBank Atlanta distributes the Economic Development Growth Enhancement (EDGE) awards annually in the form of below-market rate loans to financial institutions that are members of the Bank. EDGE subsidies significantly reduce the interest rates on loans to benefit low- and moderate-income communities. By lowering the cost of borrowing for community development activities, FHLBank Atlanta assists financial institutions that seek to create jobs, develop loan pools, renovate structures, and build community facilities that aid economic growth.
Award winners announced today include the Cumberland County Association for Indian People in Fayetteville, which will receive a loan from RBC Centura to convert a 15,000 sq. ft. school building into a childcare center and cultural museum in North Carolina. In Pensacola, Fla., Compass Bank will use FHLBank Atlanta funding to build a 30,000 sq. ft. community blood center that will serve the six-county area and employ 80 individuals.
"Expanding economic opportunity is a critical goal for communities struggling with underemployment and decreases in population," said Art Campbell, FHLBank Atlanta vice president of economic development. "These EDGE awards will allow community banks to finance projects that will promote job growth and economic stability."
EDGE fosters partnerships between financial institutions, economic development entities, community organizations, state and local governments, and other funding sources, which work together to develop low-cost financing for eligible projects.
Since the program's inception, the Bank has contributed more than $21 million in awards to reduce interest rates on $73 million in loans to southeastern communities. The next EDGE offering is scheduled for 2005. To learn more, visit www.fhlbatl.com/edgewinners.
FHLBank Atlanta 2004 EDGE Award Recipients Award Winners Project Name City, Loan State SouthTrust Bank/Young Young Men's Selma, AL $1.7 Men's Christian Christian Million Association of Selma Association of Selma The Peoples Bank & Trust Historic Berney Bessemer, $400,000 Company/Industrial Bank Building AL Development Board of the Rehabilitation City of Bessemer Harbor Federal Savings Indiantown Indiantown, $500,000 Bank/Indiantown Community Services FL NonprofitHousing, Inc. Center Compass Bank/Northwest Northwest Florida Pensacola, $3.7 Florida Blood Center, Inc. Blood Center FL Million Exchange Habitat for Milledge- $180,000 Bank/Milledgeville/Baldwin Humanity ville, GA County Habitat for Office/ReStore and Humanity Warehouse The Savannah Bank/Mercy 1826 Florance St. Savannah, $180,000 Housing Georgia Holdings, GA LLC RBC Centura/Cumberland East Star Family Fayette- $982,812 County Association for Center ville, NC Indian People BB&T of North Wicker School Sanford, $2.5 Carolina/Capital Bank/ Project NC Million First Bank/First Citizens Bank, N.A./RBC Centura/ Brick Capital Community Development Corporation Self-Help Credit Historic People's Rocky $1.7 Union/Self-Help Ventures Building Mount, NC Million Fund Regions Bank/Spartanburg South Church Street Spartan- $3.7 Investment Fund Retail Project burg, SC Million Regions Bank/Community Expansion of CDIC Aiken $150,000 Development & Improvement Business Loan Fund County, SC Corp. BB&T of South Celia Saxon Retail Columbia, $3 Carolina/Columbia Housing Center SC Million Authority Developments, Inc. SunTrust Bank/Harrisonburg Lucy F. Simms Harrison- $2.7 Redevelopment and Housing Center for burg, VA Million Authority Continuing Education SunTrust Bank/Southside Southside Community Richmond, $275,000 Community Development and Enterprise Center VA Housing Corp. SunTrust Bank/Richmond Winchester Greens Richmond, $1.2 Affordable Housing Office VA Million Highlands Union Bank/ Bristol Head Start Bristol, $750,000 People Incorporated of Center VA Southwest Virginia
About FHLBank Atlanta
The Federal Home Loan Bank of Atlanta is one of the 12 district banks in the Federal Home Loan Bank System. The $126 billion financial services organization provides low-cost financing and other banking services to more than 1,200 financial institutions in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, and the District of Columbia.