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.