ATLANTA, July 28, 2005 (PRIMEZONE) -- Federal Home Loan Bank of Atlanta will award $1.1 million in Affordable Housing Program (AHP) grants to help develop 105 transitional housing units for formerly homeless individuals in D.C., and nearly 40 single-family homes for lower-income families in Frederick, Md.
Two partnerships will use AHP grants totaling $805,000 to develop affordable housing in the District. Marshall Heights Community Development Corporation and FHLBank Atlanta member SunTrust Bank will receive $725,000 in funds to construct and renovate 89 transitional housing units for special needs residents throughout the District. Nonprofit developer Open Arms Housing partnered with Adams National Bank to win $80,000 to construct the Dunbar, a 16-unit efficiency apartment complex that will provide transitional housing for women with a history of homelessness and mental illness.
"AHP funds are increasingly becoming a more critical piece in community efforts to build affordable housing in high-cost areas like D.C. and Maryland," said Lynn Brazen, FHLBank Atlanta director of community investment services. "Ensuring that low-income families and those with special needs have access to safe, affordable housing is a key element in community stability, and I'm glad to see community partnerships using the Bank's AHP funds to make that happen."
In Maryland, project sponsors Farmers & Mechanics Bank and the City of Frederick Housing Authority will receive a $312,000 AHP grant to provide down-payment and closing-cost assistance to 39 homeowners as part of the HOPE VI Revitalization Program in Frederick.
AHP is a competitive grant program that helps develop single-family and multifamily housing. Awards are granted twice a year to housing organizations that apply for funds through financial institutions that are members of the Bank. Since 1990, FHLBank Atlanta has contributed more than $273 million to address affordable housing production in the South.
Awards announced today are part of more than $13.3 million in AHP grants the Bank recently awarded in the first round of 2005. Since 1990, housing organizations have used the AHP grants to help develop nearly 50,000 housing units for very low- to moderate-income families and to provide down-payment assistance to nearly 4,000 families. For a complete list of first-round award winners and details about individual projects, visit www.fhlbatl.com/ahpwinners.
About FHLBank Atlanta
Federal Home Loan Bank of Atlanta is a $134 billion financial services organization that provides low-cost financing, community development grants, and other banking services to nearly 1,200 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 nearly $2 billion to affordable housing development in the U.S.