ATLANTA, Jan. 11, 2006 (PRIMEZONE) -- The Federal Home Loan Bank of Atlanta (FHLBank Atlanta) announced today that communities in 11 states and the District of Columbia will receive more than $20.1 million in grants and subsidized loans to create or rehabilitate 3,406 affordable housing units.
Project developers, in partnership with FHLBank Atlanta member institutions, will use the funding to support 72 projects in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, and the District of Columbia. The Bank has awarded the funds as part of its Affordable Housing Program (AHP), which since 1990 has contributed more than $285 million to support affordable housing production in the Southeast.
"Developers and community banks are using AHP to create housing choices that are affordable to the elderly and those with special needs as well as the nurses, police officers, and teachers who are the building blocks of a healthy community," said Raymond Christman, FHLBank Atlanta president and chief executive officer.
Individual grants -- ranging from $32,000 to $500,000 -- combined with low-cost loans will be made in the following states in FHLBank Atlanta's district:
Alabama ($1,354,213 for 241 units) Florida ($2,980,000 for 674 units) Georgia ($3,689,750 for 727 units) Maryland ($ 960,000 for 123 units) North Carolina ($3,239,575 for 370 units) South Carolina ($2,715,416 for 407 units) Virginia ($2,010,000 for 374 units) D.C. ($2,032,139 for 312 units)
Four other states outside the Bank's district also will be awarded AHP funding. Louisiana will receive $250,000; Pennsylvania will use $100,000; Tennessee will be awarded $775,000 and West Virginia gets $35,000.
Awards announced today are part of more than $33 million in funding the Bank awarded in 2005. Since 1990, FHLBank Atlanta members and nonprofits have used AHP funds to develop more than 52,000 housing units and to provide down-payment assistance to more than 5,200 families.
AHP is a competitive grant program that helps develop owner-occupied and rental housing for very low-, low-, and moderate-income families. FHLBank Atlanta grants AHP awards twice a year to member financial institutions and their community housing partners. For the complete list of winners, visit www.fhlbatl.com/ahpwinners. The application submission deadline for the first round of 2006 AHP awards is March 15, 2006.
About FHLBank Atlanta
FHLBank Atlanta is a $135 billion financial services organization that provides low-cost financing, community development grants, 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. FHLBank Atlanta is one of 12 district banks in the Federal Home Loan Bank System, which since 1990 has contributed more than $2 billion to affordable housing development in the United States.
Some of the statements made in this press release may be "forward-looking statements," which include statements with respect to the Bank's beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties and other factors, many of which may be beyond the Bank's control, and which may cause the Bank's actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by the forward-looking statements.
The forward-looking statements may not be realized due to a variety of factors, including: future economic and market conditions; changes in demand for advances or consolidated obligation; changes in interest rates; legislative and regulatory changes; the Bank's registration with the SEC; political, national and world events; and adverse developments or events affecting or involving other FHLBanks or the FHLBank System in general. Additional factors that might cause the Bank's results to differ from these forward-looking statements are contained in the Bank's annual and quarterly reports, available on the Bank's website at www.fhlbatl.com.