ATLANTA, Aug. 23, 2006 (PRIMEZONE) -- Fifteen development partnerships in Georgia will receive more than $4.9 million in grants from Federal Home Loan Bank of Atlanta's (FHLBank Atlanta) 2006 Affordable Housing Program (AHP) to build, buy, or repair 749 single-family and multifamily housing units throughout the state.
"These winning projects will create a wide range of affordable housing choices for Georgia's residents," said Lynn Brazen, FHLBank Atlanta director of community investment services. "From new homes and counseling for first-time homebuyers to home repairs for low-income elderly residents, these grants are about more than dollars, they are about the people who stabilize our neighborhoods."
In metro Atlanta, four community-based partnerships will use more than $2.2 million in grants to repair homes, construct housing, and provide home-purchasing assistance for very low- to moderate-income residents in the City of Atlanta, Lithonia, and Dekalb and Cobb counties.
-- Atlanta Habitat for Humanity and SunTrust Bank will use $350,000
to help build 70 single-family homes for families in Atlanta and
Fulton and Dekalb counties.
-- The City of Marietta's Housing Authority and New South Federal
Savings Bank will use $460,000 to provide homebuyer counseling
and down-payment assistance to 45 first-time homebuyers in
Marietta.
-- FHLBank Atlanta will award $1 million in AHP grants to Senior
Connections and First Bank of the South to repair 158 homes for
low-income elderly homeowners throughout Atlanta.
-- In Dekalb, Lithonia Development Corporation, Inc. and SunTrust
Bank will use a $450,000 grant to purchase land to construct
Stephenson Road Townhomes, a 50-unit development for low-
to moderate-income first-time homebuyers in Lithonia.
Other winning partnerships, which include local banks and community developers, will use grants ranging from $20,000 to $500,000 to develop or rehabilitate rental and homeownership units affordable to lower-income families in:
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Calhoun-$1,000,000 million for 130 units Terrell County-$250,000
for 20 units
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Cordele-$200,000 for 56 units Thomson-$200,000 for
60 units
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Manchester-$20,000 for 4 units Valdosta-$120,000
for 12 units
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Moultrie-$210,000 for 72 units Waynesboro-$500,000
for 64 units
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Summerville-$140,000 for 48 units
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Awards announced today are part of more than $23 million in AHP grants and subsidized loans provided to 12 states and D.C. to support the development of 81 housing development projects. Each year, FHLBank Atlanta sets aside 10 percent of net income to fund the Affordable Housing Program. Since 1990, FHLBank Atlanta has contributed more than $300 million in AHP funds to develop 55,656 housing units and to provide down-payment assistance to more than 5,700 families.
AHP is a competitive award program that provides funds to help develop owner-occupied and rental housing for very low-, low-, and moderate-income families and individuals. FHLBank Atlanta generally 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 second round of 2006 AHP awards is Sept. 15, 2006.
About FHLBank Atlanta
FHLBank Atlanta is a $145.7 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 FHLBank Atlanta'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 FHLBank Atlanta's control, and which may cause FHLBank Atlanta'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 obligations; changes in interest rates; legislative and regulatory changes; political, national and world events; and adverse developments or events affecting or involving other Federal Home Loan Banks or the Federal Home Loan Bank System in general. Additional factors that might cause FHLBank Atlanta's results to differ from these forward-looking statements are provided in detail in FHLBank Atlanta's filings with the Securities and Exchange Commission, which are available at www.sec.gov or through FHLBank Atlanta's website at www.fhlbatl.com.