ATLANTA, Feb. 2, 2007 (PRIME NEWSWIRE) -- Federal Home Loan Bank of Atlanta (FHLBank Atlanta) announced today that it will award more than $4.6 million in grants and subsidies to fund 14 affordable housing developments in Alabama. The funding is part of more than $20.9 million FHLBank Atlanta will award in 12 states and the District of Columbia, as part of its 2006 Affordable Housing Program (AHP) second round offering.
Local community developers, in partnership with FHLBank Atlanta member institutions, will use the funding to build or repair 626 affordable housing units in Centreville, Columbiana, Daphne, Demopolis, Fort Payne, Gordo, Jefferson, Mobile, Moundville, Reform, Scottsboro, Selma, Thomasville, and Tuskegee.
"This funding will help developers bring affordable rental housing to high-demand areas such as Selma, and help preserve housing for low-income homeowners in rural towns like West Jefferson," said Lynn Brazen, FHLBank Atlanta director of Community Investment Services.
Awards announced today are part of $40.2 million in grants and subsidies FHLBank Atlanta provided in 2006 to create or preserve more than 6,000 units of affordable housing. AHP is a competitive grant program that helps develop owner-occupied and rental housing for very low-, low-, and moderate-income families. Since 1990, FHLBank Atlanta has contributed more than $300 million to support affordable housing production and preservation in the Southeast. For the complete list of winners, visit www.fhlbatl.com/ahpwinners.
About FHLBank Atlanta
FHLBank Atlanta offers low-cost financing, community development grants, and other banking services to help more than 1,200 member financial institutions make affordable home mortgages and provide economic development credit to neighborhoods and communities. The Bank's members -- its shareholders and customers -- are commercial banks, credit unions, thrifts, and insurance companies headquartered 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; 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.
Alabama 2006 Second Round AHP Winners
Total
City Project Name Member Sponsor Type Award units
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The Peoples
Bank & United
CountryWood Trust Hopes,
Centreville Apartments Company Inc. Rent 500,000 40
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SafeHouse The
of Shelby SafeHouse
County- of Shelby
Transitional County,
Columbiana Housing Regions Bank Inc. Rent 120,000 8
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First
National Gateway
Laurel Bank of Construc-
Springs Baldwin tion
Daphne Apartments County Corp. Rent 240,000 56
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The Peoples
Bank & United
Riverside Trust Hopes,
Demopolis Apartments Company Inc. Rent 500,000 40
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Community
Action
Agency of
Northeast
Willow Compass Alabama,
Fort Payne Springs Bank Inc. Rent 490,000 56
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Community
Action
Partnership
Gordo Garden of North
Gordo Apartments Regions Bank Alabama Rent 156,000 24
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Jefferson Jefferson
County Co. Comm.,
Rural Office of
Rehabilita- Community
Jefferson tion Regions Bank Development Own 500,000 100
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Mobile Accessible
Supportive Space,
Mobile Housing Regions Bank Inc. Rent 95,000 20
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Community
Action
Partnership
Mound Plaza of North
Moundville Apartments Regions Bank Alabama Rent 156,000 24
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Community
Action
Partnership
Reform Manor of North
Reform Apartments Regions Bank Alabama Rent 156,000 24
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Community
Action
Agency of
Northeast
Crawford Alabama,
Scottsboro Park Regions Bank Inc. Rent 350,000 40
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240,000
Volunteers & 1.9
Addison Way of America million
Selma Apartments Regions Bank Southeast Rent subsidy 120
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Volunteers 200,000
Thomasville Willow Crest of America 630,297
Homes Regions Bank Southeast Rent subsidy 40
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The Peoples
Bank & United
Lakeshore Trust Hopes,
Tuskegee Apartments Company Inc. Rent 500,000 34
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