ATLANTA, Feb. 6, 2007 (PRIME NEWSWIRE) -- Federal Home Loan Bank of Atlanta (FHLBank Atlanta) announced today that it will award $2 million in grants in Georgia to help pay for 261 affordable housing units. The funding is part of more than $20.9 million in grants and funding FHLBank Atlanta will award in 12 states and the District of Columbia.
FHLBank Atlanta will award the funds 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 awards to fund six affordable housing developments in Bainbridge, Dekalb and Fulton counties, Forest Park, Fort Valley, and Macon.
"The public-private partnerships established through our AHP funding are an effective way to meet the increased demand for more affordable housing in Georgia's rural and urban communities," 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.
Georgia - 2006 Second Round AHP Winners
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City Project Member Sponsor Type Subsidy Total
Name units
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Bainbridge Courtes BB&T of Partnership Rent 229,950 32
de N.C. Housing
Emerald II Affordable
to Society
Everywhere
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Dekalb Senior First Senior Own 500,000 50
County Connection Bank Connections
Urban Rehab of the
South
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Forest Tracewood Community The Paces Rent 500,000 85
Park Apartments Capital Foundation,
Bank Inc.
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Fort Magnolia Regions RHA- Rent 300,000 36
Valley Terrace Bank Housing,
Apartments, inc.
Phase II
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Fulton Senior First Senior Own 500,000 50
County Connection Bank Connections
Fulton of the
Urban South
Rehab
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Macon Lynmore Security Macon Own 40,000 8
Estates Bank of Area
Neighbor- Bibb Habitat
hood County for
Revitali- Humanity
zation
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