ATLANTA, July 8, 2011 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Atlanta (FHLBank Atlanta) is pleased to announce two new products to assist homebuyers: Community Stability and Foreclosure Recovery. These products provide matching grant funds to assist homebuyers with the purchase, down payment, closing costs, and/or rehabilitation costs on eligible homes. Homebuyers are only able to access the Community Stability and Foreclosure Recovery grant products through an FHLBank Atlanta member financial institution. A list of member financial institutions can be found on the Bank's website at www.fhlbatl.com/setaside.
Community Stability Product
FHLBank Atlanta's Community Stability product provides up to $7,500 per homebuyer in funding for the down payment, closing cost, purchase and/or purchase and rehabilitation of an existing home in neighborhoods targeted for stabilization or improvement by a state, county or city government or special district or authority. The homebuyer must contribute at least $1,000 out-of-pocket for the grant funding at a 4 to 1 match. Other eligibility requirements are described at www.fhlbatl.com/setaside.
Foreclosure Recovery Product
The Foreclosure Recovery product provides up to $15,000 per homebuyer in funding for the down payment, closing cost, purchase and/or purchase and rehabilitation of a home from the real estate owned (REO) inventory of an FHLBank Atlanta member financial institution. The homebuyer must contribute at least $1,000 out-of-pocket for funding at a 4 to 1 match. Purchase and other requirements for the Foreclosure Recovery product can be found at www.fhlbatl.com/setaside.
"Our mission is to provide our members the best credit products and resources so that they can offer affordable home mortgages and provide economic development credit to the neighborhoods and communities they serve," said Arthur Fleming, FHLBank Atlanta senior vice president and director of community investment services. "These new products will allow our members to extend credit, reduce their loan-to-value, and grow their loan origination business with homebuyers."
The Community Stability and Foreclosure Recovery products, as well as other affordable housing products of FHLBank Atlanta, assist families whose income is at or below 80% of the area median income level and who are purchasing homes located in FHLBank Atlanta's district, which includes Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia and the District of Columbia. For more information, visit www.fhlbatl.com/setaside or call FHLBank Atlanta's Community Investment Services Department at 1.800.536.9650 option 3, option 3.
FHLBank Atlanta plans to introduce two additional products for homeowners in fall 2011. The Energy Efficiency and Weatherization product will assist existing homeowners make improvements to their homes that will lower their energy bills and improve their quality of life. The Accessibility Rehabilitation product will assist existing homeowners make improvements to their home that will enhance the safety and disability accessibility of their home.
FHLBank Atlanta will host several educational webinars to provide details on the product requirements and how member financial institutions can access funding. Information on the dates and times of the webinars is available at www.fhlbatl.com.
About FHLBank Atlanta
FHLBank Atlanta offers competitively-priced financing, community development grants, and other banking services to help 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, savings institutions, and insurance companies located 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 $4 billion to the Affordable Housing Program.