Federal Home Loan Bank of Atlanta to Award $6.3 Million for Affordable Housing in Virginia

ATLANTA, Jan. 12, 2012 (GLOBE NEWSWIRE) -- Federal Home Loan Bank of Atlanta (FHLBank Atlanta) announced today that it will award $6.3 million to assist in the funding of 13 affordable housing developments in Virginia. The funding is part of $37.6 million FHLBank Atlanta will award in 15 states and the District of Columbia to create or preserve 3,922 units of affordable housing.

FHLBank Atlanta will award the funds as part of its 2011 Affordable Housing Program (AHP) offering. Local community developers, in partnership with FHLBank Atlanta member institutions, will use the funding to build or repair 708 affordable rental and ownership housing units in the cities of Abingdon Village, Bristol, Chesapeake, Floyd, Gate City, Lynchburg, Madison Heights, Maurertown, New Castle, Norfolk, Portsmouth, and Waynesboro.

"Returning profit to communities is an important aspect in the mission of FHLBank Atlanta," said Arthur Fleming, senior vice president and director of Community Investment Services, FHLBank Atlanta. "In partnership with member institutions, the Bank continues to provide improved living conditions to neighborhoods through community-focused products like AHP."

AHP is a competitive funding program that helps develop owner-occupied and rental housing for very low-, low-, and moderate-income families. FHLBank Atlanta awards the funds annually to member financial institutions and their community housing partners. AHP is a component of FHLBank Atlanta's affordable housing, economic development, and down-payment assistance initiatives. For the complete list of AHP winners, visit www.fhlbatl.com/ahp.

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, community development financial institutions, 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 $4 billion to the Affordable Housing Program.