ATLANTA, Dec. 12, 2012 (GLOBE NEWSWIRE) -- Federal Home Loan Bank of Atlanta (FHLBank Atlanta) announced today that it will award $787,731 to assist in funding three affordable housing developments in Georgia. The funding is part of $13.6 million that FHLBank Atlanta will award in 10 states and the District of Columbia to create, or preserve 2,265 units of affordable rental and ownership housing.
FHLBank Atlanta will award the funds as part of its 2012 Affordable Housing Program (AHP) offering. The projects represent over $271 million in total housing development. For every one dollar in AHP funding, another twenty dollars of development was leveraged under the FHLBank Atlanta 2012 AHP.
Local for-profit and nonprofit developers, in partnership with FHLBank Atlanta member institutions, will use the funding to build and repair 116 affordable rental and homeownership units in the cities of Atlanta and Cordele.
"Over the past two decades, FHLBank Atlanta's AHP funding has enabled our members and their customers to respond to the housing and economic needs of their communities," said Arthur Fleming, FHLBank Atlanta Senior Vice President and Director of Community Investment Services. "These funds strengthen local economies by serving as a catalyst for revitalizing neighborhoods, creating jobs and supporting economic development."
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 winners, visit www.fhlbatl.com/ahpawards.
About the Federal Home Loan Bank of 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 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 $4.6 billion to the Affordable Housing Program.
| Georgia 2012 AHP Winners | |||||
| City/County | Project Name | Member | Sponsor | Award | Total Units |
| Atlanta | Imperial Hotel |
Bank of America, National Association |
National Church Residences |
$500,000 | 90 |
| Cordele |
Sunset Homes Comprehensive Renovations Phase I |
PlantersFIRST |
The Housing Authority of the City of Cordele, Georgia |
$160,000 | 16 |
| Cordele |
SW GA United 2012 Project 1 |
South Georgia Banking Company |
Southwest Georgia United Empowerment Zone, Inc. |
$127,731 | 10 |