ATLANTA, March 22, 2013 (GLOBE NEWSWIRE) -- Federal Home Loan Bank of Atlanta (FHLBank Atlanta) announced today that it will award $21.3 million in grants to its member financial institutions and their community housing partners through its 2013 Affordable Housing Program (AHP). Up to $500,000 will be awarded per project through a competitive application process.
FHLBank Atlanta's AHP Competitive can be used to help finance the acquisition, construction, rehabilitation, and development of affordable rental and ownership housing. AHP Competitive is also a unique product offering that can help financial institutions reach new customers and borrowers, achieve business development and community lending goals, and facilitate economic development.
AHP Competitive is one of the largest sources of private affordable housing funding available today. Since 1990, FHLBank Atlanta has awarded more than $424 million through the AHP to assist in the financing of more than 70,000 affordable units of housing. These funds have facilitated $5.9 billion of community development throughout the southeast – a more than 1:14 ratio of AHP equity to total development financing.
Potential applicants should work with an FHLBank Atlanta member financial institution to complete the AHP Competitive program application. The deadline for submitting applications is April 8, 2013.
A list of member financial institutions is available on the FHLBank Atlanta website at www.fhlbatl.com. Nonprofit and for-profit developers should review the AHP Implementation Plan (available on the Bank's website) for updates to application guidelines and requirements.
For more information, call the Bank's Community Investment Services Department at 1.800.536.9650 option 3, option 1, option 3.
About the Affordable Housing Program
AHP is a competitive funding program that helps develop both 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.
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 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.