ATLANTA, Jan. 20, 2015 (GLOBE NEWSWIRE) -- Federal Home Loan Bank of Atlanta (FHLBank Atlanta) today announced that funding for its 2015 Affordable Housing Program (AHP) Set-aside Products is available for home purchase or home rehabilitation.
Since its inception, FHLBank Atlanta's AHP Set-aside Products have provided more than $141 million in grant funding that has enabled more than 20,000 households to purchase or rehabilitate a home. In 2014 alone, more than $18 million in grant funding assisted 2,400 households across the Southeast with costs related to purchasing or rehabilitating a home.
"Our mission is to provide our members with the credit products and resources they need to offer affordable home mortgages and provide economic development credit to the communities they serve," said Arthur Fleming, FHLBank Atlanta senior vice president and director of community investment services. "In 2015, we are expanding funding eligibility by using the greater of several methodologies for determining county area median income, or the state median family income adjusted for family size, as published annually by the Department of Housing and Urban Development (HUD)."
To learn more about the 2015 AHP Set-aside Products suite click here, or see a summary listing below:
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First-time Homebuyer Product
The First-time Homebuyer Product provides up to $5,000 in down-payment, closing-cost, and principal reduction assistance for eligible first-time homebuyers. -
Community Partners Product
The Community Partners Product provides up to $7,500 in down-payment, closing cost, and principal reduction assistance for first-time or non-first-time homebuyers who are currently employed or retired law enforcement officers, educators, health care workers, firefighters, and other first responders. -
Foreclosure Recovery Product
The Foreclosure Recovery Product provides up to $15,000 in down-payment, closing-cost, and principal reduction assistance for eligible homebuyers purchasing properties from the Real Estate Owned (REO) inventory of any FHLBank Atlanta member financial institution. -
Veterans Purchase Product
The Veterans Purchase Product provides up to $7,500 in down-payment, closing-cost, and principal reduction assistance for first-time homebuyers or non-first-time homebuyers that are veterans or active-duty members of the U.S. military, or their surviving spouses. -
Returning Veterans Purchase Product
The Returning Veterans Purchase Product provides up to $10,000 in down-payment, closing cost, and principal reduction assistance for first-time homebuyers or non-first-time homebuyers that are currently serving or have served in an overseas military intervention environment for any branch of the U.S. military, or their surviving spouses. -
Veterans Rehabilitation Product
The Veterans Rehabilitation Product provides up to $12,500 in assistance for the rehabilitation of an existing owner-occupied unit for homeowners that are veterans or active-duty members of the U.S. military, or their surviving spouses. -
Returning Veterans Rehabilitation Product
The Returning Veterans Rehabilitation Product provides up to $15,000 in assistance for the rehabilitation of an existing owner-occupied unit for homeowners that are serving or have served in an overseas military intervention environment for any branch of the U.S. military, or their surviving spouses.
A listing of member financial institutions is available on the FHLBank Atlanta website at www.fhlbatl.com.
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 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 $5.1 billion to the Affordable Housing Program.