ATLANTA, June 6, 2012 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Atlanta (FHLBank Atlanta) is pleased to announce its partnership with Bike & Build, a non-profit organization promoting affordable housing needs through cross-country biking trips. Volunteers ages 18-25 plan and complete biking trips that take them across the U.S. to help build affordable housing. To participate in Bike & Build, riders must agree to raise a minimum of $4,500 in donations.
A team of 30 Bike & Build volunteers traveling from Columbia, SC to Santa Cruz, CA stopped in Atlanta to talk with local students about affordable housing needs across the U.S. Since its founding in 2002, Bike & Build has engaged more than 1,500 volunteer riders and donated more than $3.3 million. Proceeds are disbursed to affordable housing organizations to underwrite projects that are primarily planned and executed by other college students. The contributions are allocated through a competitive grant application process.
"Bike & Build shares our mission to support the development of affordable housing for families across the country," said Robert Dozier, executive vice president and chief business officer at FHLBank Atlanta. "Volunteering to spend the summer fundraising and building houses is not the way most college students want to spend their summer. We admire these young people and their incredible dedication to affordable housing."
The 12 FHLBanks, including FHLBank Atlanta, will contribute a combined total of $60,000 in support of Bike & Build's affordable housing mission.
About Bike & Build
Bike & Build is a 501(c)(3) independent non-profit organization that works with participants ages 18-25 to produce cross-country fundraising cycling trips. Event proceeds are disbursed to affordable housing organizations to underwrite projects chiefly planned and executed by young adults in this age group. These contributions are allocated through a competitive grant application process. Over the course of nine seasons, Bike & Build has contributed more than $3.3 million to housing groups to fund affordable housing projects. This includes more than $605,000 donated during the summer of 2011.
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 billion to the Affordable Housing Program.