ATLANTA, Aug. 24, 2011 (GLOBE NEWSWIRE) -- Federal Home Loan Bank of Atlanta (FHLBank Atlanta) is pleased to announce two new Affordable Housing Program products: Energy Efficiency and Weatherization, and Accessibility Rehabilitation. These products provide funds to assist homeowners with energy efficient upgrades, weatherization, and safety and accessibility improvements on eligible homes. Applications are currently being accepted.
"These new products will help our members grow their loan portfolios and reach new customer markets, including affordable housing developers and home rehabilitation specialists," said Executive Vice President and Chief Business Officer Robert Dozier. "Community development within our district is part of our mission, and these new products offer flexible funding without government resources."
Energy Efficiency and Weatherization Product
FHLBank Atlanta's energy efficiency and weatherization product provides up to $15,000 per household for improvements that can reduce homeowners' energy costs. Plans may include new exterior doors, heating and air systems, insulation, windows and low-flow plumbing fixtures. The home must be owner-occupied, and it must be used as the borrower's primary residence.
Accessibility Rehabilitation Product
This product provides up to $15,000 per household to help existing homeowners improve the safety and disability accessibility of their homes. The home must be used as the borrower's primary residence. Eligible improvements include exterior ramps and sidewalks, door widening, bathroom and kitchen renovations, floor replacement and more.
Funds from these products can assist families owning homes located in FHLBank Atlanta's district which includes Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia and the District of Columbia. The homeowner must have a household income that is equal to 80 percent or less than the area median income. FHLBank Atlanta's suite of community economic enhancement products for first-time homebuyers and existing homeowners also includes community stability and foreclosure recovery products, which were introduced earlier this year. For more information on all product offerings, visit www.fhlbatl.com/setaside.
About the Affordable Housing Program
AHP is a competitive funding program that helps develop owner-occupied and rental housing for very low-to-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 more information, call the Bank's Community Investment Services department at 1.800.536.9650 option 3, option 3.
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, 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.