ATLANTA, Nov. 25, 2015 (GLOBE NEWSWIRE) -- Federal Home Loan Bank of Atlanta (the Bank) announced today that it has awarded more than $5.6 million to assist in the funding of 12 affordable housing initiatives in Virginia as part of its 2015 Affordable Housing Program (AHP). The awarded initiatives, which are located in Arlington, Hampton, Hopewell, Lawrenceville, Lexington, Newport News, Norfolk, Portsmouth, and Richmond, support the rehabilitation and construction of housing for low-income veterans, seniors, and individuals with disabilities.
Since AHP’s inception in 1990, the Bank has awarded funding to support 291 projects in Virginia that created or rehabilitated 11,026 units of quality affordable rental and homeownership housing and consisting of nearly $1.1 billion in total development.
“We are proud to celebrate 25 years of the Affordable Housing Program,” said Robert Dozier, FHLBank Atlanta Chief Business Officer. “In partnership with our shareholder financial institutions, the AHP has made a difference in the lives of thousands of families across the Southeast.”
FHLBank Atlanta awards AHP funds annually through a competitive application process. Applications for the 2016 AHP funding round will be accepted beginning March 1, 2016. Potential applicants must work with an FHLBank Atlanta member financial institution to complete the AHP Competitive program application. A list of member financial institutions is available on the FHLBank Atlanta website at www.fhlbatl.com.
For the complete list of winners, click here.
Virginia 2015 AHP Winners
| City | Project Name | Member | Sponsor | Award | Total Units | |
| Arlington | Columbia Hills East | Bank of America | Arlington Partnership for Affordable Housing | $ | 500,000 | 97 rental units |
| Hampton | Patterson Crossing Apartments | Old Point National Bank of Phoebus | Hampton Redevelopment and Housing Authority | $ | 439,000 | 19 rental units |
| Hopewell | Kippax Place | Bank of America | Community Housing Partners Corporation | $ | 500,000 | 100 rental units |
| Lawrenceville | Brunswick Manor Apartments | Branch Banking and Trust Company | People Incorporated Housing Group | $ | 366,590 | 40 rental units |
| Lexington | Windemere Apartments | EagleBank | REBJ, Inc. | $ | 335,000 | 38 rental units |
| Newport News | Newport News Seniors | Community & Southern Bank | RHA - Housing, Inc. | $ | 500,000 | 44 rental units |
| Norfolk | Church Street Station Studios | Community Capital Bank of Virginia | Virginia Supportive Housing | $ | 500,000 | 80 rental units |
| Norfolk | Grandy Village VI | TowneBank | Norfolk Redevelopment and Housing Authority | $ | 500,000 | 70 rental units |
| Portsmouth | Dale Homes Phase I | TowneBank | Portsmouth Redevelopment and Housing Authority | $ | 500,000 | 146 rental units |
| Richmond | Hatcher Tobacco Flats | Branch Banking and Trust Company | Genesis Properties, Inc. | $ | 500,000 | 152 rental units |
| Richmond | William Byrd Senior Apartments | Community Capital Bank of Virginia | ElderHomes Corporation | $ | 500,000 | 104 rental units |
| Richmond | Church Hill North Phase I | Branch Banking and Trust Company | The Community Builders, Inc. | $ | 460,000 | 60 rental units |
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 11 district banks in the Federal Home Loan Bank System. Since 1990, the FHLBanks have awarded approximately $4.8 billion in AHP funds, assisting more than 758,000 households.
For more information, visit our website at www.fhlbatl.com.
Some of the statements made in this announcement are “forward-looking statements,” which include statements with respect to the Bank's beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties, and other factors, many of which may be beyond the Bank's control, and which may cause the Bank's actual results, performance, or achievements to be materially different from the future results, performance, or achievements expressed or implied by the forward-looking statements.
The forward-looking statements may not be realized due to a variety of factors, including without limitation to legislative and regulatory actions, changes or approvals; future economic and market conditions (including the housing market and the market for mortgage-backed securities); changes in demand for advances or consolidated obligations of the Bank and/or the FHLBank System; changes in interest rates and prepayment speeds, default rates, delinquencies, and losses on mortgage-backed securities; political, national, and world events; and adverse developments or events affecting or involving other Federal Home Loan Banks or the FHLBank System in general. Additional factors that might cause the Bank's results to differ from these forward-looking statements are provided in detail in our filings with the Securities and Exchange Commission, which are available at www.sec.gov.
New factors may emerge, and it is not possible for us to predict the nature, or assess the potential impact, of each new factor on our business and financial condition. Given these uncertainties, we caution you not to place undue reliance on forward-looking statements. These statements speak only as of the date that they are made, and the Bank has no obligation and does not undertake to publicly update, revise, or correct any of the forward-looking statements after the date of this announcement, or after the respective dates on which such statements otherwise are made, whether as a result of new information, future events, or otherwise, except as may be required by law.