ATLANTA, Dec. 21, 2015 (GLOBE NEWSWIRE) -- Federal Home Loan Bank of Atlanta (FHLBank Atlanta) announced today that its 2016 Affordable Housing Program (AHP) Competitive Round will open on March 1, 2016. Up to $500,000 will be awarded per project through a competitive application process to FHLBank Atlanta member financial institutions and their for-profit, nonprofit, and quasi-governmental developer customers. The deadline for submitting applications is April 7, 2016.
FHLBank Atlanta AHP Competitive funds can be used to help finance the acquisition, construction, and rehabilitation of affordable rental and ownership housing. AHP Competitive is also a unique product offering that can help financing 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 $690 million in AHP Competitive funds, which has resulted in the financing of more than 109,000 affordable units of rental and ownership housing. In 2015, the Bank awarded $19.7 million to assist in the financing of 3,347 rental units and 49 ownership units of affordable housing. FHLBank Atlanta’s AHP Competitive funds have facilitated more than $9.5 billion of residential development since 1990 – a 1:13 ratio of AHP funded equity to total development financing.
Potential applicants should work with an FHLBank Atlanta member financial institution to complete the AHP Competitive application. The deadline for submitting applications is April 7, 2016. To learn more about submitting an AHP application, register for a webinar through the Bank’s events calendar.
Nonprofit, for-profit, and local government sponsors should review the AHP Implementation Plan (available on the Bank’s website) for updates to application guidelines and requirements. A list of member financial institutions is available on the FHLBank Atlanta website at www.fhlbatl.com.
If you need assistance finding a member financial institution to work with, or for more information, call the Bank’s Community Investment Services Department at 1.800.536.9650, option 3, option 0.
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 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.