Source: Federal Home Loan Bank of Atlanta
Federal Home Loan Bank of Atlanta Awards over $25 Million for Affordable Housing Development
Funding will Create, Improve, or Preserve 4,239 Affordable Rental and Homeownership Units
ATLANTA, Nov. 08, 2018 (GLOBE NEWSWIRE) -- Federal Home Loan Bank of Atlanta (the Bank) announced today that it has awarded $25,592,918 million to assist in the funding of 62 affordable housing projects in 17 states as part of its 2018 Affordable Housing Program (AHP). The projects represent $856,920,540 in total housing development. For every $1 dollar in AHP funding, another $32 dollars of financing was leveraged under the FHLBank Atlanta 2018 AHP.
Local for-profit and nonprofit developers, in partnership with FHLBank Atlanta member financial institutions, will use $19.4 million of AHP funds to assist in the acquisition, new construction, rehabilitation, or preservation of 3,166 affordable rental and homeownership units in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, and Virginia. Developers with projects in states outside of the Bank’s district, including Colorado, Connecticut, Delaware, Illinois, Louisiana, Massachusetts, Mississippi, Pennsylvania, Tennessee, and Texas, will receive more than $6.1 million in AHP funding to develop 1,073 housing units. For the complete list of winners, click here.
“The Affordable Housing Program has had a long track record of success providing access to safe and affordable housing for low- and moderate-income families,” said Robert Dozier, FHLBank Atlanta Executive Vice President and Chief Business Officer. “It is an effective way for our member financial institutions to partner with developers and community groups to not only provide affordable housing, but to also help create job opportunities and boost economic development in the communities they serve every day.”
FHLBank Atlanta awards AHP funds annually through a competitive application process. Since 1990, FHLBank Atlanta has awarded more than $760 million in AHP Competitive grants, providing more than 120,000 housing opportunities for moderate, low-, and very low-income households. Applications for the 2019 AHP funding round will be accepted beginning June 2019. 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.
FHLBank Atlanta’s AHP awards range from $57,000 to $500,000 per project and will be made in the following states:
| State | Rental Units | Owner Units | AHP Funds | Total Development | ||
| Alabama | 307 | 7 | $2,065,450 | $64,267,531 | ||
| Florida | 242 | 51 | $1,538,000 | $43,513,995 | ||
| Georgia | 524 | -- | $1,928,327 | $71,718,846 | ||
| Maryland | 329 | -- | $1,950,000 | $82,365,879 | ||
| North Carolina | 484 | -- | $3,390,000 | $70,812,248 | ||
| South Carolina | 90 | -- | $500,000 | $17,208,346 | ||
| Virginia | 1,117 | 15 | $8,068,741 | $282,884,279 | ||
| Out of District | 1,073 | -- | $6,152,400 | $224,149,416 | ||
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 located 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 $5.8 billion in Affordable Housing Program funds, assisting more than 865,000 households.
For more information, visit our website at www.fhlbatl.com.
CONTACT: Peter E. Garuccio
Federal Home Loan Bank of Atlanta
pgaruccio@fhlbatl.com
404.888.8143