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Federal Home Loan Bank of Atlanta Awards $13.6 Million for Affordable Housing Development

Monday, November 26, 2012 2:29 PM


Funding Will Create, Improve, or Preserve 2,265 Affordable Rental and Homeownership Units

ATLANTA, Nov. 26, 2012 (GLOBE NEWSWIRE) -- Federal Home Loan Bank of Atlanta (FHLBank Atlanta) announced today that it will award $13.6 million to assist in the funding of 43 affordable housing projects in 10 states and the District of Columbia, as part of its 2012 Affordable Housing Program (AHP). The projects represent over $271 million in total housing development. For every one dollar in AHP funding, another twenty dollars of development was leveraged under the FHLBank Atlanta 2012 AHP.

Local for-profit and nonprofit developers, in partnership with FHLBank Atlanta member institutions, will use $12 million of the AHP funds to assist in the acquisition, new construction, rehabilitation, or preservation of 1,993 affordable rental and homeownership housing units in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, and the District of Columbia. Developers with projects in states outside of the Bank's district including Louisiana, Pennsylvania, and Texas will receive funds totaling $1.6 million in AHP funding to develop 272 housing units.

"For more than 20 years, AHP funds have created valuable opportunities for member institutions, developers, and community groups to partner and invest in affordable housing and community economic development," said Robert Dozier, FHLBank Atlanta Executive Vice President and Chief Business Officer. "The consistent performance and sound operation of AHP is clear evidence of the Bank's continued commitment to this aspect of our mission."

FHLBank Atlanta's AHP awards range from $33,660 to $500,000 per project and will be made in the following states and the District of Columbia:

     
State AHP Funds / Units Total Development
● Alabama $225,243 for 100 units $ 3,250,000
 Florida $1,593,400 for 277 units $ 44,296,471
Georgia $787,731 for 116 units $ 21,950,577
Maryland $1,300,000 for 128 units $ 22,661,436
North Carolina $1,295,750 for 313 units $ 15,399,090
South Carolina $717,438 for 111 units $ 15,488,947
Virginia $5,011,784 for 651 units $ 71,316,081
 District of Columbia $1,033,660 for 297 units $ 50,691,109
Out of District $1,611,728 for 272 units $ 26,296,397

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 the complete list of winners, visit http://www.fhlbatl.com/ahpawards/.

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 12 district banks in the Federal Home Loan Bank System, which since 1990 has contributed more than $4.6 billion to the Affordable Housing Program.

CONTACT: Sharon Cook
         Federal Home Loan Bank of Atlanta
         scook@fhlbatl.com
         (404) 888-8173

(Source: PrimeZone )
(Source: Quotemedia)

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