Federal Home Loan Bank of Atlanta to Award $6.5 Million for Affordable Housing in Alabama
Funding to Create, Preserve Mix of 695 Affordable Rental, Homeownership Units
ATLANTA, Jan. 28 /PRNewswire/ -- Federal Home Loan Bank of Atlanta (FHLBank Atlanta) announced today that it will award $6.5 million to fund 11 affordable housing developments in Alabama. The funding is part of $40 million FHLBank Atlanta will award in ten states to create or preserve 3,897 units of affordable housing.
FHLBank Atlanta will award the funds as part of its 2009 Affordable Housing Program (AHP) offering. Local community developers, in partnership with FHLBank Atlanta member institutions, will use the funding to build or repair 695 affordable housing units in Baldwin, Hale, Jefferson, Madison, and Mobile counties, as well as the cities of Adamsville, Birmingham, Boaz, Columbiana, Gadsden, Hayden, Huntsville, Jasper, and Northport.
"For the past 20 years, FHLBank Atlanta has been helping to bring affordable housing to areas that have the greatest need," said Arthur Fleming, senior vice president and director of Community Investment Services, FHLBank Atlanta. "AHP funding provides critical economic stimulus to entire communities by revitalizing neighborhoods, creating jobs, and supporting economic development."
AHP is a competitive funding program that helps develop owner-occupied and rental housing for very low-, low-, and 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 AHP winners, visit www.fhlbatl.com/ahp.
About FHLBank Atlanta
FHLBank Atlanta offers competitively-priced financing, community development grants, and other banking services to help more than 1,200 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 $3.6 billion to the Affordable Housing Program.
Alabama 2009 AHP Winners
Total
City/County Project Name Member Sponsor Award Units
----------- ------------ ------ ------- ----- -----
Adamsville The Estates at Compass Bank National $1,000,000 44
Ashton Affordable
Housing
Preservation
Associates
Baldwin, Alabama Habitat Branch Alabama $740,000 74
Jefferson, for Humanity - Banking and Association
Madison, NSP Trust Company of Habitat
and Mobile Affiliates
Counties
Birmingham Residences at Superior Bank Main Street $1,000,000 52
Ensley Centre Birmingham,
Inc.
Boaz Savannah Regions Bank Paladin, Inc. $468,000 52
Gardens
Columbiana The Shoals Bank Chimney Peak $210,000 42
Mill Independent Development
Development Corporation
Gadsden The Lodge at Compass Bank Woodbine $337,184 40
Greenbridge Community
Organization
Hale County Owning -Rural Regions Bank HERO, Hale $75,000 5
Studio County
Housing Resource
Center
Hayden Royal Pines Regions Bank Downtown $800,000 40
Recovery Jimmie Hale
Center Mission
Huntsville Evangel Drive First Downtown $1,000,000 250
Relocation Commercial Rescue Mission
and Bank of
Expansion Huntsville
Jasper Jasper Regions Bank Hawkeye, Inc. $400,000 48
Housing II,
Ltd.
Northport Northview Regions Bank West $458,000 48
Housing 43, Alabama
Ltd. Affordable
Housing
Corporation, Inc.
SOURCE Federal Home Loan Bank of Atlanta
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article