Federal Home Loan Bank of Atlanta Awards $42.7 Million for Affordable Housing Development

ATLANTA, Jan. 14, 2011 /PRNewswire/ -- Federal Home Loan Bank of Atlanta (FHLBank Atlanta) announced today that it will award $42.7 million to assist in the funding of 90 affordable housing projects in 11 states and the District of Columbia, as part of its 2010 Affordable Housing Program (AHP).  

Locally-based for-profit and non-profit developers, in partnership with FHLBank Atlanta member institutions, will use $39.9 million of the funds to assist in the acquisition, new construction, rehabilitation, or preservation of 4,528 affordable rental and homeownership housing units in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia and the District of Columbia. Partnerships in states outside of the Bank's district including California, Louisiana, Michigan, and Texas will receive funds totaling $2.8 million to develop 313 housing units.

"For nearly 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 Wes McMullan, FHLBank Atlanta President and Chief Executive 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 $30,000 to $1 million per project and will be made in the following states and the District of Columbia, in the Bank's district:

The Bank's $42.7 million in 2010 AHP funds will be combined with other funding sources to develop more than $585 million of affordable housing. In addition, a portion of this year's AHP is dedicated to alleviating the foreclosure crisis by supporting the reclamation and redevelopment of foreclosed properties.

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 www.fhlbatl.com/ahp.  

About FHLBank 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, 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 $4 billion to the Affordable Housing Program.

SOURCE Federal Home Loan Bank of Atlanta