Federal Home Loan Bank of Atlanta Awards $21.2 Million for Affordable Housing

ATLANTA, July 19 — Federal Home Loan Bank of Atlanta (FHLBank Atlanta) announced today that it will award $21.2 million in Affordable Housing Program (AHP) grants and subsidies to help build, buy, or repair 2,712 affordable housing units for very low- to moderate-income homeowners and renters throughout the Southeast.

The funding will be awarded to FHLBank Atlanta's member financial institutions, in partnership with community developers, in 10 states and the District of Columbia as part of its 2007 AHP first round competition. The winners will use individual grants — ranging from $25,500 to $500,000 — combined with low-cost loans to help develop 69 affordable housing projects in the following states in FHLBank Atlanta's district:

– Alabama ($951,500 for 121 units)
– Florida ($4,201,096 for 355 units)
– Georgia ($3,694,000 for 724 units)
– Maryland ($758,705 for 144 units)
– North Carolina ($2,260,647 for 309 units)
– South Carolina ($4,983,362 for 564 units)
– Virginia ($505,200 for 86 units)
– D.C. ($356,000 for 31 units)

Three projects in states outside FHLBank Atlanta's district will also receive funding, including Louisiana ($120,000 for 12 units), Tennessee ($3,077,109 for 362 units), and West Virginia ($329,000 for 4 units).

Each year, FHLBank Atlanta sets aside 10 percent of net income to fund the Affordable Housing Program. Since 1990, FHLBank Atlanta has contributed more than $346.7 million in AHP funds to develop 58,871 housing units and to provide down-payment assistance to more than 6,809 families.

AHP is a competitive award program that provides funds to help develop single-family and multifamily housing for very low- to moderate-income households. FHLBank Atlanta generally grants AHP awards twice a year to member financial institutions and their community housing partners. For the complete list of winners, visit http://www.fhlbatl.com/ahpwinners.

SOURCE Federal Home Loan Bank of Atlanta