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Federal Home Loan Bank of Atlanta Awards over $30 Million for Affordable Housing Development

926 Days ago

Funding will Create, Improve, or Preserve 4,644 Affordable Rental and Homeownership Units

ATLANTA, Nov. 07, 2019 (GLOBE NEWSWIRE) -- Federal Home Loan Bank of Atlanta (the Bank) announced today that it has awarded $30,313,449 million to assist in the funding of 71 affordable housing initiatives in 14 states and the District of Columbia as part of its 2019 Affordable Housing Program (AHP). The initiatives represent $889,361,885 in total housing development.

FHLBank Atlanta member financial institutions will partner with local for-profit and nonprofit developers and use $24.2 million of AHP funds to assist in the acquisition, new construction, rehabilitation, or preservation of 3,958 affordable rental and homeownership units in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, and the District of Columbia. Developers with initiatives in states outside of the Bank’s district, including California, Connecticut, Louisiana, Maine, Michigan, Mississippi and Tennessee will receive more than $6 million in AHP funding to develop 686 housing units. For the complete list of winners, click here.

“For nearly 30 years FHLBank Atlanta’s Affordable Housing Program has been an effective tool for helping our member financial institutions support affordable housing across the Southeast,” said FHLBank Atlanta Chief Operating Officer, Kirk Malmberg. “We are proud of the contribution our AHP makes to helping families gain access to safe and affordable homes.”

FHLBank Atlanta awards AHP funds annually through a competitive application process. Since 1990, FHLBank Atlanta has awarded more than $1.01 billion in AHP Competitive grants, providing more than 158,000 housing opportunities for moderate, low-, and very low-income households. Applications for the 2020 AHP funding round will be accepted beginning February 2020. 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 $60,000 to $500,000 per initiative and will be made in the following states:

State Rental Units Owner Units AHP Funds Total Development
Alabama 427 -- $2,285,067 $53,378,208
District of Columbia 202 6 $1,575,000 $84,282,425
Florida 273 28 $2,264,000 $33,937,694
Georgia 305 9 $1,940,000 $54,114,176
Maryland 602 -- $3,130,000 $108,755,444
North Carolina 596 -- $5,000,000 $88,160,052
South Carolina 298 10 $1,120,000 $29,991,919
Virginia 1,179 23 $6,919,382 $224,002,566
Out of District 686 -- $6,080,000 $212,739,401

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 $6.2 billion in Affordable Housing Program funds, assisting more than 911,000 households.

For more information, visit our website at www.fhlbatl.com.

CONTACT: Peter E. Garuccio
Federal Home Loan Bank of Atlanta

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