Grants and Funding to Create, Improve 2,777 Housing Units
ATLANTA, Jan. 16 /PRNewswire-USNewswire/ -- Federal Home Loan Bank of
Atlanta (FHLBank Atlanta) announced today that it will award more than
$20.9 million in grants and subsidies to fund 68 affordable housing
projects in 12 states and the District of Columbia.
Local community developers, in partnership with FHLBank Atlanta member
institutions, will use the funding to buy, build, or preserve 2,429
affordable housing units in the Bank's district, which includes Alabama,
Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, and
the District of Columbia. Partnerships in five states outside the Bank's
district will receive funds to develop 348 housing units. FHLBank Atlanta
has awarded the funds as part of its 2006 Affordable Housing Program (AHP)
second round offering.
"This funding will help developers bring affordable housing projects
with total development costs of more than $230 million to neighborhoods and
underserved communities from Arkansas to Maryland," said Raymond Christman,
FHLBank Atlanta president and chief executive officer.
Individual grants - ranging from $23,000 to $500,000 - as well as
low-cost loans will be made in the following states in FHLBank Atlanta's
district:
* Alabama ($4,623,036 for 626 units)
* Florida ($6,932,139 for 669 units)
* Georgia ($2,069,950 for 261 units)
* Maryland ($329,000 for 93 units)
* North Carolina ($1,452,692 for 195 units)
* South Carolina ($1,678,590 for 261 units)
* Virginia ($1,001,050 for 284 units)
* D.C. ($500,000 for 40 units)
Awards announced today are part of $40.2 million in grants and
subsidies FHLBank Atlanta provided in 2006 to create or preserve more than
6,000 units of affordable housing. AHP is a competitive grant program that
helps develop owner-occupied and rental housing for very low-, low-, and
moderate-income families. FHLBank Atlanta awards the funds twice a year to
member financial institutions and their community housing partners. Since
1990, FHLBank Atlanta has contributed more than $300 million to support
affordable housing production in the Southeast. For the complete list of
winners, visit http://www.fhlbatl.com/ahpwinners.
About FHLBank Atlanta
FHLBank Atlanta offers low-cost 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, thrift and loans, 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 $2 billion to affordable housing development in the
United States.
Some of the statements made in this press release may be
"forward-looking statements," which include statements with respect to the
Bank's beliefs, plans, objectives, goals, expectations, anticipations,
assumptions, estimates, intentions, and future performance, and involve
known and unknown risks, uncertainties and other factors, many of which may
be beyond the Bank's control, and which may cause the Bank's actual
results, performance or achievements to be materially different from future
results, performance or achievements expressed or implied by the
forward-looking statements.
The forward-looking statements may not be realized due to a variety of
factors, including: future economic and market conditions; changes in
demand for advances or consolidated obligation; changes in interest rates;
legislative and regulatory changes; political, national and world events;
and adverse developments or events affecting or involving other FHLBanks or
the FHLBank System in general. Additional factors that might cause the
Bank's results to differ from these forward-looking statements are
contained in the Bank's annual and quarterly reports, available on the
Bank's website at http://www.fhlbatl.com.
SOURCE Federal Home Loan Bank of Atlanta
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