Communities to Benefit Include Atlanta, Miami, and Washington D.C.
ATLANTA, Jan. 20 /PRNewswire/ -- The Federal Home Loan Bank of Atlanta
(FHLBank Atlanta) will award more than $11.3 million in grants and loans to
help meet demand for more affordable housing in nine states and the District
of Columbia.
Affordable housing developers, in partnership with FHLBank Atlanta member
financial institutions, will use funds from the Bank's Affordable Housing
Program (AHP) to build or rehabilitate 2,172 affordable single-family and
multifamily housing units for communities in Alabama, Florida, Georgia,
Illinois, Maryland, North Carolina, South Carolina, Tennessee, Virginia, and
the District of Columbia.
"As the cost of housing continues to rise, the Bank is playing an
increasingly important role in providing gap financing for affordable
housing," said Raymond Christman, FHLBank Atlanta president and chief
executive officer. "Demand for affordable units is outstripping supply, so
it's great to see developers and lenders use the Bank's funds to help a
variety of groups, including the elderly, people seeking transitional housing,
and low-income households purchasing their first home."
Since 1990, FHLBank Atlanta has contributed more than $260 million in AHP
grants and subsidies to support affordable housing production throughout the
Southeast. The highly competitive awards are granted twice a year to help
housing organizations develop single-family and multifamily housing.
Individual grants -- ranging from $24,000 to $500,000 -- combined with
low-cost loans will be made in the following states:
-- Alabama ($1,897,254 for 468 units)
-- District of Columbia ($75,000 for 10 units)
-- Florida ($1,070,000 for 160 units)
-- Georgia ($1,666,000 for 329 units)
-- Illinois ($500,000 for 300 units)
-- Maryland ($27,500 for 5 units)
-- North Carolina ($4,160,136 for 646 units)
-- South Carolina ($1,037,200 for 149 units)
-- Tennessee ($800,000 for 77 units)
-- Virginia ($149,800 for 28 units)
Awards announced today are part of more than $20.6 million in funding the
Bank awarded in 2004. Since 1990, FHLBank Atlanta member institutions in
partnership with housing organizations have used AHP to help provide nearly
50,000 homeownership and rental units for very low- to moderate-income
families as well as down-payment assistance to nearly 4,000 families. For a
complete list of 2004 award winners, visit http://www.fhlbatl.com/ahpwinners .
About FHLBank Atlanta
Federal Home Loan Bank of Atlanta is a $129 billion financial services
organization that provides low-cost financing, community development grants,
and other banking services to 1,200 financial institutions 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 nearly $2
billion to affordable housing development in the U.S.
SOURCE Federal Home Loan Bank of Atlanta
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