Grants and Funding will Create, Improve, or Preserve 3,635 Housing Units
ATLANTA, Jan. 31 /PRNewswire/ -- Federal Home Loan Bank of Atlanta
(FHLBank Atlanta) announced today that it will award more than $26.6
million in grants and low-cost loans to fund 82 affordable housing projects
in nine 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 3,516
affordable housing units in Alabama, Florida, Georgia, Maryland, North
Carolina, South Carolina, Virginia, and the District of Columbia.
Partnerships in two states outside the Bank's district (Tennessee and West
Virginia) will receive funds totaling $1.1 million to develop 119 housing
units.
FHLBank Atlanta has awarded the funds as part of its 2007 Affordable
Housing Program (AHP) second round offering. This award brings the Bank's
total contribution to affordable housing development in 2007 to $51
million, its largest in the 17-year history of AHP. In addition, the 2007
AHP funds will be combined with other funding sources to catalyze more than
$1 billion of development within the district.
"This funding is critical to ensure many communities build and maintain
a diverse stock of affordable housing units. It also stimulates economic
development in the region," President and CEO of FHLBank Atlanta Richard
Dorfman said. "AHP funds in combination with loans to members are providing
a reliable and critical funding source to local communities when and where
they need it most."
Individual grants and low-cost loans -- ranging from $42,000 to $2.7
million -- will be made in the following states in FHLBank Atlanta's
district:
-- Alabama ($4,302,500 for 829 units)
-- Florida ($6,750,976 for 639 units)
-- Georgia ($5,534,427 for 628 units)
-- Maryland ($973,500 for 193 units)
-- North Carolina ($3,018,278 for 425 units)
-- South Carolina ($1,475,000 for 238 units)
-- Virginia ($2,381,050 for 461 units)
-- D.C. ($1,036,000 for 103 units)
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 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, which have committed over $5 billion in loans and
grants since 1990. For the complete list of winners, visit
http://www.fhlbatl.com/ahp.
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 the Affordable Housing Program.
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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