Funding to Create, Preserve 284 Affordable Rental, Homeownership Units
ATLANTA, Feb. 27 /PRNewswire/ -- Federal Home Loan Bank of Atlanta
(FHLBank Atlanta) announced today that it will award $1 million in grants
in Virginia to help pay for 284 affordable housing units. The funding is
part of more than $20.9 million in grants and funding FHLBank Atlanta will
award in 12 states and the District of Columbia.
Local community developers, in partnership with FHLBank Atlanta member
institutions, will use individual grants ranging from $30,000 to $500,000
to fund affordable housing developments in Hampton, Madison Heights,
Montross, Toano, Willamsburg and Yorktown.
"The public-private partnerships established through our AHP funding
are an effective way to meet the increased demand for more affordable
housing in Virginia's rural and urban communities," said Lynn Brazen,
FHLBank Atlanta director of Community Investment Services.
Awards announced today are part of $44 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. Since 1990, FHLBank Atlanta has contributed more
than $300 million to support affordable housing production and preservation
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, thrifts,
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.
Virginia -- 2006 Second Round AHP Winners
City Project Name Member Sponsor Type Subsidy Total
units
Hampton Habitat The Old Peninsula Own 71,050 14
Homeownership Point Habitat
National for
Bank of Humanity
Phoebus
Madison Victoria Place Bank of Rush Rent 30,000 6
Heights Apartments the James Lifetime
Homes
Montross Montross RBC Community Rent 100,000 24
Centura Housing
Bank Partners
Corporation
Toano Burnt Ordinary BB&T of South East Rent 500,000 80
Apartments NC Rural
Assistance
Project
Williamsburg Lafayette BB&T of Community Rent 200,000 112
Village Family NC Housing
Partners
Corporation
Yorktown Rivermeade I RBC Community Rent 100,000 48
Apartments Centura Housing
Bank Partners
Corporation
SOURCE FHLBank Atlanta
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Related links:
http://www.fhlbatl.com/ahpwinners
http://www.fhlbatl.com
http://www.prnewswire.com/comp/149931.html/
CONTACT:
Asia Grimes, Federal Home Loan Bank of
Atlanta, +1-404-888-8037, agrimes@fhlbatl.com
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