Federal Home Loan Bank of Atlanta to Offer More Than $2 Million to Boost Jobs, Growth

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Federal Home Loan Bank of Atlanta to Offer More Than $2 Million to Boost Jobs, Growth
    Economic Development Funds Can Reduce Cost of Community Development
                                  Projects

    ATLANTA, March 23 /PRNewswire/ -- Federal Home Loan Bank of Atlanta
(FHLBank Atlanta) announced that it plans to make available more than $2
million of subsidy to reduce the interest rate on loans that spur
development in retail, small business, and other qualifying projects
throughout the Southeast.
    Funding will be awarded to lenders who seek to finance projects that
create jobs, renovate structures, and build community facilities that aid
economic growth. FHLBank Atlanta awards the funds through its competitive
Economic Development and Growth Enhancement (EDGE) loan program, which
promotes development projects that benefit low-and moderate-income
communities.
    "Lenders traditionally use the program to assist entrepreneurs,
commercial developers, businesses or nonprofit groups that are looking to
locate or expand job opportunities in a community," said Lynn Brazen
FHLBank Atlanta director of community investment services. "This is a
win-win for both lenders and residents of areas where subsidized funding
can be a catalyst for new economic opportunities."
    To be considered for funding, a project developer must partner with a
FHLBank Atlanta member institution to submit an application. The project
must involve one of the following types of developments:
     -- Child-care center
     -- Community center
     -- Health-care facility
     -- Recreational facility
     -- Business creating permanent jobs at living wages with basic benefits
     -- Micro-loan fund ($35,000 or less)
     -- Job-training facility
     -- Small business incubator
     -- Neighborhood commercial revitalization activity (including festive
        farmers markets, cultural-based activities, etc.)
     -- Grocery store
     -- Shopping center
    In 2006, FHLBank Atlanta members received loans ranging from $500,000
to $2.3 million to help fund economic development projects with total
development costs of $21 million. FHLBank Atlanta makes the EDGE awards
annually in the form of below-market rate loans. To view a list of previous
winning projects, eligibility requirements, or to download the application,
visit http://www.fhlbatl.com/edge. To learn more, please attend an FHLBank
Atlanta webinar about the program scheduled for April 10, 2007 at 10:00
a.m. ET. Registration available at http://www.fhlbatl.com.
    About the Federal Home Loan Bank of Atlanta
    The Bank is a cooperative financial services organization that provides
funding, community development grants, and a host of other banking services
to more than 1,200 member financial institutions in Alabama, Florida,
Georgia, Maryland, North Carolina, South Carolina, Virginia, and the
District of Columbia. The Bank 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
FHLBank Atlanta'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 FHLBank Atlanta's control, and which may cause
FHLBank Atlanta'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 FHLBank
Atlanta's results to differ from these forward-looking statements are
provided in detail in our filings with the Securities and Exchange
Commission, available through FHLBank Atlanta's website at http://www.fhlbatl.com.
SOURCE Federal Home Loan Bank of Atlanta
http://www.fhlbatl.com
http://www.fhlbatl.com/edge/
http://www.prnewswire.com/comp/149931.html /
CONTACT:
Asia Grimes of Federal Home Loan Bank of
Atlanta, agrimes@fhlbatl.com, +1-404-888-8037