Communities in Atlanta, Charlotte, St. Petersburg,
Washington, D.C. Among Winners
ATLANTA, July 18 /PRNewswire/ -- The Federal Home Loan Bank of Atlanta
announced today that nonprofit developers from Florida to Maryland will
receive $13.3 million in grants and subsidized loans for affordable housing
development. The Bank's Affordable Housing Program (AHP) funds will support
47 projects and generate 2,162 new and rehabilitated affordable housing units.
Project developers, in partnership with FHLBank Atlanta member
institutions, will use the funding to develop single-family and multifamily
housing in Alabama, Florida, Georgia, Louisiana, Maryland, North Carolina,
South Carolina, Virginia, and the District of Columbia. The Bank committed the
funds as part of its Affordable Housing Program, which since 1990 has
contributed more than $273 million to support affordable housing production in
the Southeast.
"The Federal Home Loan Bank of Atlanta is committed to helping its member
institutions and their development partners address the affordable housing
shortages in their communities," said Raymond Christman, FHLBank Atlanta
president and chief executive officer. "AHP funds help keep housing affordable
at a time when rising prices are squeezing some buyers and renters out of the
market for decent, affordable housing."
Individual grants - ranging from $15,000 to $500,000 - combined with low-
cost loans will be made in the following states:
* Alabama ($1,150,000 for 121 units)
* Florida ($2,410,337 for 345 units)
* Georgia ($4,350,000 for 885 units)
* Louisiana ($250,000 for 59 units)
* Maryland ($312,000 for 39 units)
* North Carolina ($2,940,400 for 322 units)
* South Carolina ($803,000 for 131 units)
* Virginia ($914,750 for 155 units)
* D.C. ($805,000 for 105 units)
This year, nonprofit developers partnered with FHLBank Atlanta member
financial institutions to submit 158 applications for funding in the first
round of the Bank's 2005 AHP offering. Since 1990, FHLBank Atlanta members
and nonprofits have used AHP funds to develop nearly 47,000 housing units and
to provide down-payment assistance to nearly 4,000 families.
AHP is a competitive grant program that helps develop owner-occupied and
rental housing for very low-, low-, and moderate-income families. FHLBank
Atlanta grants AHP awards twice a year to member financial institutions and
their community-based housing partners. For the complete list of winners,
visit http://www.fhlbatl.com/ahpwinners.
FHLBank Atlanta
FHLBank Atlanta is a $135 billion financial services organization that
provides low-cost financing, community development grants, and other banking
services to 1,194 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 more than $1.7 billion to
affordable housing development in the United States.
SOURCE Federal Home Loan Bank of Atlanta
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