Lower-Income Homebuyers in Baldwin, Greensboro, Hale, Huntsville, Colbert,
Etowah, Mobile, Jackson, and Lauderdale Counties to Benefit
ATLANTA, Aug. 2 /PRNewswire/ -- Federal Home Loan Bank of Atlanta
(FHLBank Atlanta) will award $951,500 in Affordable Housing Program (AHP)
grants to help fund 121 single-family homes for very low- to
moderate-income households in communities throughout Alabama.
The Alabama Association of Habitat for Humanity Affiliates (HFH) and
Colonial Bank, N.A. are one of three winning partnerships in Alabama
awarded funds as part of FHLBank Atlanta's 2007 AHP first round
competition. The partnership will use three AHP grants totaling $740,000 to
help 90 low-income, first-time homebuyers purchase Habitat for Humanity
homes throughout the state.
In Greensboro, Hale County Housing Resource Center and Regions Bank
will use $115,500 in AHP grants to build homes and provide down-payment
assistance for 15 very low- and low-income homebuyers, while the Alabama
A&M Community Development Corporation and First American Bank will receive
$96,000 to build 16 single-family homes affordable to low- and
moderate-income homebuyers in Huntsville.
"These grants will help community developers create affordable
homeownership opportunities in Greensboro and Huntsville," said Richard
Dorfman, FHLBank Atlanta president and CEO. "The funds also will aid
Alabama communities that are still recovering from the damages of Hurricane
Katrina."
Awards announced today are part of $21.2 million in grants and
subsidies FHLBank Atlanta recently awarded to 10 states and the District of
Columbia to create or preserve more than 2,000 units of affordable housing.
Each year, FHLBank Atlanta sets aside 10 percent of net income to fund the
Affordable Housing Program. Since 1990, FHLBank Atlanta has contributed
more than $346.7 million in AHP funds to develop 58,871 housing units and
to provide down- payment assistance to more than 6,809 families.
AHP is a competitive award program that provides funds to help develop
single-family and multifamily housing for very low- to moderate-income
households. FHLBank Atlanta generally grants AHP awards twice a year to
member financial institutions and their community housing partners. For the
complete list of winners, visit http://www.fhlbatl.com/ahpwinners.
About FHLBank Atlanta
FHLBank Atlanta is a financial services organization that provides low-
cost funding, community development grants, and other banking services to
more than 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 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 plans, objectives, expectations, 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 performance or achievements to be
materially different from the future 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
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 performance or achievements to differ from these forward-looking
statements are provided in detail in our filings with the Securities and
Exchange Commission, available at http://www.sec.gov.
AHP 2007 Round I Winners
ALABAMA
Alabama HFH Katrina Recovery
Baldwin, Hale, and Mobile Counties, AL
Member: Colonial Bank, National Association
Sponsor: Alabama Association of Habitat Affiliates
Grant: $250,000 for 25 units
AHP funds will be used for down-payment assistance to help 25 very low-
income homebuyers purchase Habitat for Humanity single-family homes in
hurricane-impacted Baldwin, Hale, and Mobile counties.
Alabama HFH Mobile County
Mobile County, AL
Member: Colonial Bank, National Association
Sponsor: Alabama Association of Habitat Affiliates
Grant: $250,000 for 25 units
AHP funds will be used for down-payment assistance to help 25 very low-
income families purchases new Habitat for Humanity single-family homes in
hurricane-impacted Mobile County.
Alabama HFH - 2
Colbert, Lauderdale, Jackson, and Etowah Counties, AL
Member: Colonial Bank, National Association
Sponsor: Alabama Association of Habitat Affiliates
Grant: $240,000 for 40 units
AHP funds will be used for down-payment assistance to help 40 very low-
income families purchase new Habitat for Humanity single-family homes in
Colbert, Lauderdale, Jackson, and Etowah counties.
North Ward
Greensboro, AL
Member: Regions Bank
Sponsor: HERO, Hale County Housing Resource Center
Grant: $90,000 for 12 units
AHP funds will be used to provide down-payment and closing-cost
assistance for 12 single-family homes targeted at very-low and low-income
families as part of a planned community of 20 single-family homes in
Greensboro.
Rammed Earth
Greensboro, AL
Member: Regions Bank
Sponsor: HERO, Hale County Housing Resource Center
Grant: $25,500 for 3 units
AHP funds will be used for infrastructure and site improvements to aid
in the construction of three single-family homes for low-income families in
Greensboro.
Windsor Manor Homes
Huntsville, AL
Member: First American Bank
Sponsor: AAMU Community Development Corporation
Grant: $96,000 for 16 units
The Alabama A&M Community Development Corporation will use AHP funds to
build 16 single-family homes affordable to low- and moderate-income
homebuyers within the Windsor Manor subdivision in Huntsville.
SOURCE Federal Home Loan Bank of Atlanta
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Related links:
http://www.fhlbatl.com/
http://www.prnewswire.com/comp/149931.html/
CONTACT:
Asia Grimes of Federal Home Loan Bank of
Atlanta, +1-404-888-8037, agrimes@fhlbatl.com
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