Grants to Benefit Low-Income Seniors, Renters, and Homebuyers
ATLANTA, Aug. 17 /PRNewswire/ -- Federal Home Loan Bank of Atlanta
(FHLBank Atlanta) will award $2.2 million in grants and subsidies to help
North Carolina developers fund 10 affordable housing initiatives across the
state as part of the Bank's 2007 Affordable Housing Program (AHP) first
round competition.
FHLBank Atlanta's member financial institutions in partnership with
local developers will use individual grants -- ranging from $53,000 to
$400,000 -- combined with low-cost loans to help build, buy, or repair 309
single-family and multifamily housing units in the cities of Bayboro,
Elizabeth City, Fayetteville, Gastonia, Matthews, Spruce Pine, and
Winston-Salem as well as in Haywood, Iredell, Macon, Moore, Richmond, and
Yadkin counties.
"This funding will help lenders and local developers bring affordable
housing projects with about $35 million in total development costs into
rural and urban areas throughout North Carolina," said Richard Dorfman,
FHLBank Atlanta president and CEO.
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.
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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