Federal Home Loan Bank of Atlanta Awards $26.6 Million for Affordable Housing Development

PRNewswire/ -- Federal Home Loan Bank of Atlanta (FHLBank Atlanta) announced today that it will award more than $26.6 million in grants and low-cost loans to fund 82 affordable housing projects in nine states and the District of Columbia.

Local community developers, in partnership with FHLBank Atlanta member institutions, will use the funding to buy, build, or preserve 3,516 affordable housing units in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, and the District of Columbia. Partnerships in two states outside the Bank's district (Tennessee and West Virginia) will receive funds totaling $1.1 million to develop 119 housing units.

FHLBank Atlanta has awarded the funds as part of its 2007 Affordable Housing Program (AHP) second round offering. This award brings the Bank's total contribution to affordable housing development in 2007 to $51 million, its largest in the 17-year history of AHP. In addition, the 2007 AHP funds will be combined with other funding sources to catalyze more than $1 billion of development within the district.

"This funding is critical to ensure many communities build and maintain a diverse stock of affordable housing units. It also stimulates economic development in the region," President and CEO of FHLBank Atlanta Richard Dorfman said. "AHP funds in combination with loans to members are providing a reliable and critical funding source to local communities when and where they need it most."

Individual grants and low-cost loans -- ranging from $42,000 to $2.7 million -- will be made in the following states in FHLBank Atlanta's district:


-- Alabama ($4,302,500 for 829 units)

-- Florida ($6,750,976 for 639 units)

-- Georgia ($5,534,427 for 628 units)

-- Maryland ($973,500 for 193 units)

-- North Carolina ($3,018,278 for 425 units)

-- South Carolina ($1,475,000 for 238 units)

-- Virginia ($2,381,050 for 461 units)

-- D.C. ($1,036,000 for 103 units)

AHP is a competitive grant program that helps develop owner-occupied and rental housing for very low-, low-, and moderate-income families. FHLBank Atlanta awards the funds annually to member financial institutions and their community housing partners. AHP is a component of FHLBank Atlanta's affordable housing, economic development, and down payment assistance initiatives, which have committed over $5 billion in loans and grants since 1990. For the complete list of winners, visit www.fhlbatl.com/ahp.