Federal Home Loan Bank of Atlanta Awards $40 Million for Affordable Housing Development

/PRNewswire/ -- Federal Home Loan Bank of Atlanta (FHLBank Atlanta) announced today that it will award $40 million to fund 78 affordable housing projects in 10 states as part of its 2009 Affordable Housing Program (AHP) offering.

Local community developers, in partnership with FHLBank Atlanta member institutions, will use $35.8 million of the funds to buy, build, or preserve 3,384 affordable housing units in seven states within FHLBank Atlanta's district including Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, and Virginia. Partnerships in states outside of the Bank's district including California, Kentucky, and Tennessee will receive funds totaling $4.2 million to develop 513 housing units.

"For the past 20 years, FHLBank Atlanta has provided critical economic stimulus to communities through our Affordable Housing Program," said Richard A. Dorfman, FHLBank Atlanta President and Chief Executive Officer. "Our funding promotes growth and stability by revitalizing neighborhoods, creating jobs, and supporting economic development during these challenging times."

FHLBank Atlanta's AHP awards range from $50,000 to $1 million and will be made in the following states in the Bank's district:

-- Alabama $6,488,184 for 695 units
-- Florida $12,005,499 for 897 units
-- Georgia $7,856,404 for 693 units
-- Maryland $925,000 for 116 units
-- North Carolina $3,578,616 for 397 units
-- South Carolina $2,060,185 for 251 units
-- Virginia $2,855,383 for 335 units



The 2009 AHP funds will be combined with other funding sources to develop more than $514 million of affordable housing. In addition, a portion of this year's AHP is dedicated to alleviating the foreclosure crisis by supporting the reclamation and redevelopment of foreclosed properties.

AHP is a competitive funding program that helps develop owner-occupied and rental housing for very low-to-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. For the complete list of winners, visit www.fhlbatl.com/ahp.

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Federal Home Loan Bank of Atlanta Announces the Opening of Its 2009 First-time Homebuyer Program Offering

/PRNewswire/ -- Federal Home Loan Bank of Atlanta (FHLBank Atlanta) announced yesterday that it will continue its initiatives to spur home purchases by providing potential homeowners with access to $9.9 million as part of its 2009 First-time Homebuyer Program (FHP). FHLBank Atlanta offers the matching funds through its member financial institutions for the down payment and closing costs of eligible first-time homebuyers in the Bank's district, which includes Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, and the District of Columbia.

By participating in FHP, FHLBank Atlanta members can access up to $1 million annually and distribute matching FHP awards of up to $10,000 per household to eligible homebuyers. FHLBank Atlanta member institutions are able to access a wider customer base, originate new mortgages, and attract homebuyers into the market thanks to the available funding. The FHP offering cycle opens April 1, 2009, and continues through Dec. 31, 2009 or until the available funds are disbursed, whichever occurs first. Funds are provided to member institutions on a first-come, first-served basis, and applicants must request the funds from a member institution.

Since the program's inception in 1997, FHLBank Atlanta has contributed more than $50 million to first-time homebuyers, directly resulting in more than 8,000 families and individuals being able to purchase a home. FHLBank Atlanta estimates that for every $1 of FHP funding awarded, $17 is generated in new mortgage business for its members.

"First-time homebuyers are critical to stimulating much needed home sales in local markets. There has never been a better time for member financial institutions to participate in the First-time Homebuyer Program," said Arthur Fleming, first vice president and director of Community Investment Services, FHLBank Atlanta. "FHP funds offer a very attractive incentive for first-time homebuyers to work with FHLBank Atlanta lenders, representing a 'win-win' for both lender and homebuyer."

Individual participants receiving FHP funds must complete a homebuyer counseling program that includes educational training on the home-buying process including courses on budgeting, mortgage financing, lending laws, and home ownership fundamentals.

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