Federal Home Loan Bank of Atlanta Awards $21.2 Million for Affordable Housing
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Communities in 10 States and the District of Columbia to Benefit
ATLANTA, July 19 /PRNewswire/ — Federal Home Loan Bank of Atlanta (FHLBank Atlanta) announced today that it will award $21.2 million in Affordable Housing Program (AHP) grants and subsidies to help build, buy, or repair 2,712 affordable housing units for very low- to moderate-income homeowners and renters throughout the Southeast.
The funding will be awarded to FHLBank Atlanta’s member financial institutions, in partnership with community developers, in 10 states and the District of Columbia as part of its 2007 AHP first round competition. The winners will use individual grants — ranging from $25,500 to $500,000 — combined with low-cost loans to help develop 69 affordable housing projects in the following states in FHLBank Atlanta’s district:
— Alabama ($951,500 for 121 units)
— Florida ($4,201,096 for 355 units)
— Georgia ($3,694,000 for 724 units)
— Maryland ($758,705 for 144 units)
— North Carolina ($2,260,647 for 309 units)
— South Carolina ($4,983,362 for 564 units)
— Virginia ($505,200 for 86 units)
— D.C. ($356,000 for 31 units)
Three projects in states outside FHLBank Atlanta’s district will also receive funding, including Louisiana ($120,000 for 12 units), Tennessee ($3,077,109 for 362 units), and West Virginia ($329,000 for 4 units).
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 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 www.sec.gov.
