ATLANTA, Feb. 22, 2021 (GLOBE NEWSWIRE) -- Federal Home Loan Bank of Atlanta (FHLBank Atlanta) announced today that the application process for its 2021 Affordable Housing Program (AHP) General Fund round will open on April 9, 2021. FHLBank Atlanta member financial institutions and their community housing partners will be awarded up to $500,000 for individual AHP General Fund projects through a competitive application process. The deadline for submitting applications is 11:59 p.m. on June 4, 2021.
The AHP General Fund, previously referred to as AHP Competitive, is one of the largest sources of private funding available for affordable housing in our country. It offers a unique way for member financial institutions to expand their customer base, achieve business development and community lending goals, and facilitate residential development. Funds awarded through the program can be used to help finance the acquisition, construction, or rehabilitation of multifamily housing or single-family housing, and for either rental or ownership units.
Arthur Fleming, Senior Vice President and Director of Community Investment Services, notes that FHLBank Atlanta has awarded more than $817 million through the AHP General Fund since 1990. “AHP General Fund awards have contributed to a total of more than $6 billion of affordable rental and homeownership development, helping finance more than 129,000 units of affordable housing,” said Fleming. “Based on data and calculations provided through the multiplier study recently commissioned by the Federal Home Loan Banks, we estimate the total economic impact from these awards to be more than $26 billion.”
FHLBank Atlanta will be hosting a series of webinars designed to increase awareness of the AHP General Fund and to help familiarize member financial institutions and community housing organizations with the application process. Interested parties can visit the Bank’s events calendar to register for a webinar.
Potential applicants need to work with an FHLBank Atlanta member financial institution to complete the AHP General Fund application. Nonprofit, for-profit, and local government sponsors should review the AHP Implementation Plan for application guidelines and requirements.
Interested parties that need assistance in identifying an FHLBank Atlanta member financial institution to work with can use the Find a Member page available on the Bank’s website, or contact a FHLBank Atlanta Community Investment Services team member:
| Joel Brockmann Production and Portfolio Manager 404.888.8156 jbrockmann@fhlbatl.com | Richard Mauney Production and Portfolio Analyst 404.888.5642 rmauney@fhlbatl.com |
| James Monaghan Production and Portfolio Analyst 404.888.8429 jmonaghan@fhlbatl.com | Rasheed Bracey Production and Portfolio Analyst 404.888.8366 rbracey@fhlbatl.com |
| Shikha Jerath Product and Portfolio Analyst 404.888.8367 sjerath@fhlbatl.com |
About the Federal Home Loan Bank of Atlanta
FHLBank Atlanta offers competitively-priced financing, community development grants, and other banking services to help member financial institutions make affordable home mortgages and provide economic development credit to neighborhoods and communities. The Bank's members—its shareholders and customers—-are commercial banks, credit unions, savings institutions, community development financial institutions, and insurance companies located in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, and the District of Columbia. FHLBank Atlanta is one of 11 district banks in the Federal Home Loan Bank System. Since 1990, the FHLBanks have awarded approximately $6.6 billion in Affordable Housing Program funds, assisting more than 957,000 households.
For more information, visit our website at www.fhlbatl.com.
CONTACT: Peter E. Garuccio
Federal Home Loan Bank of Atlanta
pgaruccio@fhlbatl.com
404.888.8143