ATLANTA, Oct. 25, 2011 (GLOBE NEWSWIRE) -- Federal Home Loan Bank of Atlanta (FHLBank Atlanta) announced today that it will award $37.6 million to assist in the funding of 56 affordable housing projects in 15 states and the District of Columbia, as part of its 2011 Affordable Housing Program (AHP).
Locally-based for-profit and nonprofit developers, in partnership with FHLBank Atlanta member institutions, will use $28.5 million of the funds to assist in the acquisition, new construction, rehabilitation, or preservation of 3,922 affordable rental and homeownership housing units in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia and the District of Columbia. Developers with projects in states outside of the Bank's district including Illinois, Louisiana, Michigan, New York, Tennessee, Texas, Washington, and West Virginia will receive funds totaling $9 million to develop 890 housing units.
"FHLBank Atlanta's Affordable Housing Programs allow our shareholders more freedom to extend lines of credit to contractors and developers, and to grow loan origination business with qualifying homebuyers and homeowners," said Robert, Dozier FHLBank Atlanta Executive Vice President and Chief Business Officer. "The partnership between local financial institutions, FHLBank Atlanta, and local developers continues to help build and strengthen communities throughout the Southeast."
FHLBank Atlanta's AHP awards range from $60,000 to $1 million per project and will be made in the following states and the District of Columbia in the Bank's district:
| -- Alabama | $4,920,000 for 404 units |
| -- Florida | $6,940,000 for 701 units |
| -- Georgia | $1,785,000 for 128 units |
| -- Maryland | $1,700,000 for 192 units |
| -- North Carolina | $3,454,675 for 509 units |
| -- South Carolina | $2,899,743 for 320 units |
| -- Virginia | $6,335,782 for 708 units |
| -- District of Columbia | $500,000 for 70 units |
The Bank's $37.6 million in 2011 AHP funds will be combined with other funding sources to develop more than $457.3 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.
About FHLBank 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, and insurance companies located 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 $4 billion to the Affordable Housing Program.