ATLANTA, Dec. 04, 2019 (GLOBE NEWSWIRE) -- Federal Home Loan Bank of Atlanta (FHLBank Atlanta) announced today that its Affordable Housing Program (AHP) Competitive round will open February 6, 2020. Through a competitive application process, FHLBank Atlanta member financial institutions and their community housing partners will be awarded up to $500,000 for individual AHP developments. The deadline for submitting applications for 2020 AHP Competitive funding is April 2, 2020.
AHP Competitive is one of the largest sources of private funding available for affordable housing, and funding can be used to help finance the acquisition, construction, and rehabilitation of either affordable rental housing or affordable homeownership units. FHLBank Atlanta member financial institutions use AHP funding to expand their customer base, achieve business development and community lending goals, and facilitate economic development in the communities they serve every day.
Since 1990 FHLBank Atlanta has awarded more than $790 million in AHP Competitive grants. This funding has provided more than 125,000 housing opportunities for moderate, low-, and very low-income households. In 2019, FHLBank Atlanta awarded more than $30 million to assist in the financing of 4,644 affordable rental and homeownership units.
Beginning in January, FHLBank Atlanta will be hosting a series of webinars designed to increase awareness of AHP Competitive and to help familiarize financial institutions with the AHP Competitive application process. Interested parties can visit the Bank’s events calendar to register for a webinar.
All AHP Competitive applicants should work with an FHLBank Atlanta member financial institution to complete the application. The deadline for submitting applications is April 2, 2020.
Nonprofit, for-profit, and local government sponsors should review the AHP Implementation Plan for updates to application guidelines and requirements.
Interested parties that need assistance in identifying an FHLBank Atlanta member financial institution to work with can contact the Bank’s Community Investment Services department at 1.800.536.9650, option 3.
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 $6.2 billion in Affordable Housing Program funds, assisting more than 911,000 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 |