ATLANTA, July 21, 2004 (PRIMEZONE) -- The Federal Home Loan Bank of Atlanta announced today that nonprofit developers from Florida to West Virginia will receive $9.2 million in grants and loans to create more affordable housing in communities throughout the South.
Project developers, in partnership with FHLBank Atlanta member institutions, will use the funding to support 31 projects and generate 1,875 affordable, single-family and multifamily housing units for communities in Florida, Georgia, Kentucky, Maryland, North Carolina, South Carolina, Tennessee, Virginia, and West Virginia.
The Bank committed the funds as part of its Affordable Housing Program (AHP), which since 1990 has contributed more than $266 million to support affordable housing production throughout the Southeast.
For the complete list of winners, visit www.fhlbatl.com/ahpwinners.
"AHP is an indispensable funding source for nonprofit developers seeking flexible grants and loans that help them address the growing demand for affordable housing," said Raymond Christman, FHLBank Atlanta president and chief executive officer.
Individual grants -- ranging from $10,000 to $500,000 -- combined with low-cost loans will be made in the following states:
-- Florida ($418,480 for 75 units) -- Georgia ($2,325,000 for 440 units) -- Kentucky ($180,000 for 24 units) -- Maryland ($250,000 for 30 units) -- North Carolina ($1,558,035 for 233 units) -- South Carolina ($1,563,006 for 156 units) -- Tennessee ($2,530,000 for 838 units) -- Virginia ($364,000 for 69 units) -- West Virginia ($70,000 for 10 units)
This year, nonprofit developers partnered with FHLBank Atlanta member financial institutions to submit 138 applications for funding in the first round of the Bank's AHP offering. Since 1990, FHLBank Atlanta members and nonprofits have used AHP to develop nearly 47,000 homeownership and rental units, and to provide down-payment assistance to nearly 4,000 families.
AHP is a competitive grant program that helps develop low-income, single-family and multifamily housing. Awards are granted twice a year to member financial institutions and their community-based housing partners.
FHLBank Atlanta
FHLBank Atlanta is a $123 billion financial services organization that provides low-cost financing, community development grants, and other banking services to 1,194 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 $1.7 billion to affordable housing development in the United States.