ATLANTA, Oct. 11, 2006 (PRIMEZONE) -- Federal Home Loan Bank of Atlanta (FHLBank Atlanta) announced today that it will award $9.7 million in below-market rate loans to spur economic growth in Alabama, Florida, North Carolina, and South Carolina communities. Ten winning partnerships will use funds from FHLBank Atlanta's Economic Development and Growth Enhancement (EDGE) program to invest in new job and business initiatives with total development costs of nearly $22 million.
"The projects receiving EDGE funding include a great mix of economic initiatives such as a job training center, micro-loans funds, and rehab projects," said Lynn Brazen, FHLBank Atlanta first vice president and director of community investment services. "These projects will bring new investment and employment opportunities to underserved areas, and they reflect the true value of public-private partnerships."
EDGE subsidies significantly reduce the interest rates on loans to benefit low- and moderate-income communities. By lowering the cost of borrowing, FHLBank Atlanta assists financial institutions that seek to create jobs, develop loan pools, renovate structures, and build community facilities that aid economic growth.
FHLBank Atlanta distributes the EDGE awards annually in the form of below-market rate loans to its member financial institutions. The competitive award program fosters partnerships between financial institutions, economic development entities, community organizations, state and local governments, and other funding sources, which work together to develop low-cost financing for eligible projects.
Since the program's inception, the Bank has contributed more than $26 million to reduce the interest rates on $97.7 million in EDGE loans in a variety of Southeastern communities. To view complete award descriptions, visit www.fhlbatl.com/edgewinners.
About FHLBank Atlanta
Federal Home Loan Bank of Atlanta is a $146.3 billion financial services organization that provides low-cost financing, community development grants, and other banking services to nearly 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 nearly $2 billion to affordable housing development in the United States.
FHLBank Atlanta 2006 EDGE Award Recipients
---------------------------------------------------------------------
Award Winners Project Name City, State Loan
---------------------------------------------------------------------
AmSouth Bank/Seedco Seedco Financial Jefferson $500,000
Services County, AL
Micro-loan fund
---------------------------------------------------------------------
Regions Bank/Community CDIC Business Aiken County, $250,000
Development and Loan Program SC
Improvement Corp.
---------------------------------------------------------------------
Regions Bank/Volunteers Learn to Earn Job Brevard $663,025
of America of Florida Training Center County, FL
---------------------------------------------------------------------
Regions Bank/Volunteers Southeast Steel Mobile $1 million
of America of Alabama, Framing, LLC County, AL
Inc.
---------------------------------------------------------------------
Fidelity Federal Bank & Village Centre W. Palm $2.3
Trust/Northwood Beach, FL million
Renaissance, Inc.
---------------------------------------------------------------------
Northern Trust Bank of Anna Maria Island Manatee $1.5
Florida, N.A./Anna Maria Community Center, County, FL million
Island Community Center, Inc.
Inc.
---------------------------------------------------------------------
BB&T of North Carolina/ Raleigh Safety Raleigh, NC $500,000
Passage Home CDC, Inc. and Community
Club Restoration
Project
---------------------------------------------------------------------
RBC Centura Bank/Rocky Crossing at 64 Rocky Mount, $706,000
Mount/Edgecombe CDC Retail Center NC
---------------------------------------------------------------------
RBC Centura Bank/Haliwa- Haliwa-Saponi Hollister, NC $1.3
Saponi Indian Tribe Tribal Community million
Building
---------------------------------------------------------------------
RBC Centura Bank/Housing New Hanover Wilmington, $972,000
Authority of the City of Community Health NC
Wilmington Center
---------------------------------------------------------------------
Some of the statements made in this press release may be "forward-looking statements," which include statements with respect to FHLBank Atlanta's beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, 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 results, performance or achievements to be materially different from future results, 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: future economic and market conditions; changes in demand for advances or consolidated obligation; changes in interest rates; 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 results to differ from these forward-looking statements are provided in detail in our filings with the Securities and Exchange Commission, available through FHLBank Atlanta's website at www.fhlbatl.com.