ATLANTA, March 07, 2022 (GLOBE NEWSWIRE) -- Federal Home Loan Bank of Atlanta (FHLBank Atlanta) announced today that funding for its 2022 Affordable Housing Program (AHP) Homeownership Set-aside Program is now available. The products within this program provide direct assistance to eligible borrowers to help them purchase or rehabilitate a home.
Eligible homebuyers may receive up to $7,500 through the First-time Homebuyer product, up to $10,000 through the Community Partners product, or up to $10,000 through the Community Rebuild and Restore product. Funding for the Homeownership Set-aside Program is available only through FHLBank Atlanta member financial institutions, and funds are available on a transaction by transaction, first-come, first-served basis. New for 2022, FHLBank Atlanta is reducing the per-member maximum funding standard from $1,000,000 to $500,000 in an effort to broaden participation across the Bank’s membership.
A summary of 2022 Homeownership Set-aside Program products is below. To learn more click here:
- First-time Homebuyer Product
The First-time Homebuyer product provides up to $7,500 in down-payment, closing-cost, counseling, or rehabilitation assistance in connection with the purchase or purchase and rehabilitation of an existing home.
- Community Partners Product
The Community Partners product provides up to $10,000 in down-payment, closing-cost, counseling, or rehabilitation assistance in connection with the purchase or purchase and rehabilitation of an existing home by currently employed or retired law enforcement officers, educators, firefighters, health care workers, other first responders, veterans or their surviving spouse, and essential workers. - Community Rebuild and Restore Product
The Community Rebuild and Restore product provides up to $10,000 in funding for the rehabilitation of an existing owner-occupied home in a “Major Disaster” declaration area as designated by FEMA, including COVID-19 related disasters. The homeowner must have at least 30 days of current ownership by life estate or full interest in the fee title and have ownership of the subject property at the time of the “Major Disaster” declaration. The “Major Disaster” declaration must have occurred no later than 36 months prior to the date of application for Community Rebuild and Restore funding.
Since 1997, the AHP Homeownership Set-aside Program has provided more than $257.5 million in grant funding that has enabled more than 38,000 households to purchase or rehabilitate a home. In 2021 alone, FHLBank Atlanta member financial institutions delivered $13 million in home purchase and rehabilitation grant funding, leveraging more than $329 million in first mortgage financing to assist 1,588 households.
A listing of member financial institutions is available on the FHLBank Atlanta website at www.fhlbatl.com.
If you need assistance finding a member financial institution to work with, or for more information, call 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 $7 billion in AHP funds, assisting more than 990,000 households.
CONTACT: Peter Garuccio
Federal Home Loan Bank of Atlanta
pgaruccio@fhlbatl.com
404.888.8143
