ATLANTA, Aug. 22, 2022 (GLOBE NEWSWIRE) -- Federal Home Loan Bank of Atlanta (FHLBank Atlanta) announced today that it is making an additional $5 million in funding available in 2022 to its members through its AHP Homeownership Set-aside Program. Eligible borrowers can apply for up to $10,000 to help them purchase or rehabilitate a home.
The additional funding will be available beginning August 29, 2022, through FHLBank Atlanta’s First-time Homebuyer Product and the Bank’s Community Partners 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. 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.
Funding for the AHP 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.
FHLBank Atlanta’s Senior Vice President and Director of Community Investment Services, Arthur L. Fleming, noted that the funding is important for people looking to purchase a home. “This additional funding comes at a critical time for many working, low-income borrowers given the current economic headwinds and uncertainty facing the housing market,” said Fleming. “FHLBank Atlanta’s board of directors recognizes the challenges in the current housing market and we look forward to working with our members to help eligible borrowers in their communities achieve their dream of owning a home.”
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 $7.3 billion in AHP funds, assisting more than one million households.
CONTACT:
Peter E. Garuccio
Federal Home Loan Bank of Atlanta
pgaruccio@fhlbatl.com
(404) 888.8143
