ATLANTA, Jan. 16 /PRNewswire/ -- Federal Home Loan Bank of Atlanta
(FHLBank Atlanta) announced today that it will award more than $43 million to
fund 85 affordable housing projects in ten states.
Local community developers, in partnership with FHLBank Atlanta member
institutions, will use $38.6 million of the funds to buy, build, or preserve
4,040 affordable housing units in seven states within its district including
Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, and
Virginia. Partnerships in three states (Tennessee, Texas and Louisiana)
outside the Bank's district will receive funds totaling $4.4 million to
develop 474 housing units.
FHLBank Atlanta has awarded the funds as part of its 2008 Affordable
Housing Program (AHP) offering. In addition, the 2008 AHP funds will be
combined with other funding sources to develop more than $330 million of
affordable housing.
"Now more than ever, the private investment capital provided by our
Community Investment Programs stimulates much needed growth in communities by
revitalizing neighborhoods, creating jobs, and supporting economic
development," President and Chief Executive Officer of FHLBank Atlanta Richard
Dorfman said. "AHP funds leverage lending by our member banks and other
financial partners during a time when credit availability has been limited. By
focusing our resources on preserving existing affordable housing and financing
new affordable housing, our aim is to be a critical resource in confronting
the housing and economic challenges many communities within our region are
facing during these difficult economic times."
FHLBank Atlanta-AHP awards range from $30,000 to $1 million and will be
made in the following states in FHLBank Atlanta's district:
-- Alabama ($3,557,941 for 351 units)
-- Florida ($9,247,136 for 666 units)
-- Georgia ($12,430,908 for 1,359 units)
-- Maryland ($1,490,000 for 178 units)
-- North Carolina ($5,885,815 for 541 units)
-- South Carolina ($4,047,116 for 603 units)
-- Virginia ($1,947,810 for 308 units)
AHP is a competitive funding program that helps develop owner-occupied and
rental housing for very low-, low-, and moderate-income families. FHLBank
Atlanta awards the funds annually to member financial institutions and their
community housing partners. AHP is a component of FHLBank Atlanta's affordable
housing, economic development, and down-payment assistance initiatives. For
the complete list of winners, visit www.fhlbatl.com/ahp.
About FHLBank Atlanta
FHLBank Atlanta offers competitively-priced financing, community
development grants, and other banking services to help more than 1,200 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, thrift and loans, and insurance companies headquartered 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
$3 billion to the Affordable Housing Program.
Some of the statements made in this press release may be "forward-looking
statements," which include statements with respect to the Bank'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 the Bank's
control, and which may cause the Bank'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 the Bank's
results to differ from these forward-looking statements are contained in the
Bank's annual and quarterly reports, available on the Bank's website at
www.fhlbatl.com.
