Federal Home Loan Bank of Atlanta to Award $1.5 Million for Affordable Housing in Maryland
Developers to Create, Preserve 178 Affordable Housing Units
ATLANTA, Feb. 18 /PRNewswire/ -- Federal Home Loan Bank of Atlanta
(FHLBank Atlanta) announced today that it will award $1.5 million to help
developers fund 178 affordable housing units in Maryland. The funding is part
of more than $43 million FHLBank Atlanta will award in ten states to create or
preserve 4,514 units of affordable housing.
FHLBank Atlanta will award the funds as part of its 2008 Affordable
Housing Program (AHP) offering. Local community developers, in partnership
with FHLBank Atlanta member institutions, will use the awards to fund three
affordable housing developments in Garrett County, as well as the cities of
Baltimore and Oakland.
"Our partnerships provide tangible economic benefits to the communities we
serve by stimulating the local economy with affordable housing options and
employment opportunities," said Arthur Fleming, first vice president and
director of Community Investment Services, FHLBank Atlanta.
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 AHP winners, visit www.fhlbatl.com/ahp.
About FHLBank
AtlantaFHLBank 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.
Maryland 2008 AHP Winners
City Project Member Sponsor Subsidy Total
Name units
Baltimore 1029 East Susquehanna Helping Up $1,000,000 113
Baltimore Bank Mission, Inc.
Street
Garrett Garrett First Garrett County $240,000 35
County County United Bank Community
Owner and Trust Action
Occupied Committee, Inc.
Rehab
Oakland Liberty First Garrett County $250,000 30
Square United Bank Community
and Trust Action
Committee
