Funding to Create, Preserve 308 Affordable Housing Units
ATLANTA, March 11 /PRNewswire/ -- Federal Home Loan Bank of Atlanta (FHLBank Atlanta) announced today that it will award nearly $2 million to help finance 308 affordable housing units in Virginia. 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 eight affordable housing developments in Buchanan, Dickenson, Russell, and Washington counties, as well as the cities of Abingdon, Amherst, Bristol, Exmore, Orange, Richmond, Tazewell, and Woodstock.
"AHP program funding is a vital source of economic stimulus to the communities it serves by providing affordable housing and jobs where they are needed most," 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 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.
Virginia 2008 AHP Winners
City/ Project Total
County Name Member Sponsor Award Units
The First People
Taylor's Hill Bank and Incorporated
Homebuyer Trust of Southwest
Abingdon Program Company Virginia $150,000 10
Community
Housing
Partners
Amherst Rutledge Hills BB&T Company Corporation $245,000 48
Bristol;
Buchanan,
Dickenson,
Russell, People The First People
and Incorporated Bank and Incorporated
Washington Homebuyer Trust of Southwest
Counties Program Company Virginia $150,000 15
Accomack-
Northhampton
Regional
Crispus Attucks Housing
Exmore Apartments Shore Bank Authority $110,000 22
Community
Housing
Partners
Orange Spicer's Mill BB&T Company Corporation $205,000 40
Boaz and Ruth SunTrust
Richmond Homes I Bank Boaz and Ruth $190,000 28
Southeastern
Housing
Aspen Square Preservation,
Tazewell Apartments BB&T Company Inc. $430,311 60
Southwest
Virginia
Alley Vista Housing
Woodstock Apartments BB&T Company Corporation $467,500 85
