FHL Bank Awards Housing Funds

ATLANTA, GA - Federal Home Loan Bank of Atlanta (FHLBank Atlanta) announced today that it will award $7.9 million to fund 15 affordable housing developments in Georgia. The funding is part of $40 million FHLBank Atlanta will award in 10 states to create or preserve 3,897 units of affordable housing.

FHLBank Atlanta will award the funds as part of its 2009 Affordable Housing Program (AHP) offering. Local community developers, in partnership with FHLBank Atlanta member institutions, will use the funding to build or repair 693 affordable housing units in Clayton, DeKalb, Douglas, Henry, and Rockdale counties, as well as the cities of Americus, Atlanta, East Point, Macon, Newnan, Riverdale, and Villa Rica.

"FHLBank Atlanta's AHP funding has been stimulating local economies for the past 20 years by serving as a catalyst for revitalizing neighborhoods, creating jobs and supporting economic development," said Arthur Fleming, senior 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.

FHLBank Atlanta offers competitively-priced financing, community development grants, and other banking services to help approximately 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, 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 $3.6 billion to the Affordable Housing Program.