ATLANTA, GA - The Federal Home Loan Bank of Atlanta has allotted more than $6.6 million to build and repair 20 affordable housing developments throughout Alabama. The grants include $500,000 for Highland View at Birmingham's Aletheia House and another $500,000 for the Lovelady development. The funding is part of more than $50 million FHLBank Atlanta will award in 12 states and the District of Columbia to support affordable housing.
Through grants from the bank's Affordable Housing Program, local community developers, in partnership with FHLBank Atlanta member institutions, will build or repair 950 affordable housing units in Baldwin, Colbert, Etowah, Hale, Jackson, Lauderdale and Mobile counties, as well as the cities of Birmingham, Demopolis, Enterprise, Eufaula, Greensboro, Greenville, Huntsville, Jacksonville, Luverne, Mobile, Monroeville and Pell City, the bank said in a news release.
"AHP funding not only helps bring affordable housing to high-demand areas, but also economically strengthens entire communities by providing employment opportunities," said Arthur Fleming, FHLBank Atlanta's first vice president and director of Community Investment Services in the release.
The housing program is a competitive grant program that helps develop owner-occupied and rental housing for low- and moderate-income families. Since 1990, Federal Home Loan Bank of Atlanta has provided more than $5 billion to member financial institutions in the form of low-cost loans and grants.
Source: Birmingham Business Journal