ATLANTA, July 21, 2006 (PRIMEZONE) -- Federal Home Loan Bank of Atlanta (FHLBank Atlanta) will award more than $23 million in grants and subsidized loans to fund 81 single-family and multi-family projects in 12 states and the District of Columbia in the first round of its 2006 Affordable Housing Program (AHP).
"The winning projects reflect the commitment of community-based partnerships to meeting an increased demand for affordable rental and homeownership opportunities," said Raymond Christman, FHLBank Atlanta president and chief executive officer. "This money will benefit a variety of population segments, including the elderly, first-time home buyers and residents with special needs."
Project developers, in partnership with FHLBank Atlanta member institutions, will use the funding to buy, build, or renovate 3,656 housing units to assist very low- to moderate-income households in the following states in FHLBank Atlanta's district:
-- Alabama ($739,988 for 105 units) -- Florida ($6,225,000 for 693 units) -- Georgia ($4,900,000 for 749 units) -- Maryland ($2,422,049 for 427 units) -- North Carolina ($1,194,800 for 268 units) -- South Carolina ($3,007,693 for 427 units) -- Virginia ($1,200,000 for 157 units) -- D.C. ($1,750,000 for 656 units)
Projects in five states outside the Bank's district also will be awarded AHP funding. Louisiana will receive $500,000; Mississippi will receive $35,000; Tennessee will be awarded nearly $500,000; Texas will receive $450,000 and West Virginia will receive $200,000.
Each year, FHLBank Atlanta sets aside 10 percent of net income to fund the Affordable Housing Program. Since 1990, FHLBank Atlanta has contributed more than $300 million in AHP funds to develop 55,656 housing units and to provide down-payment assistance to more than 5,700 families.
AHP is a competitive award program that provides funds to help develop owner-occupied and rental housing for very low-, low-, and moderate-income families and individuals. FHLBank Atlanta generally grants AHP awards twice a year to member financial institutions and their community housing partners. For the complete list of winners, visit www.fhlbatl.com/ahpwinners. The application submission deadline for the second round of 2006 AHP awards is Sept. 15, 2006.
About FHLBank Atlanta
FHLBank Atlanta is a $139 billion financial services organization that provides low-cost financing, community development grants, and other banking services to 1,200 financial institutions 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 $2 billion to affordable housing development in the United States.
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 provided in detail in our filings with the Securities and Exchange Commission, available through the Bank's website at www.fhlbatl.com.