ATLANTA, Feb. 10, 2004 (PRIMEZONE) -- The Federal Home Loan Bank of Atlanta (FHLBank Atlanta) will award nearly $2.3 million in grants and subsidized loans to seven housing projects that will provide 650 units of affordable housing in Georgia.
FHLBank Atlanta awards the highly competitive grants to housing organizations that apply for funds through financial institutions that are members of the FHLBank of Atlanta. These grants are made available to communities through the Bank's Affordable Housing Program (AHP), which was established by the U.S. Congress and since 1990 has contributed more than $242 million to address affordable housing needs in the South.
"The Affordable Housing Program is one of the most important financial resources in the country for developing affordable housing," said Raymond Christman, FHLBank Atlanta president and chief executive officer. "Demand for the funds continues to outstrip capacity, though we are excited about the innovative ways developers and lenders are leveraging AHP grants to address a range of critical affordable housing needs."
Individual grants combined with low-cost loans will be made in the following Georgia communities:
- Jefferson -- A partnership between First Union Direct Bank and Affordable Housing Solutions, Inc., will use $500,000 to purchase existing units and to construct 200 multifamily rental units for very low- and low-income tenants.
- Macon -- A partnership between BB&T of NC and Canterbury Affordable Housing will use $500,000 to develop and construct 135 multifamily units of affordable housing.
- Calhoun -- A partnership between First Union Direct Bank and Canterbury Affordable Housing will use $500,000 in grants towards the construction of 220 units of affordable rural housing for low- to moderate-income families.
- Chatsworth -- A partnership between BB&T of NC and OakBrook Property and Development will use $500,000 to construct and rehabilitate 96 units.
- Cairo -- A partnership between SouthTrust Bank and Southeastern Housing Preservation, Inc., will use a $335,000 subsidized loan to construct 44 units for very low- and low-income families.
- Clarke & Oglethorpe Counties -- A partnership between Athens First Bank & Trust Company and Athens Area Habitat for Humanity will use $60,000 for the construction of 15 single-family houses.
- 11 Other Counties -- A partnership between SunTrust Bank and Habitat for Humanity Southeast Region will use $155,000 to help build 31 single-family homes in 11 counties in rural Georgia.
Awards announced today are part of nearly $30 million in Affordable Housing Program (AHP) grants the Bank awarded in 2003. Since 1990, FHLBank Atlanta has used the AHP grants to help provide more than 45,000 homeownership and rental units for very low- to moderate-income families as well as down-payment assistance to nearly 4,000 families.
AHP is a competitive grant program that helps develop low-income, single-family and multifamily housing. Awards are granted twice a year to member financial institutions and their community-based housing partners. For a complete list of 2003 award winners and details about individual projects, please visit www.fhlbatl.com/ahpwinners
About FHLBank Atlanta
Federal Home Loan Bank of Atlanta is a $115 billion financial services organization that provides low-cost financing, community development grants, and other banking services to 1,194 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 $1.7 billion to affordable housing development in the U.S.