ATLANTA, Aug. 17, 2006 (PRIMEZONE) -- Four partnerships in Alabama will receive nearly $740,000 in grants from the Federal Home Loan Bank of Atlanta's (FHLBank Atlanta) Affordable Housing Program (AHP) to build, buy, or repair 105 single-family and multifamily housing units in Fort Payne, Mobile, and Perry.
"These winning projects are responding to a greater demand for affordable homeownership and rental opportunities in Alabama's rural communities," said Lynn Brazen, FHLBank Atlanta director of community investment services.
Community Action Agency of Northeast Alabama, Inc. and Regions Bank will use a $350,000 grant to help build Deer Ridge Apartments, a $4 million, 40-unit apartment complex for lower-income elderly residents in Fort Payne. In Perry, Marion Bank and Trust Company and Sowing Seeds of Hope will receive nearly $30,000 to help build six single-family homes as part of the organization's self-help housing program.
In Mobile, the Alabama Association of Habitat for Humanity Affiliates, in partnership with Colonial Bank, will use $240,000 to help 40 low-income residents purchase Habitat Homes, while the Mobile Housing Board and Regions Bank will receive $120,000 in AHP funds to help build Hampton Park, a $2.3 million subdivision of 19 single-family homes for low-income families.
Awards announced today are part of more than $23 million in AHP grants and subsidized loans provided to 12 states and D.C. to support the development of 81 housing development projects. 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.
About FHLBank Atlanta
FHLBank Atlanta is a $145.7 billion financial services organization that provides low-cost financing, community development grants, and other banking services to more than 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 FHLBank Atlanta'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 FHLBank Atlanta's control, and which may cause FHLBank Atlanta'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 Federal Home Loan Banks or the Federal Home Loan Bank System in general. Additional factors that might cause FHLBank Atlanta's results to differ from these forward-looking statements are provided in detail in FHLBank Atlanta's filings with the Securities and Exchange Commission, which are available at www.sec.gov or through FHLBank Atlanta's website at www.fhlbatl.com.