ATLANTA, March 13, 2018 (GLOBE NEWSWIRE) — Federal Home Loan Bank of Atlanta (FHLBank Atlanta) announced today that 2018 funding for its Affordable Housing Program (AHP) will be available beginning June 1. Through a competitive application process, FHLBank Atlanta members and their community housing partners will be awarded up to $500,000 for individual AHP projects. The deadline for submitting applications is July 2, 2018.
AHP Competitive provides a unique way for financial institutions to expand their customer base, achieve business development and community lending goals, and facilitate economic development, and is one of the largest sources of private funding available for affordable housing today. Funds awarded through the program can be used to help finance the acquisition, construction, or rehabilitation of multifamily housing or single-family housing, and for either rental or ownership units. Since 1990, FHLBank Atlanta has awarded more than $734.9 million in AHP Competitive funds, helping finance more than 116,000 units of affordable housing. In 2017, FHLBank Atlanta awarded more than $20 million to assist in the financing of 3,108 affordable rental and homeownership units.
Also beginning today, FHLBank Atlanta will be hosting a series of webinars designed to increase awareness of AHP Competitive and to help familiarize financial institutions with the AHP Competitive application process. Interested parties can visit the Bank’s events calendar to register for a webinar.
All AHP Competitive applicants should work with an FHLBank Atlanta member financial institution to complete the application. Nonprofit, for-profit, and local government sponsors should review the AHP Implementation Plan for updates to application guidelines and requirements.
Interested parties that need assistance in identifying an FHLBank Atlanta member financial institution to work with can contact the Bank’s Community Investment Services department at 1.800.536.9650, option 3, option 0.
About the Federal Home Loan Bank of Atlanta
FHLBank Atlanta offers competitively-priced financing, community development grants, and other banking services to help 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, community development financial institutions, and insurance companies located in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, and the District of Columbia. FHLBank Atlanta is one of 11 district banks in the Federal Home Loan Bank System. Since 1990, the FHLBanks have awarded approximately $5.4 billion in Affordable Housing Program funds, assisting more than 827,000 households.
For more information, visit our website at www.fhlbatl.com.
CONTACT: Peter E. Garuccio
Federal Home Loan Bank of Atlanta