The Federal Home Loan Bank of Atlanta (FHLBank Atlanta) has announced that it will award $37.6 million to assist in the funding of 56 affordable housing projects in 15 states and the District of Columbia, as part of its 2011 Affordable Housing Program (AHP). AHP is a competitive funding program that helps develop owner-occupied and rental housing for very low-to-moderate income families.
Locally based for-profit and nonprofit developers, in partnership with FHLBank Atlanta member institutions, will use $28.5 million of the funds to assist in the acquisition, new construction, rehabilitation or preservation of 3,922 affordable rental and homeownership housing units in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia and the District of Columbia.
Developers with projects in states outside of the FHLBank's district – including Illinois, Louisiana, Michigan, New York, Tennessee, Texas, Washington and West Virginia – will receive funds totaling $9 million to develop 890 housing units. The AHP awards range from $60,000 to $1 million per project.
‘FHLBank Atlanta's Affordable Housing Program allows our shareholders more freedom to extend lines of credit to contractors and developers, and to grow loan origination business with qualifying homebuyers and homeowners,’ says Robert Dozier, FHLBank Atlanta's executive vice president and chief business officer.
The FHLBank says that the AHP funds will be combined with other funding sources to develop more than $457.3 million of affordable housing. Additionally, a portion of this year's AHP supports the reclamation and redevelopment of foreclosed properties.