Atlanta banks funds affordable housing in Georgia

Source: Construction Digital

Date :8/9/2007 5:10:51 PM

Federal Home Loan Bank of Atlanta will award $3.6 million in grants to help developers build, buy, or repair single-family housing units for lower-income residents.

FHLBank Atlanta's member financial institutions in partnership with local developers will use individual grants - ranging from $64,000 to $500,000 - to help fund affordable housing in the cities of Atlanta, Augusta, Bainbridge, Blakely, and Thomaston as well as in Cobb, Clarke, Henry, and Oglethorpe counties. The grants will be awarded as part of FHLBank Atlanta's 2007 Affordable Housing Program (AHP) first round competition.

In Atlanta, SunTrust Bank and Progressive Redevelopment Inc., will use a $500,000 grant to help complete a $17 million renovation of the 171- unit, Seven Courts Apartments in Southwest Atlanta, while The Park Avenue Bank and Community Committed to Character will receive a total of $640,000 in grants for home repairs for very low-income homeowners in Henry County.

Other winning projects throughout the state include a proposed mixed- income subdivision of 64 single-family homes for low-income renters in Blakely and a $13 million renovation of the 184-unit Cedarwood Apartments for very low- and low-income residents in Augusta.

"These AHP grants will help developers bring a variety of affordable housing intiatives to Georgia's communities, including home repair programs and apartment renovation projects that will assist lower-income households," says Richard Dorfman, FHLBank Atlanta president and CEO.