FHLBank of Atlanta supports affordable housing

Source: Construction Digital

Date :20/08/2007 10:57:17

Federal Home Loan Bank of Atlanta award s$2.2 million in grants and subsidies to help North Carolina developers fund 10 affordable housing initiatives across the state.

This donation is part of the Bank's 2007 Affordable Housing Program (AHP) first round competition.

Federal Home Loan Bank of Atlanta’s (FHLBank Atlanta) member financial institutions in partnership with local developers will use individual grants -- ranging from $53,000 to $400,000 -- combined with low-cost loans to help build, buy, or repair 309 single-family and multifamily housing units in the cities of Bayboro, Elizabeth City, Fayetteville, Gastonia, Matthews, Spruce Pine, and Winston-Salem as well as in Haywood, Iredell, Macon, Moore, Richmond, and Yadkin counties.

"This funding will help lenders and local developers bring affordable housing projects with about $35 million in total development costs into rural and urban areas throughout North Carolina," says Richard Dorfman, FHLBank Atlanta president and CEO.

Awards announced are part of $21.2 million in grants and subsidies FHLBank Atlanta recently awarded to 10 states and the District of Columbia to create or preserve more than 2,000 units of affordable housing. 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 $346.7 million in AHP funds to develop 58,871 housing units and to provide down- payment assistance to more than 6,809 families.

AHP is a competitive award program that provides funds to help develop single-family and multifamily housing for very low- to moderate-income households. FHLBank Atlanta generally grants AHP awards twice a year to member financial institutions and their community housing partners.