Federal Home Loan Bank of Atlanta Awards $43M for Affordable Housing Development

Funding will Create, Improve, or Preserve 4,514 Housing Units

ATLANTA, GA, PRNewswire/ -- Federal Home Loan Bank of Atlanta (FHLBank Atlanta) announced will award more than $43 million to fund 85 affordable housing projects in ten states.

Local community developers, in partnership with FHLBank Atlanta member institutions, will use $38.6 million of the funds to buy, build, or preserve 4,040 affordable housing units in seven states within its district including Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, and Virginia.

Partnerships in three states (Tennessee, Texas and Louisiana) outside the Bank's district will receive funds totaling $4.4 million to develop 474 housing units.

FHLBank Atlanta has awarded the funds as part of its 2008 Affordable Housing Program (AHP) offering.

In addition, the 2008 AHP funds will be combined with other funding sources to develop more than $330 million of affordable housing.

"Now more than ever, the private investment capital provided by our Community Investment Programs stimulates much needed growth in communities by revitalizing neighborhoods, creating jobs, and supporting economic development," President and Chief Executive Officer of FHLBank Atlanta Richard Dorfman (top right photo) said.

"AHP funds leverage lending by our member banks and other financial partners during a time when credit availability has been limited.

" By focusing our resources on preserving existing affordable housing and financing new affordable housing, our aim is to be a critical resource in confronting the housing and economic challenges many communities within our region are facing during these difficult economic times."

FHLBank Atlanta-AHP awards range from $30,000 to $1 million and will be made in the following states in FHLBank Atlanta's district:

-- Alabama ($3,557,941 for 351 units)

-- Florida ($9,247,136 for 666 units)

-- Georgia ($12,430,908 for 1,359 units)

-- Maryland ($1,490,000 for 178 units)

-- North Carolina ($5,885,815 for 541 units)

-- South Carolina ($4,047,116 for 603 units)

-- Virginia ($1,947,810 for 308 units)

AHP is a competitive funding program that helps develop owner-occupied and rental housing for very low-, low-, and moderate-income families.

FHLBank Atlanta awards the funds annually to member financial institutions and their community housing partners. AHP is a component of FHLBank Atlanta's affordable housing, economic development, and down-payment assistance initiatives.

For the complete list of winners, visit www.fhlbatl.com/ahp.

About FHLBank

AtlantaFHLBank Atlanta offers competitively-priced financing, community development grants, and other banking services to help more than 1,200 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, thrift and loans, and insurance companies headquartered 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 $3 billion to the Affordable Housing Program.

CONTACT:

Sharon Cook, Federal Home Loan Bank of Atlanta,+1-404-888-8173, scook@fhlbatl.com

Web site: http://www.fhlbatl.com/