FHLBank Atlanta Announces Commencement of 2022 AHP General Fund Round Up to $750,000 per Affordable Housing Project

BY GlobeNewswire | AGENCY | 06/01/22 01:29 PM EDT

ATLANTA, June 01, 2022 (GLOBE NEWSWIRE) -- Federal Home Loan Bank of Atlanta (FHLBank Atlanta) announced today that it is now accepting applications for its 2022 Affordable Housing Program (AHP) General Fund round. For-profit and nonprofit developers can work with FHLBank Atlanta member financial institutions to receive up to $750,000 for individual projects through a competitive application process. The deadline for submitting applications is 11:59 p.m. ET on July 1, 2022.

FHLBank Atlanta members work with for-profit and nonprofit developers to apply for funding through the program. Funds 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. The AHP General Fund is one of the largest sources of private funding for affordable housing in the country, delivering the residential real estate equity needed for successful affordable housing and offering a unique way for member financial institutions to achieve business development and community lending goals, facilitate residential development, and expand their customer base.

?Over the years, FHLBank Atlanta has participated in over $14 billion of multifamily and single-family new construction and rehabilitation via its General Fund,? said Arthur Fleming, Senior Vice President and Director of Community Investment Services for FHLBank Atlanta. ?We are excited to continue working in 2022 with our members and their developer partners to continue providing much needed affordable housing across our district.?

Developers need to work with an FHLBank Atlanta member financial institution to complete the AHP General Fund application. Nonprofit, for-profit, and local government sponsors and developers should review the AHP Implementation Plan for application guidelines and requirements.

Interested parties that need assistance in identifying an FHLBank Atlanta member financial institution to work with can use the Find a Member page available on the Bank?s website, or contact an FHLBank Atlanta Community Investment Services team member.

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 $7 billion in Affordable Housing Program funds, assisting more than 990,000 households.

For more information, visit our website at www.fhlbatl.com.

CONTACT: Peter E. Garuccio
Federal Home Loan Bank of Atlanta

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Source: Federal Home Loan Bank of Atlanta

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