Federal Home Loan Bank of Atlanta Awards More than $9.8 Million for Affordable Housing Development

BY GlobeNewswire | AGENCY | 11/15/22 01:03 PM EST

ATLANTA, Nov. 15, 2022 (GLOBE NEWSWIRE) -- Federal Home Loan Bank of Atlanta (FHLBank Atlanta or the Bank) today announced its 2022 Affordable Housing Program (AHP) General Fund awards. In total, 14 affordable housing initiatives in seven states will receive $9,852,108 in AHP direct subsidy. The funding represents over $207 million in total housing development, and will be distributed through FHLBank Atlanta financial institutions to assist in the acquisition, new construction, rehabilitation, or preservation of 984 affordable rental and homeownership units.

For the complete list of 2022 winners, click here.

AHP General Funds are awarded annually through a competitive application process. Since 1990, the Bank has awarded more than $846 million in General Fund grants, providing more than 133,000 housing opportunities for moderate, low-, and very low-income households.

?General Fund awards provide critical financing that helps bring much needed affordable housing developments to fruition across the FHLBank Atlanta district,? said Arthur L. Fleming, FHLBank Atlanta?s Senior Vice President and Director of Community Investment Services. ?We congratulate our members, the developers, and community groups for partnering together to use this important source of funding to produce affordable housing for low- and moderate-income families.?

The opening of the next AHP General Fund round will commence in March 2023, and awards will be announced by the Bank the following July. Potential applicants must work with an FHLBank Atlanta member financial institution to complete the AHP application. A list of member financial institutions is available on the FHLBank Atlanta website at www.fhlbatl.com.

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 $7.3 billion in Affordable Housing Program funds, assisting more than one million households.

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

CONTACT: Peter E. Garuccio
Federal Home Loan Bank of Atlanta
pgaruccio@fhlbatl.com
404.888.8143

Image: https://www.globenewswire.com/newsroom/ti?nf=ODY5NzU3NSM1MjY2NTMzIzIwMjA0MjI=
Image: https://ml.globenewswire.com/media/MTEzNGJkNWUtYjAyNi00YjUyLWI2MmUtOWFkMDM3ZTE0NjcxLTEwMzIyODk=/tiny/Federal-Home-Loan-Bank-of-Atla.png

Image: Primary Logo

Source: Federal Home Loan Bank of Atlanta

In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

fir_news_article