FHLBank Atlanta Announces $4 Million in Additional Funds to Support Homeownership

BY GlobeNewswire | AGENCY | 11/07/23 10:18 AM EST

ATLANTA, Nov. 07, 2023 (GLOBE NEWSWIRE) -- Federal Home Loan Bank of Atlanta (FHLBank Atlanta) announced today that it is making an additional voluntary $4 million in Affordable Housing Program (AHP) Homeownership Set-aside funding available through its members. Eligible borrowers can apply for up to $15,000 to help them purchase or rehabilitate a home.

The additional funding will be available beginning November 8, 2023, through FHLBank Atlanta?s First-time Homebuyer Product, Community Partners Product, and Community Rebuild and Restore Product. The First-time Homebuyer Product provides up to $12,500 in down-payment, closing-cost, counseling, or rehabilitation assistance in connection with the purchase or purchase and rehabilitation of an existing home. The Community Partners Product provides up to $15,000 in down-payment, closing-cost, counseling, or rehabilitation assistance in connection with the purchase or purchase and rehabilitation of an existing home and is available for currently employed or retired law enforcement officers, educators or employees of an accredited or state-recognized private or public school, firefighters, health care workers, other first responders, veterans or their surviving spouse, and essential workers. The Community Rebuild and Restore Product provides up to $10,000 in funding for the rehabilitation of an existing owner-occupied home in ?Emergency Declaration? areas or ?Major Disaster Declaration? areas designated by the Federal Emergency Management Agency.

?FHLBank Atlanta?s board of directors recognizes the challenges that many working, lower-income families face in today?s housing market and has increased the Bank?s commitment to helping homebuyers for a second time in 2023,? said Tomeka Strickland, FHLBank Atlanta?s Senior Vice President and Director of Community Investment Services. ?This additional funding can help make the dream of homeownership a reality for more than 300 eligible borrowers.?

Funding for the AHP Homeownership Set-aside Program is available only through FHLBank Atlanta member financial institutions, and funds are available on a transaction by transaction, first-come, first-served basis.

About FHLBank 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 is a cooperative whose members 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 $7.6 billion in Affordable Housing Program funds, assisting more than one million households.

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

CONTACT: David McCaw
Federal Home Loan Bank of Atlanta

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Source: Federal Home Loan Bank of Atlanta

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