Federal Home Loan Bank of Atlanta Announces $55 Million Available Through?2024 Affordable Housing Program General Fund

BY GlobeNewswire | AGENCY | 04/16/24 09:00 AM EDT

ATLANTA, April 16, 2024 (GLOBE NEWSWIRE) -- Federal Home Loan Bank of Atlanta (FHLBank Atlanta) announced today that it will accept applications for its 2024 Affordable Housing Program (AHP) General Fund round starting June 27, 2024, through July 29, 2024. FHLBank Atlanta is making a record amount available since the program?s inception in 1990 ? approximately $55 million ? and applicants may apply for up to $1 million in grant funding per project to support the acquisition, construction, or rehabilitation of multifamily and single-family housing.

?Each year, the General Fund provides an opportunity for financial institutions to work with for-profit and nonprofit developers and community partners to improve access to affordable housing,? said FHLBank Atlanta President and CEO Kirk Malmberg. ?The FHLBank System?s AHP General Fund is one of the largest sources of private funding for affordable housing in the country and our grants make a considerable impact within the communities across our district.?

FHLBank Atlanta will host a series of webinars for member financial institutions and the developer community, offering training on the application process. Webinar information and registration is available on the FHLBank Atlanta website. Sponsors and developers must work with a FHLBank Atlanta member financial institution to complete and submit the online application by the July 29 application deadline. Nonprofit, for-profit, and local government sponsors and developers can learn more by reviewing the AHP Implementation Plan for application guidelines and requirements.

?In 2024 alone, FHLBank Atlanta will disburse more than $100 million in grants for affordable housing and community development, and more than half of that is through our AHP General Fund,? said FHLBank Atlanta Senior Vice President and Director of Community Investment Services Tomeka Strickland. ?Since the inception of the program in 1990, FHLBank Atlanta has awarded more than $866 million through the General Fund, helping to finance more than 134,000 housing opportunities for moderate, low- and very low-income households.?

To identify a FHLBank Atlanta member financial institution for partnership opportunities, visit the Bank?s Find a Member page, or contact Community Investment Services at 800.536.9650, Option 3 or ahpprog@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 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 $8 billion in Affordable Housing Program funds, assisting approximately 1.1 million households.

CONTACT: Sheryl Touchton
Federal Home Loan Bank of Atlanta

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Source: Federal Home Loan Bank of Atlanta

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