Community Housing Capital and Federal Home Loan Bank of Atlanta Award $750,000 for Affordable Housing in Southfield

SOUTHFIELD, Mich., Feb. 05, 2025 (GLOBE NEWSWIRE) -- Community Housing Capital (CHC) and the Federal Home Loan Bank of Atlanta (FHLBank Atlanta) announced today an investment of $750,000 in grant funding designated for John Grace Arms, a project to construct 60 multifamily rental units in Southfield, Michigan.

The funding, sourced from FHLBank Atlanta?s Affordable Housing Program (AHP) General Fund and administered through CHC, a member of FHLBank Atlanta, will help address the critical need for affordable housing in the community.

Located in the heart of Southfield, John Grace Arms involves the adaptive reuse of a former, historic school building into modern, affordable housing units and 5,000 square feet of community space. The project is prioritizing the use of sustainable building materials to minimize environmental impact and promote healthier living conditions.

CHC, a financial supporter of John Grace Arms, applied for FHLBank Atlanta?s Affordable Housing Program (AHP) General Fund in 2024, which helps organizations to acquire, construct, rehabilitate or preserve affordable housing units. In December 2024, FHLBank Atlanta announced John Grace Arms as one of 66 grant recipients to receive a total of $55 million in funding to support 4,200 housing units.

?Community Housing Capital is proud to have supported the project developer MiSide in successfully securing $750,000 in AHP grant funding through FHLBank Atlanta. These funds will support the development of John Grace Arms, a transformative housing community that will offer 60 senior apartments, with a focus on fostering community engagement and recreation,? said Dana Chestnut, CHC?s Chief Lending Officer. ?CHC has a long history of partnering with NeighborWorks America organizations to facilitate impactful projects, having sponsored successful applications that have collectively secured $4.8 million in grant funding to date. We are committed to leveraging opportunities like the AHP grant to amplify the impact of affordable housing initiatives nationwide.?

?John Grace Arms is a fantastic example of progress that can happen when organizations come together to execute on a vision,? said Kirk Malmberg, President and CEO of FHLBank Atlanta. ?We are pleased to partner with member financial institutions like Community Housing Capital and proud to see this funding go toward turning an existing, unused building into safe, affordable homes for Southfield residents.?

John Grace Arms is located at 21030 Indian Street, Southfield, Michigan and is scheduled to be completed by the end of 2026.

About Community Housing Capital
Community Housing Capital (CHC) is a 24-year-old Community Development Financial Institution (CDFI) and 501(c)(3) created to facilitate the creation and preservation of affordable housing. Since 2000, CHC has, through its lending activity, created or preserved over 24,792 units of affordable housing and facilitated $3.8 billion in total development. Community Housing Capital is headquartered in Decatur, Georgia.

About 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 $9.1 billion in Affordable Housing Program funds, assisting more than 1.2 million households. For more information, visit www.fhlbatl.com.

MEDIA CONTACTS:

Federal Home Loan Bank of Atlanta
Sheryl Touchton
stouchton@fhlbatl.com

Community Housing Capital, Inc.
Mona Elminyawi
melminyawi@communityhousingcapital.org

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Source: Federal Home Loan Bank of Atlanta