The Federal Home Loan Bank of Atlanta (FHLBank Atlanta) announced it is awarding $24.5 million to 60 developments through its 2014 Affordable Housing Program (AHP).
The funding will create, improve, or preserve 3,590 affordable housing units in 13 states and the District of Columbia. The awards range from $28,200 to $500,000 per project.
The AHP provides critical gap funding for many affordable housing developments.
Several projects receiving awards this year will target low-income, disabled, or formerly homeless veterans. For example, the Boley Centers and Blue Sky Communities received a $500,000 award for Duval Park in St. Petersburg, Fla. The development will feature 88 units targeted toward vets.
National Church Residences also received a $500,000 award for Commons at Nelms, which will provide 95 supportive housing units for veterans in Atlanta. The Lexington Housing Redevelopment Corp. received the same amount for Bellamy Veterans Housing, which will involve the acquisition and rehabilitation of a 12-unit property to make it into housing for homeless vets. Community Land Trust of Palm Beach County and Realtex Development Corp. also received $500,000 for the 55-unit La Joya Villages, which will target 10 percent of its 55 units to vets in Lake Worth, Fla.
"The availability of affordable housing continues to be a challenge across the Southeast," said Robert Dozier, FHLBank Atlanta executive vice president and chief business officer. "Through more than two decades of the Affordable Housing Program, more families have been able to access safe, decent, and affordable homes. The program supports our members in their commitment to creating jobs and boosting economic development in their communities."
The awards are made annually through a competitive application process. Applications for the 2015 funding round will be accepted beginning June 2015. Potential applicants must work with an FHLBank Atlanta member financial institution to complete the AHP Competitive program application.
For a complete list of winner, click here.