ATLANTA—Ninety affordable housing developments will receive $42.7 million in Affordable Housing Program (AHP) funds from the Federal Home Loan Bank of Atlanta.
For-profit and nonprofit developers, in partnership with FHLBank Atlanta member institutions, will use $39.9 million to assist in the acquisition, construction, rehabilitation, or preservation of 4,528 affordable rental and homeownership units in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, and the District of Columbia.
Partnerships in states outside of the bank’s district, including California, Louisiana, Michigan, and Texas, will received $2.8 million to develop 313 housing units.
The AHP awards range from $30,000 to $1 million per project.
In its district, FHLBank Atlanta awarded:
- $6 million to 20 projects with 702 units in Alabama;
- $8.5 million to 12 projects with 1,248 units in Florida;
- $6.9 million to 15 projects with 724 units in Georgia;
- $3.3 million to four projects with 267 units in Maryland;
- $8.3 million to 18 projects with 789 units in North Carolina;
- $1.5 million to three projects with 230 units in South Carolina;
- $5.1 million to 12 projects with 536 units in Virginia; and
- $400,000 to one project with 32 units in the District of Columbia
FHLBank Atlanta officials said a portion of the recent AHP awards is dedicated to alleviating the foreclosure crisis by supporting the reclamation and redevelopment of foreclosed properties.
The AHP is one of the largest sources of grant funds for affordable housing. Each of the 12 Federal Home Loan Banks commits 10 percent of its net income to its AHP.