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FHLBank Atlanta Awards $3.6 Million for GA Affordable Housing
By Alton Gary Simpson
The Federal Home Loan Bank of Atlanta, one of 12 district banks in the Federal Home Loan Bank System, plans to award $3.6 million in grants to help developers in Georgia build, buy or repair 724 single-family and multifamily housing units for lower-income residents in communities throughout the state. The bank's member financial institutions in partnership with local developers will use individual grants -- ranging from $64,000 to $500,000 -- to help fund affordable housing in the cities of Atlanta, Augusta, Bainbridge, Blakely and Thomaston, as well as in Cobb, Clarke, Henry and Oglethorpe counties. The grants will be awarded as part of FHLBank Atlanta's 2007 Affordable Housing Program first-round competition. AHP is a competitive award program that provides funds to help develop single-family and multifamily housing for very low- to moderate-income households.
"These AHP grants will help developers bring a variety of affordable housing initiatives to Georgia's communities, including home repair programs and apartment renovation projects that will assist lower-income households," said Richard Dorfman, president and CEO, FHLBank Atlanta.
The awards are part of $21.2 million in grants and subsidies FHLBank Atlanta recently awarded to 10 states and the District of Columbia to create or preserve more than 2,000 units of affordable housing. Each year, the bank sets aside 10% of net income to fund the AHP. Since 1990, it has contributed more than $346.7 million in AHP funds to develop 58,871 housing units and to provide downpayment assistance to more than 6,809 families. FHLBank Atlanta generally grants AHP awards twice a year to member financial institutions and their community housing partners. Program funds are frequently used in conjunction with other funding sources, including conventional loans, government subsidized financing, tax credit equity, foundation grants and bond financing.
Funds may be used for homeownership, rental housing and special-needs housing such as single-room-occupancy units for the homeless, transitional housing, supportive housing and units specially equipped for the disabled and elderly. Eligible uses of an AHP subsidy include acquisition, new construction or rehabilitation financing, permanent financing, principal reduction, and downpayment and closing-cost assistance.
SunTrust Bank and Progressive Redevelopment Inc. will use a $500,000 grant to help complete a $17 million renovation of Seven Courts Apartments, a 171-unit garden-style rental property targeted to very low- to low-income households in Southwest Atlanta. The Park Avenue Bank and Community Committed to Character will receive a total of $640,000 in grants for home repairs for very low-income homeowners in Henry County.
Other winning projects throughout the state include a proposed mixed-income subdivision of 64 single-family homes for low-income renters in Blakely and a $13 million renovation of the 184-unit Cedarwood Apartments for very low- and low-income residents in Augusta.
FHLBank Atlanta is a cooperative financial services organization that provides funding, community development grants and a host of other banking services to more than 1,200 member financial institutions in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia and the District of Columbia.
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