The Federal Home Loan Bank of Atlanta announced that it has awarded $24.5 million to assist in the funding of 60 affordable housing projects in 13 states and the District of Columbia as part of its 2014 Affordable Housing Program (AHP). The projects represent more than $450 million in total housing development. For every $1 dollar in AHP funding, another $18 dollars of development was leveraged under the FHLBank Atlanta 2014 AHP.
Local for-profit and nonprofit developers, in partnership with FHLBank Atlanta member financial institutions, will use $21.3 million of the AHP funds to assist in the acquisition, new construction, rehabilitation, or preservation of 3,156 affordable rental and homeownership housing units in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, and the District of Columbia.
Developers with projects in states outside of the Bank's district, including Arkansas, Louisiana, Massachusetts, New Jersey, Pennsylvania, and Texas, will receive AHP funds totaling $2.8 million to develop 397 housing units.
"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."