Federal Home Loan Bank of Atlanta (FHLBank Atlanta) announced today that it will award $6.5 million to fund 11 affordable housing developments in Alabama. The funding is part of $40 million FHLBank Atlanta will award in ten states to create or preserve 3,897 units of affordable housing.
FHLBank Atlanta will award the funds as part of its 2009 Affordable Housing Program (AHP) offering. Local community developers, in partnership with FHLBank Atlanta member institutions, will use the funding to build or repair 695 affordable housing units in Baldwin, Hale, Jefferson, Madison, and Mobile counties, as well as the cities of Adamsville, Birmingham, Boaz, Columbiana, Gadsden, Hayden, Huntsville, Jasper, and Northport.
"For the past 20 years, FHLBank Atlanta has been helping to bring affordable housing to areas that have the greatest need," said Arthur Fleming, senior vice president and director of Community Investment Services, FHLBank Atlanta. "AHP funding provides critical economic stimulus to entire communities by revitalizing neighborhoods, creating jobs, and supporting economic development."
AHP is a competitive funding program that helps develop owner-occupied and rental housing for very low-, low-, and moderate-income families. FHLBank Atlanta awards the funds annually to member financial institutions and their community housing partners. AHP is a component of FHLBank Atlanta's affordable housing, economic development, and down-payment assistance initiatives. For the complete list of AHP winners, visit www.fhlbatl.com/ahp.
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