FHLBank Atlanta Announces 2021 AHP General Fund Offering
Tuesday, February 23rd, 2021
Federal Home Loan Bank of Atlanta (FHLBank Atlanta) announced today that the application process for its 2021 Affordable Housing Program (AHP) General Fund round will open on April 9, 2021. FHLBank Atlanta member financial institutions and their community housing partners will be awarded up to $500,000 for individual AHP General Fund projects through a competitive application process. The deadline for submitting applications is 11:59 p.m. on June 4, 2021.
The AHP General Fund, previously referred to as AHP Competitive, is one of the largest sources of private funding available for affordable housing in our country. It offers a unique way for member financial institutions to expand their customer base, achieve business development and community lending goals, and facilitate residential development. Funds awarded through the program can be used to help finance the acquisition, construction, or rehabilitation of multifamily housing or single-family housing, and for either rental or ownership units.
Arthur Fleming, Senior Vice President and Director of Community Investment Services, notes that FHLBank Atlanta has awarded more than $817 million through the AHP General Fund since 1990. “AHP General Fund awards have contributed to a total of more than $6 billion of affordable rental and homeownership development, helping finance more than 129,000 units of affordable housing,” said Fleming. “Based on data and calculations provided through the multiplier study recently commissioned by the Federal Home Loan Banks, we estimate the total economic impact from these awards to be more than $26 billion.”
FHLBank Atlanta will be hosting a series of webinars designed to increase awareness of the AHP General Fund and to help familiarize member financial institutions and community housing organizations with the application process. Interested parties can visit the Bank’s events calendarto register for a webinar.
Potential applicants need to work with an FHLBank Atlanta member financial institution to complete the AHP General Fund application. Nonprofit, for-profit, and local government sponsors should review the AHP Implementation Plan for application guidelines and requirements.