Federal Home Loan Bank of Atlanta (the Bank) announced that it has awarded $21,988,927 to assist in the funding of 55 affordable housing projects in 16 states as part of its 2016 Affordable Housing Program (AHP). The projects represent $646,289,038 in total housing development. For every $1 dollar in AHP funding, another $28 dollars of financing was leveraged under the FHLBank Atlanta 2016 AHP.

Local for-profit and nonprofit developers, in partnership with FHLBank Atlanta member financial institutions, will use $15.9 million of the AHP funds to assist in the acquisition, new construction, rehabilitation, or preservation of 2,708 affordable rental and homeownership units in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, and Virginia. Developers with projects in states outside of the Bank’s district, including, Arkansas, California, Indiana, Louisiana, Mississippi, New Jersey, Pennsylvania, Texas, and West Virginia, will receive AHP funds totaling $6.1 million to develop 845 housing units. For the complete list of winners, click here.

“Since 1990, FHLBank Atlanta has awarded $714.6 million in AHP grants and provided 113,158 housing opportunities for moderate, low-, and very low-income households,” said Robert Dozier, FHLBank Atlanta Chief Business Officer. “We are proud to partner with our shareholders, community-based housing sponsors, and developers, to meet the credit and affordable housing needs of the communities we serve.”

FHLBank Atlanta awards AHP funds annually through a competitive application process. Applications for the 2017 AHP funding round will be accepted beginning January 3, 2017. Potential applicants must work with an FHLBank Atlanta member financial institution to complete the AHP Competitive program application. A list of member financial institutions is available on the FHLBank Atlanta website at www.fhlbatl.com.

FHLBank Atlanta’s AHP awards range from $68,000 to $500,000 per project and will be made in the following states: