Federal Home Loan Bank of Atlanta (FHLBank Atlanta) today announced that it has awarded more than $8 million in total funding to 28 affordable housing rental projects through its 2023 Multifamily Housing Bridge Fund (Bridge Fund). The program was developed to support projects facing delays due to the steep rise in inflation and construction costs. Once complete, the 28 projects will create 2,357 new affordable housing units within seven states and Washington D.C.

“An important part of our mission is to develop programs that address current needs we see in the communities our member banks serve,” said FHLBank Atlanta President and Chief Executive Officer Kirk Malmberg. “The Bridge Fund was launched with the goal of enabling affordable housing projects to reach the finish line, knowing the positive ripple effect this will create for people and communities.”

Bridge Fund recipients received up to $500,000 each to close hard cost funding gaps for initiatives that were at least 50 percent complete at the time of application. Projects include a mix of multifamily and mixed-use rental housing, each targeting households earning up to 120 percent of the area median income.

Projects were awarded Bridge Fund grants based on eligible hard cost funding gaps and were required to be located in FHLBank Atlanta’s district, which includes Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, and the District of Columbia. Developers and sponsors worked with FHLBank Atlanta member financial institutions to complete funding applications.