Federal Home Loan Bank of Atlanta (FHLBank Atlanta) is committing $11.7 million in grant funding to support the development of affordable multifamily rental housing across its district. Through the Multifamily Housing Bridge Fund (Bridge Fund), the Bank will provide up to $500,000 per project to help fill critical funding gaps caused by escalating construction costs and ensure that essential housing developments can move forward.

FHLBank Atlanta members and their community housing partners are invited to apply for Bridge Fund grants during the application period, starting today, September 15 through Friday, October 3. The program is designed to help projects already underway to close budget shortfalls and reach completion, creating more affordable rental homes for families.

Projects eligible for the Bridge Fund include multifamily and mixed-use rental housing initiatives that allocate 80% of the units for households earning up to 80% of the area median income (AMI). Projects must be at least 50% complete at the time of application and demonstrate a financing gap related to an increase in construction hard costs, such as construction materials and labor. Projects also must be in FHLBank Atlanta’s district, which includes Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, and the District of Columbia.

“Each year we offer multiple programs to address the various affordable housing and community development challenges across our district,” said Kirk Malmberg, President and CEO of FHLBank Atlanta. “In total, FHLBank Atlanta is contributing $120 million in grants in 2025, finishing the year with this important program to support local efforts to expand the availability of affordable rental housing.”

“When construction costs and interest rates initially rose, there became an increased need for funding to support the development of affordable housing,” said Tomeka Strickland, FHLBank Atlanta’s Senior Vice President and Director of Community Investment Services. “Because this need remains, we are reintroducing the Bridge Fund to help projects currently underway to reach the finish line and become affordable homes.”