Our partners leverage these much needed funds to revitalize neighborhoods, create jobs, and support economic development throughout the region.
Atlanta, GA (Vocus) March 5, 2010
Federal Home Loan Bank of Atlanta (FHLBank Atlanta) announced today that it will award $2.1 million to fund five affordable housing developments in South Carolina. The funding is part of $40 million FHLBank Atlanta will award in 10 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 251 affordable housing units in Anderson, Berkeley, Charleston, Clarendon, Darlington, Georgetown, Greenville, Kershaw, Lee, Oconee, Pickens, Sumter, and Williamsburg counties, as well as the cities of Gaffney and Greenville.
“For the past 20 years, FHLBank Atlanta has been providing vital economic stimulus to the communities we serve through our AHP funding,” said Arthur Fleming, senior vice president and director of Community Investment Services, FHLBank Atlanta. “Our partners leverage these much needed funds to revitalize neighborhoods, create jobs, and support economic development throughout the region.”
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 http://www.fhlbatl.com/ahp.
About FHLBank Atlanta
FHLBank Atlanta offers competitively-priced financing, community development grants, and other banking services to help approximately 1,200 member financial institutions make affordable home mortgages and provide economic development credit to neighborhoods and communities. The Bank’s members—its shareholders and customers—are commercial banks, credit unions, savings institutions, and insurance companies headquartered in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, and the District of Columbia. FHLBank Atlanta is one of 12 district banks in the Federal Home Loan Bank System which since 1990 has contributed more than $3.6 billion to the Affordable Housing Program.