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FHLBank Atlanta to finance housing project in Georgia

Federal Home Loan Bank of Atlanta has announced that it will award $9.2 million to help finance 1,352 affordable housing units in Georgia, US.

The funding is part of more than $50 million in grants and subsidies that Federal Home Loan Bank of Atlanta (FHLBank Atlanta) will award in 12 states in the US and the District of Columbia.

FHLBank Atlanta will award the funds as part of its 2007 Affordable Housing Program (AHP). Local community developers, in partnership with FHLBank Atlanta member institutions, will use the awards to fund 26 affordable housing developments.

AHP is a competitive grant program that helps develop owner-occupied and rental housing for very low, low and moderate-income families. Since 1990, FHLBank Atlanta has provided over $5 billion to member financial institutions in the form of low-cost loans and grants for affordable housing and economic development.