Federal Home Loan Bank of Atlanta awards $20 million for affordable housing development nationwide

by Rincey Abraham

New white apartment houses in Berlin, Germany

With the lack of housing inventory leading to rising home prices throughout the country, affordable housing is a concern for many. In order to help alleviate that, the Federal Home Loan Bank of Atlanta announced that it will assist in funding 54 affordable housing projects across the country.

The bank awarded more than $20 million as part of its 2017 Affordable Housing Program to assist in the acquisition, new construction, rehabilitation or preservation of affordable rental and homeownership units in a number of states.

The program awards funds annually through a competitive application process to help provide housing opportunities for moderate, low- and very low-income households.

“The Affordable Housing Program helps pave the way for our members to work with developers and community groups to foster greater housing opportunities and economic development in the communities they serve,” said FHL Bank Atlanta Executive Vice President and Chief Business Officer Robert Dozier. “We are proud of the impact these funds have in helping low- and moderate-income families find affordable housing, and in building stronger local economies.”

There are five projects awarded more than $2 million in grant equity to fund 256 rental units and eight ownership units, four of which are for projects in or around Atlanta. One that is in the city is the Holly Street Apartments, which received $500,000 for 40 new rental units for older residents, primarily targeting veterans.

The other development is Phoenix House, which received $500,000 for the renovation and redevelopment in 69 rental units for formerly homeless individuals with disabilities. Phoenix House is currently located in the Atlanta Beltline, where officials are currently working to maintain affordable housing.

State Rental Units Funded Owner Units Funded AHP Funds Total Development
Alabama 160 $1,185,000 $21,888,219
District of Columbia 64 $331,857 $44,610,032
Florida 237 40 $1,912,251 $21,599,506
Georgia 256 8 $2,080,000 $45,346,737
Maryland 53 $500,000 $10,595,088
North Carolina 703 $3,784,595 $46,833,554
South Carolina 193 10 $650,000 $28,101,856
Virginia 464 27 $4,264,149 $99,013,557
Out of District* 889 4 $5,653,166 $148,999,901
*Out of District states that received funding are Arkansas, Connecticut, Kentucky, Louisiana, Maine, Michigan, Pennsylvania, Tennessee and Wisconsin