The money is coming from the Federal Home Loan Bank of Atlanta. It's the biggest and most encouraging construction news of the year to date.
It eclipses even President-Elect Barack Obama's expected announcement shortly of specific federal funding for major infrastructure projects in every state.
Richard Dorfman
The bank's money allotment is complex. The total grant is $43 million.
Of that total, the seven states in the bank's district will receive $38.6 million. Three states outside the bank's district -- Tennessee, Texas and Louisiana -- will receive a total $4.4 million to develop 474 units.
Atlanta will receive the largest portion, $12.4 million for 1,359 units. Combined with other federal Affordable Housing Program funds, Dorfman estimates Atlanta will be able to develop more than $330 million of affordable housing.
"Now more than ever, the private investment capital provided by our Community Investment Programs stimulates much needed growth in communities by revitalizing neighborhoods, creating jobs, and supporting economic development," Dorfman says.
"AHP funds leverage lending by our member banks and other financial partners during a time when credit availability has been limited.
"By focusing our resources on preserving existing affordable housing and financing new affordable housing, our aim is to be a critical resource in confronting the housing and economic challenges many communities within our region are facing during these difficult economic times."
FHLBank Atlanta-AHP awards range from $30,000 to $1 million and will be made in the following states in FHLBank Atlanta's district:
- Alabama ($3,557,941 for 351 units)
- Florida ($9,247,136 for 666 units)
- Georgia ($12,430,908 for 1,359 units)
- Maryland ($1,490,000 for 178 units)
- North Carolina ($5,885,815 for 541 units)
- South Carolina ($4,047,116 for 603 units)
- Virginia ($1,947,810 for 308 units)
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.
FHLBank Atlanta offers competitively-priced financing, community development grants and other banking services to help more than 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, thrift and loans, 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 has contributed more than $3 billion to the Affordable Housing Program since 1990.
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