FHLBank Atlanta Announces Availability of $7.2 Million in Additional Homeownership Set-aside Funds
ATLANTA, May 08, 2023 (GLOBE NEWSWIRE) — Federal Home Loan Bank of Atlanta (FHLBank Atlanta) announced today that it is making an additional $7.2 million in AHP Homeownership Set-aside Program funding available through its members. Eligible borrowers can apply for up to $15,000 to help them purchase or rehabilitate a home.
The additional funding will be available beginning May 15, 2023, through FHLBank Atlanta’s First-time Homebuyer Product, the Community Partners Product, and the Community Rebuild and Restore Product. The First-time Homebuyer Product provides up to $12,500 in down-payment, closing-cost, counseling, or rehabilitation assistance in connection with the purchase or purchase and rehabilitation of an existing home. The Community Partners Product provides up to $15,000 in down-payment, closing-cost, counseling, or rehabilitation assistance in connection with the purchase or purchase and rehabilitation of an existing home by currently employed or retired law enforcement officers, educators, firefighters, health care workers, other first responders, veterans or their surviving spouse, and essential workers. The Community Rebuild and Restore Product provides up to $10,000 in funding for the rehabilitation of an existing owner-occupied home in “Emergency Declaration” areas or “Major Disaster Declaration” areas designated by the Federal Emergency Management Agency.
Tomeka Strickland, FHLBank Atlanta’s Senior Vice President and Director of Community Investment Services, noted that the additional funding will help make the dream of homeownership a reality for as many as 500 eligible borrowers or more. “We are pleased our board of directors has increased FHLBank Atlanta’s level of commitment to affordable housing for a second consecutive year,” said Strickland. “The additional Homeownership Set-aside Program funding will help those who are most vulnerable to the challenging housing market secure safe and stable housing for their families.”
Funding for the AHP Homeownership Set-aside Program is available only through FHLBank Atlanta member financial institutions, and funds are available on a transaction by transaction, first-come, first-served basis.
About FHLBank Atlanta
FHLBank Atlanta offers competitively-priced financing, community development grants, and other banking services to help member financial institutions make affordable home mortgages and provide economic development credit to neighborhoods and communities. The Bank is a cooperative whose members are commercial banks, credit unions, savings institutions, community development financial institutions, and insurance companies located in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, and the District of Columbia. FHLBank Atlanta is one of 11 district Banks in the Federal Home Loan Bank System. Since 1990, the FHLBanks have awarded approximately $7.3 billion in Affordable Housing Program funds, assisting more than one million households.
For more information, visit our website at www.fhlbatl.com.
CONTACT: Peter E. Garuccio
Federal Home Loan Bank of Atlanta
Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. AfternoonHeadlines.com takes no editorial responsibility for the same.