Federal Home Loan Bank of Atlanta (FHLBank Atlanta)  announced the recipients of its 2024 Affordable Housing Program (AHP) General Fund awards. Through the program, more than $55 million in grant funding is being awarded to 66 affordable housing initiatives in 12 states and Washington D.C. to assist in the acquisition, construction, rehabilitation, or preservation of more than 4,200 affordable rental and homeownership units.

“Each year, we are proud of how our member institutions leverage this annual fund to strengthen their communities and expand access to affordable housing,” said FHLBank Atlanta President and CEO Kirk Malmberg. “In total, FHLBank Atlanta contributed a record $120 million this year to affordable housing and community development efforts, and across the Federal Home Loan Bank System, more than $1 billion is being deployed in 2024 to address the growing need for affordable housing nationwide.”

AHP General Funds are awarded annually through a competitive application process and distributed through FHLBank Atlanta member financial institutions. Since the program’s inception in 1990, FHLBank Atlanta Bank has awarded more than $921 million in General Fund grants, providing more than 138,000 housing opportunities for moderate-, low-, and very low-income households.

FHLBank Atlanta’s Director of Community Investment Services Tomeka Strickland said, “We are pleased to partner with 31 member financial institutions and 57 local developers and community organizations whose commitment and dedication make it possible to bring these resources into communities. Together, we are building stronger communities, ensuring more families have a safe, affordable place to call home.”

The Bank’s Targeted Community Lending Plan and the AHP Implementation Plan will be published in January 2025 in preparation for the next AHP General Fund round to open during the second quarter of 2025. Potential applicants must work with an FHLBank Atlanta member financial institution to complete the AHP application. A list of member financial institutions is available on the FHLBank Atlanta website at www.fhlbatl.com.

MASSACHUSETTS
1 Project
$732,490 from FHLBank Atlanta in grant equity, leveraging total development of $92,169,237
92 rental units funded

CLARENDON HILL PHASE 2
Somerville, MA
Member: Bank of America, National Association
Sponsored by: Preservation of Affordable Housing, Inc.
Grant: $732,490 for 92 rental units
Total Development Cost: $92,169,237
Description: AHP funds will be used for the construction of 92 multifamily rental units in Somerville