updated 2/3/2011 11:17:50 AM ET 2011-02-03T16:17:50

ATLANTA, Feb. 3, 2011 (GLOBE NEWSWIRE) -- Federal Home Loan Bank of Atlanta (FHLBank Atlanta) announced today that it will award $6 million to assist in funding 20 affordable housing developments in Alabama. The funding is part of $42.7 million FHLBank Atlanta will award in 11 states and the District of Columbia to create or preserve 4,841 units of affordable housing.

FHLBank Atlanta will award the funds as part of its 2010 Affordable Housing Program (AHP) offering. Local community developers, in partnership with FHLBank Atlanta member institutions, will use the funding to build or repair 702 affordable rental and homeownership units in Autauga, Chilton, Covington, Baldwin, Dale, Escambia, Geneva, Henry, Houston, Limestone, and Morgan counties, as well as the cities of Boaz, Centre, Elberta, Eufala, Huntsville, Mobile, Northport, Phenix City, Rainbow City, Sylacauga, Theodore, and Tuscumbia.

"FHLBank Atlanta continues to provide unique funding options that help members serve their communities," said Arthur Fleming, senior vice president and director of Community Investment Services, FHLBank Atlanta. "Through the participation of member institutions, AHP acts as a catalyst to revitalize neighborhoods, create jobs, and support economic development."

AHP is a competitive funding program that helps develop owner-occupied and rental housing for very low-, low-, and moderate-income families. FHLBank Atlanta awards 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. For the complete list of AHP winners, visit www.fhlbatl.com/ahp .

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's members—its shareholders and customers—are commercial banks, credit unions, savings institutions, community development financial institutions, 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 since 1990 has contributed more than $4 billion to the Affordable Housing Program.

Alabama 2010 AHP Winners

           


City/County


Project Name


Member


Sponsor


Award
Total Units
Covington County Covington County HFH Branch Banking and Trust Company Habitat for Humanity of Covington County $40,000

4
Dale, Geneva, Houston, and Henry Counties Wiregrass HFH 2010 Branch Banking and Trust Company Wiregrass Habitat for Humanity $60,000

6
Baldwin County Baldwin County HFH 2010 Branch Banking and Trust Company Habitat for Humanity of Baldwin County $70,000

7
Escambia County Escambia County HFH 2010 Branch Banking and Trust Company Escambia County Habitat for Humanity $30,000

3
Autauga and Chilton Counties Autauga-Chilton Counties HFH 2010 Branch Banking and Trust Company Habitat for Humanity of Autauga and Chilton Counties, Inc. $40,000

4
Elberta Hallson Manor Regions Bank Greer Investments, LLC $260,000 56
Boaz Savannah Gardens Regions Bank Paladin, Inc. $468,000 52
Sylacauga Coosa Village Apartments Regions Bank Lighthouse Community Development Corporation

and Gateway Construction Corporation
$500,000

56
Mobile Hallmark at Mobile Regions Bank South East Alabama Self-Help Association, Inc. $870,000 92
Phenix City Russell County HFH 2010 Branch Banking and Trust Company Habitat for Humanity of Russell County $60,000

6
Limestone County Athens-Limestone County HFH 2010 Branch Banking and Trust Company Habitat for Humanity Athens/Limestone County $30,000

3
Theodore Green Meadows  Regions Bank West Alabama Affordable Housing Corporation $861,581 78
Eufala Deerfield Place LP Regions Bank Paladin, Inc. $280,000 40
Rainbow City The Legacy at Newcastle Branch Banking and Trust Company Community Action Agency of Northeast Alabama, Inc. $500,000

56
Morgan County Morgan County HFH 2010 Branch Banking and Trust Company Habitat for Humanity of Morgan County $50,000

5
Tuscumbia Sullivan Village Apartments Bank Independent Chimney Peak Development Corporation/Gateway Construction Corporation $280,000

56
Northport Kentuck Pointe Regions Bank West Alabama Affordable Housing Corporation $541,484 54
Huntsville Madison County HFH Branch Banking and Trust Company Habitat for Humanity of Madison County $100,000

10
Centre Pine View Crossing, Phase II L.P. Century Bank of GA BC Holdings, LLC $275,000

40
Huntsville Monticello Apartments Regions Bank Greer Investments, LLC $700,000 74
CONTACT: Sharon Cook
         Federal Home Loan Bank of Atlanta
         scook@fhlbatl.com
         (404) 888-8173

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