updated 2/17/2011 10:46:54 AM ET 2011-02-17T15:46:54

ATLANTA, Feb. 17, 2011 (GLOBE NEWSWIRE) -- Federal Home Loan Bank of Atlanta (FHLBank Atlanta) announced today that it will award $6.9 million to assist in the funding of 15 affordable housing developments in Georgia. The funding is part of $42.7 million FHLBank Atlanta awarded in 2010 in 11 states and the District of Columbia to create or preserve 4,841 units of affordable rental and ownership 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 724 affordable housing units in Cherokee, DeKalb, Douglas, Forsyth, and Fulton counties, as well as the cities of Atlanta, Cumming, Forsyth, Jefferson, Tennille, Tifton, Valdosta, and Waynesboro.

"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.

Georgia 2010 AHP Winners

City/County Project Name Member Sponsor Award Total Units
Forsyth Brentwood Place Apartments Bank of America, National Association Tapestry Development Group, Inc. $465,000 79
Jefferson New Start SunTrust Bank Atlanta Union Mission $1,000,000 114
Cherokee, Forsyth and Fulton Counties Habitat North Central Georgia Synovus Bank  Habitat for Humanity - North Central Georgia $50,000 10
Tifton Ferry Lake Estates Synovus Bank RHA - Housing, Inc. $285,000 38
Waynesboro Waynesboro Senior Homes Synovus Bank RHA - Housing, Inc. $292,500 39
Atlanta Martin Manor SunTrust Bank Georgia Rehabilitation Outreach, Inc. $597,000 60
Cumming Highland Manor Hamilton State Bank The Paces Foundation, Inc. $500,000 96
Tennille Washington Estates II Synovus Bank RHA - Housing, Inc. $300,000 40
Atlanta 2010A SunTrust Bank  Habitat for Humanity in Atlanta, Inc. $184,500 30
Valdosta Single Family Owner-Occupied Major Rehabilitation Branch Banking and Trust Company City of Valdosta  $800,000 48
DeKalb County Senior Connections 10-DeKalb Neighborhood Rehabilitation Fidelity Bank Senior Connections $1,000,000 75
Fulton County Senior Connections 10-Fulton Neighborhood Rehabilitation Fidelity Bank Senior Connections $1,000,000 75
Douglas County Douglas County Foreclosure Redevelopment Program SunTrust Bank Atlanta Neighborhood Development Partnership, Inc. (ANDP) $100,000 5
DeKalb County DeKalb County Foreclosure Redevelopment Program SunTrust Bank Atlanta Neighborhood Development Partnership, Inc. (ANDP) $200,000 10
Fulton County Fulton County Foreclosure Redevelopment Program SunTrust Bank Atlanta Neighborhood Development Partnership, Inc. (ANDP) $100,000 5
CONTACT: Sharon Cook
         Federal Home Loan Bank of Atlanta
         (404) 888-8173

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