updated 4/5/2011 10:47:21 AM ET 2011-04-05T14:47:21

ATLANTA, April 5, 2011 (GLOBE NEWSWIRE) -- Federal Home Loan Bank of Atlanta (FHLBank Atlanta) announced today that applications for its 2011 Affordable Housing Program (AHP) competitive funding cycle will be available on May 6, 2011. At least $38 million in grant funds will be awarded, with up to $1 million awarded per project to assist in the acquisition, construction or rehabilitation of rental or owner-occupied housing.

Applications are available to for-profit and nonprofit housing developers, public entities, contractors, community builders and other corporations and organizations engaged in housing construction, rehabilitation and development. Interested organizations must work with an FHLBank Atlanta member financial institution to submit an application for projects located throughout the country. A list of member financial institutions can be found on the Bank's website.

Applicants interested in applying for a grant should review the Affordable Housing Program Implementation Plan for updates to the application guidelines. FHLBank Atlanta will be hosting educational webinars over the next month to assist with the application process and program requirements. Information on the dates and times of the webinars is available at www.fhlbatl.com .  

The timeline for the application process is as follows:

  • May 6, 2011 – AHP Competitive Program Online Application Available
  • May 6, 2011 – New Registration Deadline
  • June 10, 2011 – AHP Competitive Program Application Submission Deadline
  • June 10, 2011 – AHP Competitive Program Application Supporting Documentation Deadline

About the Affordable Housing Program

AHP is a competitive funding program that helps develop owner-occupied and rental housing for very low-to-moderate income families. 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. For more information, contact the Bank's Community Investment Services Department at 1.800.536.9650 option 3, option 3.

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 located 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.

CONTACT: Sharon Cook
         Federal Home Loan Bank of Atlanta
         scook@fhlbatl.com
         (404) 888-8173

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