DARIEN, Ga., March 27, 2024 (GLOBE NEWSWIRE) -- Southeastern Bank and the Federal Home Loan Bank of Atlanta (FHLBank Atlanta) announced today that a $270,000 grant has been awarded to Golden Isles Veterans Village, a development of 30 tiny homes and a community center for homeless veterans in Brunswick, Georgia.
The funds from FHLBank Atlanta’s Multifamily Housing Bridge Fund (Bridge Fund) were awarded to Golden Isles Veterans Village through Southeastern Bank, which is a member of FHLBank Atlanta. Once complete, this transitional community will provide low-cost rental housing for homeless veterans as well as physical and mental health services, job training, and assistance to determine benefits and entitlements.
“Southeastern Bank has a long history of serving our communities beyond our financial products and services,” said Jay Torbert, CEO of Southeastern Bank. “Partnering with the Federal Home Loan Bank of Atlanta enables us to support housing needs in our area and deliver grants for initiatives like the Golden Isles Veterans Village.”
FHLBank Atlanta introduced the Bridge Fund in 2023 to allocate a total of $8 million for multifamily affordable housing projects that are experiencing delays due to rising construction costs. Golden Isles Veterans Village is among 28 projects that received funding from FHLBank Atlanta through member banks like Southeastern Bank, which applied for Bridge Fund grants to support their communities.
“We introduced the Bridge Fund with the goal of helping projects like the Golden Isles Veterans Village reach the finish line and make more affordable housing available,” said Tomeka Strickland, Senior Vice President and Director of Community Investment Services for FHLBank Atlanta. “We are proud of how Southeastern Bank leveraged the Bridge Fund and partnered with Golden Isles Veterans Village to make a positive impact on the lives of local veterans.”
The Golden Isles Veterans Village is located at 1403 G Street, Brunswick, Georgia and is scheduled to open late 2024.
About Southeastern Bank
Southeastern Bank, established in 1888, has a long history of serving its customers and communities. From deposit accounts and loans to investments and more, Southeastern Bank has the financial products you need most. Southeastern Bank has 11 locations throughout coastal Georgia and northeast Florida. Our online and mobile banking extends our reach and allows customers the opportunity to bank on their time 24/7. However, we have not forgotten that customer service, whether in person or via the phone, is the most important aspect of community banking. Southeastern Bank is a subsidiary of Southeastern Banking Corporation, a bank holding company headquartered in Darien, Georgia.
About Federal Home Loan Bank of 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 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 $7.6 billion in Affordable Housing Program funds, assisting more than one million households.
CONTACT: Sheryl Touchton
Federal Home Loan Bank of Atlanta
stouchton@fhlbatl.com
404.716.4296
