ATLANTA, May 28, 2024 (GLOBE NEWSWIRE) -- Federal Home Loan Bank of Atlanta (FHLBank Atlanta) is contributing $10 million to affordable housing through a new Workforce Housing Plus+ Program. Starting June 3, 2024, member financial institutions can access up to $500,000 while funds are available. Eligible homebuyers with household incomes between 80.01 percent and 120 percent of area median income (AMI) can apply for up to $15,000 in funding to put toward their downpayments and closing costs.
Funds will be available on a first-come, first-served basis. Eligible homebuyers must contribute a minimum of $1,000 of their own funds towards the home purchase and participate in pre-purchase financial literacy counseling.
“Incomes are not rising at the same pace as home prices and inflation, increasing the home affordability challenge across our district,” said FHLBank Atlanta’s Senior Vice President and Director of Community Investment Service Tomeka Strickland. “The Workforce Housing Plus+ Program will complement our existing First-time Homebuyers and Community Partners programs and provide crucial funding to support a broader population of homebuyers.”
Homes must be the primary residence of each grant recipient and located in FHLBank Atlanta’s district, which includes Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, and the District of Columbia.
“FHLBank Atlanta offers programs to address a range of affordable housing needs, and this year, we will contribute $100 million in grants through our members for affordable housing and community development,” said FHLBank Atlanta President and Chief Executive Officer Kirk Malmberg. “The Workforce Housing Plus+ Program was added in response to economic dynamics across our district. Many people who have been working hard and saving money in hopes of achieving homeownership are becoming priced out of the today’s market.”
In February, FHLBank Atlanta announced that $40 million of its $100 million commitment for 2024 is being made available through its Affordable Housing Program (AHP) Homeownership Set-aside program. This contribution helps low- and moderate-income individuals purchase or rehabilitate a home. Additionally, in April FHLBank Atlanta announced that another $55 million will become available on June 27 through its annual AHP General Fund Program. Member institutions may apply for up to $1 million in grant funding per project to support the acquisition, construction, or rehabilitation of affordable multifamily and single-family housing.
Learn more about the Workforce Housing Plus+ Program on the FHLBank Atlanta website. To identify an FHLBank Atlanta member financial institution for partnership opportunities, visit the Bank’s Find a Member page, or contact Community Investment Services at 800.536.9650, Option 3.
About the 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 $8 billion in Affordable Housing Program funds, assisting approximately 1.1 million households.
CONTACT: Sheryl Touchton
Federal Home Loan Bank of Atlanta
stouchton@fhlbatl.com
404.716.4296
