ATLANTA-The Federal Home Loan Bank of Atlanta has awarded more than $3.1 million to a series of public-private partnerships to build housing for 516 low-income and moderate-income families in Georgia.

The partnerships will use the money to build housing in Americus, Atlanta, Bainbridge, Cordele, Decatur, Eastman, Fort Valley, McDonough, Montezuma and Toccoa.

As part of its Affordable Housing Program, the FHLB awarded grants from $100,000 to $500,000 to five financial institutions and their nonprofit partners.

“Within the past 10 years, Georgia’s rural and urban population has increased dramatically, but the affordable housing market has not kept up with this dynamic expansion,” Donald Phoenix, district director, Neighborhood Reinvestment Corp., Atlanta, says in a prepared statement. “By providing nonrestrictive development funding, the Federal Home Loan Bank of Atlanta and its members have become a catalyst for affordable housing development in the South.”

The awards are part of $18.6 million in Affordable Housing Program grants the FHLB awarded this year to build housing for 3,594 very low, low and moderate-income families in 11 states and Washington, DC.

Since 1990, the bank has invested $161.6 million in program grants to help construct 33,500 housing and rental units. The bank sets aside 10% of its annual net profit to fund the program.

The Federal Home Loan Bank of Atlanta is one of the 12 district banks inthe Federal Home Loan Bank System. The $98 billion financial services organization provides low-cost financing and other banking services to more than 1,170 financial institutions in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia and the District of Columbia.

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