Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ATLANTA-The Federal Home Loan Bank of Atlanta is parceling out another $2.1 million in grant funding to affordable housing developers in Florida, Alabama, Virginia and Maryland, bringing the total money awarded this year to $15.2 million. The $2.1 million will help fund seven projects valued at $27.6 million.

“As public sector resources for affordable housing continue to decline, FHL Bank Atlanta and its member institutions remain a vital and stable source of funding for developers committed to serving low-income households,” says Raymond Christman, the bank’s president and CEO.

Lynn Brazen, the bank’s group vice president of community investment services, says that “while we are currently experiencing record homeownership levels, there are many working families that are still unable to attain the dream of homeownership because the cost of housing remains an obstacle.”

“Whether the Federal Home Loan Bank of Atlanta is funding affordable rental developments or helping families obtain their first home, we are continuously working with out partners to ensure housing remains affordable,” she adds.

The $15.2 million in grants awarded this year will help fund housing for 2,500 low-income and moderate-income families in 11 states and the District of Columbia. The money is awarded twice each year to member financial institutions and their community-based housing partners.

In Florida, the member bank is the First National Bank of Florida which is receiving $161,000 for 23 homes to be built by Habitat for Humanity of Collier County Inc. in the Carson Lakes subdivision in Immokalee.

SouthTrust Bank is the Home Loan Bank member in Alabama; Volunteers of America Southeast is the project sponsor for the renovation of the 34-unit Oak Hill Apartments for the elderly in Opp. The grant is for $218,750.

Two projects are receiving funding in Virginia. In Norfolk, Wachovia Bank will receive $225,000 for disbursement to The Community Builders Inc. which plans to construct 45 units of mixed-income rental housing in Bowling Green Phase III. The Bowling Green project is part of the larger Broad Creek Renaissance Hope VI project in the Commonwealth.

Also in Norfolk, Wachovia Bank will be handing out $290,000 to the same developer for the construction of 58 units of mixed-income rental house at Marshall Manor Phase III. This project is also part of the Broad Creek development.

And in Kilmarnock, VA, the Bank of Lancaster is receiving $426,800 that will go to Bay Aging for the development of Tartan Village, a 22-unit apartment building for low-income elderly.

Maryland is receiving grants for two projects. Susquehanna Bank in Elkton will be handing off $250,000 to Homes for America Inc. for the acquisition of Chesapeake Apartments, an existing Rural Housing Services-financed complex with 32 units for low-income elderly and disabled households.

In Hampstead, MD, SunTrust Bank of Atlanta is the Home Loan Bank member that will distributing $500,000 to Interfaith Housing of Western Maryland Inc. for the construction of 88 apartment homes for the low-income elderly at the Old Hampstead School.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.