(Read more on the debt and equity markets and the multifamily market .)

WASHINGTON, DC-The Federal Home Loan Bank of Atlanta is awarding $1.6 million in affordable housing grants in the Greater Washington, DC area. The grants are part of the $21.2-million FHLBank Atlanta recently awarded to 10 states and the District of Columbia to be used to create or preserve more than 2,000 units of affordable housing. Each year, FHLBank Atlanta sets aside 10% of net income to fund its Affordable Housing Program.

FHLBank has granted two affordable housing initiatives in Baltimore and Cambridge, MD more than $758,000 in grants. Bay National Bank and the nonprofit I Can’t-We Can Inc. will use $258,705 to renovate a 48-unit building in Baltimore. Shelter Development LLC and SunTrust Bank will use $500,000 to develop Cambridge Commons, a 96-unit apartment complex in Cambridge.

Three community partnerships in Virginia will use individual grants ranging from $35,000 to $100,000 to build apartments and single-family homes in Warrenton and Williamsburg, as well as in Buchanan, Dickenson, Russell, and Washington counties.

Finally, two DC-based agencies have been awarded a combined $356,000 in grants. FHLBank Atlanta member OBA Bank and Gospel Ministries of DC Inc. will use a $300,000 grant to renovate a vacant 24-unit property into housing, and Development Corporation of Columbia Heights and SunTrust will get $56,000 to renovate condos in Columbia Heights.”These AHP grants will help developers meet the demand for more affordable housing options in Maryland, Virginia, and the District, including rental housing for the elderly and new homeownership opportunities for lower-income households,” says Richard Dorfman, FHLBank Atlanta president and CEO, in a statement.

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