The Federal Home Loan Bank of Atlanta (FHLBank Atlanta) is awarding $6.3 million to assist in the funding of 13 affordable housing developments in Virginia. The funding is part of $37.6 million FHLBank Atlanta will award in 15 states and the District of Columbia to create or preserve 3,922 units of affordable housing.
Virginia-based community developers, in partnership with FHLBank Atlanta member institutions, will use the funding to build or repair 708 affordable rental and ownership housing units in the cities of Abingdon Village, Bristol, Chesapeake, Floyd, Gate City, Lynchburg, Madison Heights, Maurertown, New Castle, Norfolk, Portsmouth and Waynesboro. FHLBank Atlanta will award the funds as part of its 2011 Affordable Housing Program (AHP) offering.
‘Returning profit to communities is an important aspect in the mission of FHLBank Atlanta,’ says Arthur Fleming, senior vice president and director of community investment services. ‘In partnership with member institutions, the bank continues to provide improved living conditions to neighborhoods through community-focused products like AHP.’