Federal Home Loan Bank of Atlanta commits additional $10

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 will be able to access up to $500,000 as long as funds are available. Eligible homebuyers with household income between 80.01 percent and 120 percent of area median income (AMI) can apply for up to $15,000 in financing to cover their down payment and closing costs .

Funds will be available on a first come, first served basis. Eligible home buyers must contribute at least $1,000 of their own funds toward the purchase of the home and participate in financial literacy counseling prior to purchase.

“Incomes are not growing at the same rate as home prices and inflation, increasing the housing affordability challenge in our district,” said Tomeka Strickland, senior vice president of FHLBank Atlanta and Director of Community Investment Services. “The Workforce Housing Plus+ program will complement our existing first-time homebuyer programs and community partners and provide crucial funding to support a broader population of homebuyers.”

Homes must be each grant recipient’s primary residence and located within the FHLBank Atlanta District, which includes Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia and the District of Columbia.

“FHLBank Atlanta offers programs to meet 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 Kirk Malmberg, President and CEO of FHLBank Atlanta. “The Workforce Housing Plus+ program was added in response to economic momentum in our district. Many people who have worked hard and saved money in hopes of becoming homeowners are priced out of today’s market.

In February, FHLBank Atlanta announced that $40 million of its $100 million commitment for 2024 would be made available through its Affordable Housing Program (AHP). This contribution helps people with low and moderate incomes to buy or renovate a home. Additionally, in April, FHLBank Atlanta announced that an additional $55 million would be 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 multi-family 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 website. Find a member or contact Community Investment Services at 800.536.9650, option 3.

About 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 mortgages and provide economic development credit to neighborhoods and communities. The Bank’s members are commercial banks, credit unions, thrifts, community development financial institutions and insurance companies located in Alabama, Florida, Georgia, Maryland, Carolina North, South Carolina, Virginia and the District of Columbia. FHLBank Atlanta is one of 11 district banks in the Federal Home Loan System. Since 1990, FHLBanks have allocated approximately $8 billion under the affordable housing program, helping approximately 1.1 million households.

CONTACT: Sheryl Touchton
Federal Home Loan Bank of Atlanta
[email protected]
404.716.4296