Federal Home Loan Bank of Atlanta Commits More Than $40 Million for Homeownership Grants

By: Federal Home Loan Bank of Atlanta via GlobeNewswire

February 05, 2024 at 09:30 AM EST

ATLANTA, Feb. 05, 2024 (GLOBE NEWSWIRE) -- Federal Home Loan Bank of Atlanta (FHLBank Atlanta) announced today that more than $40 million in funding is now available through its 2024 Affordable Housing Program (AHP) Homeownership Set-aside Program. This annual program helps low- and moderate-income families and individuals achieve homeownership. The products within this program provide direct assistance to enable eligible borrowers to purchase or rehabilitate a home.

“FHLBank Atlanta’s commitment of more than $40 million is the most contributed through this grant program in the Bank’s history,” said FHLB Atlanta President and Chief Executive Officer Kirk Malmberg. “Each year, we are proud to see our members utilize this funding to support customers’ homeownership goals. This Set-aside program is one of our most significant initiatives for increasing homeownership, and especially important as home prices and interest rates remain higher than in recent years.”

A summary of 2024 Homeownership Set-aside Program products is below. To learn more click here:

First-time Homebuyer
The First-time Homebuyer product provides up to $12,500 in down-payment, closing-cost, counseling, or rehabilitation assistance in connection with the purchase or purchase and rehabilitation of an existing home.

Community Partners
The Community Partners product provides up to $15,000 in down-payment, closing-cost, counseling, or rehabilitation assistance in connection with the purchase or purchase and rehabilitation of an existing home by currently employed or retired law enforcement officers, educators, firefighters, health care workers, other first responders, veterans or their surviving spouse.

Community Rebuild and Restore
The Community Rebuild and Restore product provides up to $10,000 in funding for the rehabilitation of an existing owner-occupied home in “Emergency Declaration” areas or “Major Disaster Declaration” areas designated by the Federal Emergency Management Agency (FEMA). The homeowner must have at least 30 days of current ownership by life estate or a full interest in the fee simple title and have ownership of the subject property at the time of the “Emergency Declaration” or “Major Disaster Declaration.” The “Emergency Declaration” or “Major Disaster Declaration” must have occurred no later than 36 months prior to the date of application for Community Rebuild and Restore funding.

Since 1997, the AHP Homeownership Set-aside Program has provided more than $290.3 million in grant funding that has enabled more than 42,000 families and individuals to purchase or rehabilitate a home.

As an example, Atlanta-based Synovus Bank has participated in FHLBank Atlanta’s AHP Homeownership Set-aside Program for a decade, helping hundreds of borrowers secure down payment assistance funding. “Our sales team views the Federal Home Loan Bank as an integral part of our product offerings and an indispensable tool to help first-time homebuyers,” said Synovus Bank’s Assistant Manager of Mortgage Products Brent Sute. “Our operations and closing teams consistently express satisfaction with FHLB’s training, user-friendly portal interface, and streamlined process extending from reservation to post-closing.”

A list of member financial institutions is available on the FHLBank Atlanta website at www.fhlbatl.com.
If you need assistance connecting with a member financial institution, or for more information, call the Bank’s Community Investment Services department at 1.800.536.9650, 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 home mortgages and provide economic development credit to neighborhoods and communities. The Bank is a cooperative whose members are commercial banks, credit unions, savings institutions, community development financial institutions, and insurance companies located in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, and the District of Columbia. FHLBank Atlanta is one of 11 district Banks in the Federal Home Loan Bank System. Since 1990, the FHLBanks have awarded approximately $7.6 billion in Affordable Housing Program funds, assisting more than one million households.

For more information, visit our website at www.fhlbatl.com.

CONTACT: Sheryl Touchton
Federal Home Loan Bank of Atlanta
stouchton@fhlbatl.com
404-716-4296