Federal Home Loan Bank-Atlanta member institutions and community partners have until Feb. 2 to apply for the 2017 Affordable Housing Competitive.
As previously reported, the application period began on Jan. 3.
FHLBank Atlanta member institutions and community partners stand to be awarded up to $500,000 per project, which could include acquisition, construction, rehabilitation and development of affordable rental or ownership housing, the bank said.
“AHP Competitive is a unique product offering that can help financing institutions reach new customers and borrowers, achieve business development and community lending goals and facilitate economic development,” the release said.
Funding is awarded to projects on a competitive basis.
“This is a unique opportunity for developers, community partners and FHLBank Atlanta member institutions, which could result in providing more affordable housing throughout the state of Alabama during 2017,” said Grayson Glaze, executive director of the Alabama Center for Real Estate and a member of the FHLBank Atlanta Economic Council. “Many areas of Alabama, including rural and urban, stand to benefit from an influx of affordable rental and ownership homes.”
Since 1990, FHLBank Atlanta has awarded $714.6 million in AHP Competitive funds, the bank said. FHLBank Atlanta said these funds have resulted in the financing of 113,000 affordable units of rental and ownership housing. During 2016 alone, FHLBank Atlanta awarded nearly $22 million to assist in the financing of 3,484 rental units and 69 ownership units of affordable housing.
The program has also led to over $10 billion of community development.