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North Carolina Communities Receive Nearly $4.2 Million from Federal Home Loan Bank of Atlanta

ATLANTA, Jan. 27, 2005 (PRIMEZONE) -- Twelve projects aimed at creating affordable housing in North Carolina will receive more than $4.1 million in grants and subsidized loans from the Federal Home Loan Bank of Atlanta's Affordable Housing Program (AHP). The funding is part of more than $11.3 million FHLBank Atlanta will award to build or rehabilitate nearly 2,200 housing units in nine states and the District of Columbia.

Horizon Development and FHLBank Atlanta member Bank of America will receive more than $2 million in grants and subsidized loans to develop two new multifamily projects for families in Charlotte -- Springfield Gardens and Montgomery Gardens. The partnership received the largest single amount of AHP funds given to winners during the second-round of the Bank's semi-annual AHP competition.

"Beyond providing more affordable rental choices in the Charlotte area, these two housing initiatives represent the success that public-private partnerships can achieve together," said Lynn Brazen, FHLBank Atlanta first vice president, Community Investment Services. "It's great to see developers and lenders working together to add to the critically short supply of affordable housing stock in North Carolina."

Other nonprofit housing developers in partnership with the Bank's member financial institutions in North Carolina will use individual grants -- ranging from $66,000 to $400,000 -- combined with low-cost loans to help create 646 affordable single-family and multifamily units for residents in the following communities: Avery County ($66,000 for 12 units); Boone ($900,000 for 60 units); Clayton ($680,000 for 45 units); Davie County ($200,000 for 15 units); Henderson County ($96,000 for 16 units); Lake Junaluska ($300,000 for 64 units); Leland ($576,000 for 64 units); Sanford ($960,000 for 64 units); Shallotte ($720,000 for 80 units); Yadkinville ($576,000 for 64 units).

AHP is a competitive grant program that helps develop single-family and multifamily housing. Awards are granted twice a year to housing organizations that apply for funds through financial institutions that are members of the Bank. Since 1990, FHLBank Atlanta has contributed more than $260 million to address affordable housing production in the South.

FHLBank Atlanta awarded more than $20.4 million in AHP funding in 2004. Since 1990, FHLBank Atlanta member institutions in partnership with housing organizations have used AHP to help provide nearly 50,000 homeownership and rental units for very low- to moderate-income families as well as down-payment assistance to nearly 4,000 families. For a complete list of current award winners, visit www.fhlbatl.com/ahpwinners.

About FHLBank Atlanta

Federal Home Loan Bank of Atlanta is a $129 billion financial services organization that provides low-cost financing, community development grants, and other banking services to nearly 1,200 financial institutions in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia and the District of Columbia. FHLBank Atlanta is one of 12 district banks in the Federal Home Loan Bank System, which since 1990 has contributed nearly $2 billion to affordable housing development in the U.S.

                 2004 NORTH CAROLINA AHP WINNERS -- ROUND II

The Great Larels at Lake Junaluska

 Lake Junaluska, NC
 Member:  Bank of America Georgia, N.A.
 Sponsor:  Southeastern United Methodist Agency for Rehabilitation
 Grant: $300,000 for 64 units
 Subsidized Loan: $660,000
 AHP funds will be used to construct The Larels at Lake Junaluska,
 a 64-unit, mixed-income development. The multifamily complex will
 include 12 one-bedroom apartments and 52 two-bedroom units.

Watauga Family Apartments

 Boone, NC
 Member:  Bank of America Georgia, N.A.
 Sponsor:  Northwestern Housing Enterprises, Inc.
 Subsidized Loan:  $900,000 for 60 units
 AHP funds will be used to develop a new 60-unit multifamily project
 in rural Boone. Units will be targeted to very low- and low-income
 and market-rate households. The nonprofit sponsor will provide a
 self-sufficiency program to AHP-assisted households.

Clayton Mill Apartments

 Clayton, NC
 Member:  Bank of America Georgia, N.A.
 Sponsor:  Mid Atlantic Foundation
 Subsidized Loan:  $680,000 for 45 units
 AHP funds will be used to redevelop a historic factory building
 into 45 new rental units targeted to elderly residents in Clayton.
 The mixed-income development will include 36 AHP-assisted units and
 nine market-rate units. LIHTC and NCHFA state tax credits and
 federal and state historic rehabilitation tax credits will provide
 additional funding.

The Provisions at Courtland

 Sanford, NC
 Member:  Bank of America Georgia, N.A.
 Sponsor:  Southeastern United Methodist Agency for Rehabilitation
 Subsidized loan:   $960,000 for 64 units
 AHP funds will be used to develop The Provisions at Courtland, a
 mixed-income development in Sanford that will include 32
 one-bedroom units and 32 two-bedroom units. In addition to having
 Fair Housing, Elderly, and Universal design features in all the
 units, 10 percent of the units will be fully accessible for the
 mobility impaired, and two units will be equipped for the hearing
 and/or visually impaired.

Egret Pointe

 Leland, NC
 Member:  Bank of America Georgia, N.A.
 Sponsor:  North Carolina Housing Foundation, Inc.
 Subsidized Loan:   $576,000 for 64 units
 AHP funds will be used to construct Egret Pointe, a 64-unit
 multifamily housing development for families in Leland. The
 development will include 16 one-bedroom, 31 two-bedroom, and 17
 three-bedroom units. The project will include 13 market-rate units,
 with the remainder affordable to households with incomes at and
 below 50 percent of area median income or targeted to persons with
 disabilities.

Hawks Meadow

 Yadkinville, NC
 Member:  Bank of America Georgia, N.A.
 Sponsor:  North Carolina Housing Foundation, Inc.
 Subsidized Loan:  $576,000 for 64 units
 AHP funds will be used to construct Hawks Meadow, a 64-unit
 multifamily rental complex in Yadkinville. The mixed-income complex
 includes apartments and townhomes with eight one-bedroom units, 39
 two-bedroom units, 18 three-bedroom units, and a large community
 clubhouse.

Springfield Gardens

 Charlotte, NC
 Member:  Bank of America Georgia, N.A.
 Sponsor:  Horizon Development
 Subsidized Loan:  $1,290,000 for 86 units
 AHP funds will be used for construction and permanent financing to
 develop 86 rental units targeted to very low- and low-income
 families in Charlotte. HOPE VI, LIHTC, and NCHFA state tax credits
 will provide additional funding for the $8.9 million project.

Montgomery Gardens

 Charlotte, NC
 Member:  Bank of America Georgia, N.A.
 Sponsor:  Horizon Development
 Grant: $400,000 for 76 units
 Subsidized Loan:  $342,000.00
 AHP funds will be used for construction and permanent financing of
 76 rental units targeted to very low- and low-income families in
 Charlotte as part of the Charlotte Housing Authority HOPE VI
 Revitalization program. AHP-assisted households will benefit from a
 Family Self-Sufficiency Program. The $8.3 million project will also
 be funded by HOPE VI, City of Charlotte funds, 2004 LIHTC, and
 NCHFA state tax credits.

Cardinal Pointe III

 Shallotte, NC
 Member:  Bank of America Georgia, N.A.
 Sponsor:  North Carolina Housing Foundation, Inc.
 Subsidized Loan:  $720,000 for 80 units
 AHP funds will be used to construct Cardinal Pointe, an 80-unit
 multifamily tax-credit development for families in Shallotte. The
 development will have 56 two-bedroom units and 24 three-bedroom
 units targeted to middle- and low-income residents. Cardinal Pointe
 will be located in a planned unit development known as the Highlands,
 which contains a mix of single-family and multifamily homes and a
 strip mall.

Habitat NC 2

 Avery County, NC
 Member:  Bank of America Georgia, N.A.
 Sponsor:  Habitat for Humanity International
 Grant: $66,000 for 12 units
 AHP funds will be used to construct 12 single-family homes in rural
 Avery County for very low-income residents. Habitat for Humanity's
 homeownership model for very low-income families relies on
 zero-interest mortgages, sweat-equity contributions, and volunteer
 construction crews.

Rural Affordable Housing II

 Davie County, NC
 Member:  BB&T of NC
 Sponsor:  Rural Affordable Housing, Inc.
 Grant: $200,000 for 15 units
 AHP funds will be used to construct 15 new single-family homes on
 scattered rural development sites in Ashe, Davie, Iredell, and
 Yadkin Counties during a 24-month period. AHP-assisted families will
 benefit through mortgage subsidies and homeowner counseling and
 education before and after the home purchase.

Highlander Woods/Sheuy Knolls

 Henderson County, NC
 Member:  HomeTrust Bank
 Sponsor:  Henderson County Habitat for Humanity
 Grant: $96,000 for 16 units
 AHP funds will be used to construct 16 single-family homes for
 low-income families in Henderson County.  The three- and
 four-bedroom homes will be constructed in Highland Woods and Sheuy
 Knolls, two subdivisions being developed by the Henderson County
 Habitat for Humanity.  Highlander Woods will have 48 home sites
 and Sheuy Knolls will contain 90 homes.

CONTACT:  Federal Home Loan Bank of Atlanta
          Christopher McEntee
          cmcentee@fhlbatl.com
          (404) 888-8158