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Federal Home Loan Bank of Atlanta to Award $6 Million for Affordable Housing in Alabama

Funding to Create, Preserve 702 Affordable Rental and Homeownership Units

ATLANTA, Feb. 3, 2011 (GLOBE NEWSWIRE) -- Federal Home Loan Bank of Atlanta (FHLBank Atlanta) announced today that it will award $6 million to assist in funding 20 affordable housing developments in Alabama. The funding is part of $42.7 million FHLBank Atlanta will award in 11 states and the District of Columbia to create or preserve 4,841 units of affordable housing.

FHLBank Atlanta will award the funds as part of its 2010 Affordable Housing Program (AHP) offering. Local community developers, in partnership with FHLBank Atlanta member institutions, will use the funding to build or repair 702 affordable rental and homeownership units in Autauga, Chilton, Covington, Baldwin, Dale, Escambia, Geneva, Henry, Houston, Limestone, and Morgan counties, as well as the cities of Boaz, Centre, Elberta, Eufala, Huntsville, Mobile, Northport, Phenix City, Rainbow City, Sylacauga, Theodore, and Tuscumbia.

"FHLBank Atlanta continues to provide unique funding options that help members serve their communities," said Arthur Fleming, senior vice president and director of Community Investment Services, FHLBank Atlanta. "Through the participation of member institutions, AHP acts as a catalyst to revitalize neighborhoods, create jobs, and support economic development."

AHP is a competitive funding program that helps develop owner-occupied and rental housing for very low-, low-, and moderate-income families. FHLBank Atlanta awards funds annually to member financial institutions and their community housing partners. AHP is a component of FHLBank Atlanta's affordable housing, economic development, and down-payment assistance initiatives. For the complete list of AHP winners, visit www.fhlbatl.com/ahp.

About FHLBank 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's members—its shareholders and customers—are commercial banks, credit unions, savings institutions, community development financial institutions, and insurance companies headquartered 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 more than $4 billion to the Affordable Housing Program.

Alabama 2010 AHP Winners

CONTACT: Sharon Cook
         Federal Home Loan Bank of Atlanta
         scook@fhlbatl.com
         (404) 888-8173