ATLANTA, Nov. 01, 2023 (GLOBE NEWSWIRE) -- Federal Home Loan Bank of Atlanta (FHLBank Atlanta) announced today that it is making $8 million in grant funding available for a new program to help close funding gaps for affordable multifamily rental housing projects caused by the steep rise in interest rates and construction costs. The Multifamily Housing Bridge Fund (Bridge Fund) will offer up to $500,000 per project to member financial institutions and their community housing partners in a competitive application process, which opens on November 8, 2023. The deadline for submitting applications is 11:59 p.m. EST on November 22, 2023.

Eligible projects for the Bridge Fund will include multifamily and mixed-use rental housing targeted to households earning up to 120 percent of the area median income. Projects must be at least fifty percent complete at the time of application and demonstrate a financing gap related to an increase in construction hard costs, such as construction materials and labor. Projects also must be located in FHLBank Atlanta’s district, which includes Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, and the District of Columbia.

“FHLBank Atlanta is committed to developing innovative solutions to help address affordable housing challenges in our communities,” said FHLBank Atlanta President and Chief Executive Officer Kirk Malmberg. “This new program and funding will help close financing gaps to make more affordable rental development projects feasible.”

“Construction costs and interest rates have increased significantly in the last few years, creating a greater demand for low-cost funding to support affordable housing development,” said Tomeka Strickland, FHLBank Atlanta’s Senior Vice President and Director of Community Investment Services. “We are excited to partner with our members and housing developers through this new program to serve a critical need in the market.”

Developers must work with an FHLBank Atlanta member financial institution to complete a funding application. For more information, interested parties can contact an FHLBank Atlanta Community Investment Services team member:

About the 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 AHP funds, assisting more than one million households.

CONTACT: David McCaw
Federal Home Loan Bank of Atlanta
dmccaw@fhlbatl.com
404.888.5652