FHLBank Atlanta Announces Community Heroes Matching Grant Initiative
June 13, 2018 --
Up to $18 Million in Total Funding Available in the Southeast
ATLANTA, June 13, 2018 (GLOBE NEWSWIRE) -- Federal Home Loan Bank of Atlanta (FHLBank Atlanta) announced today that it has established a new matching grant initiative to enable law enforcement officers, firefighters, other first responders, and public school teachers to purchase a home under locally structured partnerships. The Community Heroes initiative will combine up to $4.5 million in grant funding from FHLBank Atlanta with three-to-one match funding from local governments, counties, or housing finance agencies, making available a total of up to $18 million throughout FHLBank Atlanta’s district.
Community Heroes funding will be available exclusively to law enforcement officers, firefighters, other first responders, and public school teachers earning greater than 80 percent to 120 percent of area median income. The funds are to be used for homeownership in the communities in which they serve, either through new construction or rehabilitation.
FHLBank Atlanta held a launch event on Sunday during the U.S. Conference of Mayors’ Annual Meeting in Boston. Stephen K. Benjamin, Mayor of Columbia, South Carolina and President of the U.S. Conference of Mayors, was on hand and spoke enthusiastically of the Community Heroes initiative.
“Educators and first responders too often cannot afford to buy a home in the community in which they serve,” said Mayor Benjamin. “Studies have shown that when our public servants live in the communities in which they work, those communities thrive. I am very pleased to participate in this launch event and I look forward to working with FHLBank Atlanta to help our community heroes achieve the dream of homeownership.”
FHLBank Atlanta’s Senior Vice President and Director of Community Investment Services, Arthur L. Fleming, noted that the structured partnerships approach will enable strong and productive engagements between FHLBank Atlanta member financial institutions, local governments, and local builders while achieving local community revitalization objectives. “This structured partnership approach and the objectives are absolutely aligned with the mission of the Federal Home Loan Bank of Atlanta,” said Fleming.
Please click here to learn more about the Community Heroes initiative, including match funding requirements, the process for local governments, counties, or housing finance agencies to submit proposals, or other information.
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's members – its shareholders and customers – 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 $5.8 billion in AHP funds, assisting more than 865,000 households.
CONTACT: Peter E. Garuccio
Federal Home Loan Bank of Atlanta