01/21/2020 | Press release | Distributed by Public on 01/21/2020 09:34
Peter E. Garuccio
Federal Home Loan Bank of Atlanta
FHLBank Atlanta Announces 2020 Funding for Homeowners
Up to $15,000 per Homeowner Available Through Southeastern Financial Institutions
ATLANTA, January 21, 2020 - Federal Home Loan Bank of Atlanta (FHLBank Atlanta) announced today that funding for its 2020 Homeowner Assistance Products is now available. The Homeowner Assistance Products are part of FHLBank Atlanta's Affordable Housing Program (AHP), and are designed to help eligible borrowers purchase or rehabilitate their home.
New for 2020, FHLBank Atlanta has streamlined the homebuyer contribution aspect of its product offerings. For certain products, homebuyers were previously required to contribute $1 for every $4 of funding received, and were also required to contribute a minimum of $1,000 total. The $1,000 contribution minimum remains in effect, but beginning this year the 4-to-1 match requirement has been eliminated. This change impacts the First-time Homebuyer product, the Community Partners product, and the Foreclosure Recovery product, and will result in greater benefits for homebuyers that receive AHP funding.
A summary of 2020 Homeowner Assistance Products is below. To learn more click here :
Since 1997, Homeowner Assistance Products have provided more than $226.5 million in grant funding that has enabled more than 34,000 households to purchase or rehabilitate a home. In 2019 alone, FHLBank Atlanta member financial institutions delivered $18.1 million in home purchase and rehabilitation grant funding, leveraging more than $581.9 million in first mortgage financing to assist 3,216 households.
A listing of member financial institutions is available on the FHLBank Atlanta website at www.fhlbatl.com.
If you need assistance finding a member financial institution to work with, or for more information, call the Bank's Community Investment Services department at 1.800.536.9650, option 3, option 0.
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 $6.2 billion in AHP funds, assisting more than 911,000 households.