11/08/2019 | Press release | Distributed by Public on 11/08/2019 14:50
WASHINGTON - U.S. Senators Chris Van Hollen and Ben Cardin (both D-Md.) announce the award of $3.1 million for affordable housing developments around Maryland from the Federal Home Loan Bank of Atlanta (FHLBank Atlanta), one of 11 district banks in the Federal Home Loan Bank System. Through this investment, Maryland community developers will partner with local FHLBank Atlanta member financial institutions to build or repair over 600 affordable housing units for families, seniors, and individuals. By leveraging private investments, these federal grants will result in more than $108 million in new affordable housing development statewide.
'Ensuring that every Marylander has a safe and affordable place to call home is a high priority for Team Maryland. By contributing to the availability of stable, energy efficient homes, this federal investment will make a real difference in the lives of Maryland's low-income seniors, families, people with disabilities, as well as those struggling with substance abuse. The ongoing support of FHLBank Atlanta in our local communities also will mobilize significant private investment, boosting local economic activity and jobs,' said the Senators.
'Affordable Housing is a critical need for every state in FHLBank Atlanta's district,' said Arthur L Fleming, Senior Vice President and Director of Community Investment Services for FHLBank Atlanta. 'We are grateful to Senators Cardin and Van Hollen for their attention to this important issue, and we are proud our AHP funds will be used to assist the development, rental, or purchase of much-needed safe and affordable housing in Maryland.'
Specifically, grant funding will be allocated as follows:
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 Affordable Housing Program funds, assisting more than 911,000 households.