FHLBank Atlanta Announces 2022 Funding for AHP’s Homeownership Layaway Program
Eligible buyers and owners can receive up to $10,000 through FHLBank Atlanta members
ATLANTA, March 07, 2022 (GLOBE NEWSWIRE) — Federal Home Loan Bank of Atlanta (FHLBank Atlanta) today announced that funding for its 2022 Affordable Housing Program (AHP) is now available. Products from this program provide direct assistance to eligible borrowers to help them buy or rehabilitate a home.
Eligible homebuyers can receive up to $7,500 through the first-time buyers product, up to $10,000 through the Community Partners product, or up to $10,000 through the Community Rebuild and Restore product. Financing for the Home Buyers’ Program is only available through FHLBank Atlanta member financial institutions, and funds are available on a transaction-by-transaction, first-come, first-served basis. New for 2022, FHLBank Atlanta is reducing the maximum funding standard per member from $1,000,000 to $500,000 in an effort to expand participation to all Bank members.
Below is a summary of the 2022 Homeownership Layaway Program products. Learn More Click here:
First-time buyer product
The first-time homebuyer product provides up to $7,500 in down payment, closing costs, advice or rehabilitation assistance towards the purchase or purchase and rehabilitation of a home. an existing house.
Product of community partners
The Community Partners product provides up to $10,000 down payment, closing costs, consulting or rehabilitation assistance towards the purchase or purchase and rehabilitation of an existing home by law enforcement officers, educators, firefighters, currently employed or retired healthcare providers. workers, other first responders, veterans or their surviving spouse and essential workers.
Community reconstruction and restoration product
The Community Rebuild and Restore product provides up to $10,000 in financing for the rehabilitation of an existing owner-occupied home in a “Major Disaster” declaration area as designated by FEMA, including disasters related to COVID-19. The owner must have at least 30 days of current ownership per life estate or full interest in the royalty title and own the subject property at the time of the “Major Disaster” declaration. The “Major Disaster” declaration must have occurred no later than 36 months prior to the date of the Community Reconstruction and Restoration funding application.
Since 1997, the AHP Homeownership Set-aside program has provided more than $257.5 million in grants that have enabled more than 38,000 households to purchase or rehabilitate a home. In 2021 alone, FHLBank Atlanta member financial institutions disbursed $13 million in home purchase and rehabilitation grants, leveraging more than $329 million in first mortgage financing to help 1,588 households.
A list of member financial institutions is available on the FHLBank Atlanta website at www.fhlbatl.com.
If you need help 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.
About 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 loans and provide economic development credit to neighborhoods and communities. The Bank’s members – its shareholders and customers – are commercial banks, credit unions, thrift 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, FHLBanks have granted approximately $7 billion in AHP funds, helping more than 990,000 households.
CONTACT: Peter Garuccio
Federal Home Loan Bank of Atlanta