Georgia projects receive $4.7M in affordable housing grants
(Micah Green/Bloomberg via Getty Images)
ATLANTA - The Federal Home Loan Bank of Atlanta (FHLBank Atlanta) has announced the recipients of its 2024 Affordable Housing Program (AHP) General Fund awards. This year, the bank is distributing more than $55 million in grant funding to support 66 affordable housing initiatives across 12 states and Washington, D.C. These funds will help create, rehabilitate, or preserve over 4,200 affordable rental and homeownership units.
FHLBank Atlanta President and CEO Kirk Malmberg highlighted the impact of the program, noting that the bank has contributed a record $120 million this year to affordable housing and community development. Nationwide, the Federal Home Loan Bank System is deploying over $1 billion in 2024 to address the growing housing affordability crisis.
Below are the funded projects:
Pinewood Park (Macon, GA)
- Member: Neighborhood Lending Partners of Florida
- Sponsor: Resource Housing Group, Inc.
- Grant: $725,000 for 148 rental units
- Total Development Cost: $20,604,732
- Description: Rehabilitation of 148 multifamily rental units.
Harvest Station II (Valdosta, GA)
- Member: Citizens Community Bank
- Sponsor: Valdosta Leased Housing Corporation
- Grant: $1,000,000 for 80 rental units
- Total Development Cost: $21,976,207
- Description: Construction of 80 multifamily rental units.
Oakside Apartments (Canton, GA)
- Member: Carver State Bank
- Sponsor: Housing Authority of the City of Canton
- Grant: $1,000,000 for 75 rental units
- Total Development Cost: $32,372,139
- Description: Construction of 75 multifamily rental units.
Furlow New Jester Redevelopment (Camilla, GA)
- Member: Community Redevelopment Loan and Investment Fund, Inc.
- Sponsor: The Housing Authority of the City of Camilla
- Grant: $1,000,000 for 81 rental units
- Total Development Cost: $23,383,511
- Description: Construction and rehabilitation of 81 multifamily rental units.
Residences at Chosewood (Atlanta, GA)
- Member: Truist Bank
- Sponsor: Gorman and Company, LLC
- Grant: $1,000,000 for 107 rental units
- Total Development Cost: $45,222,852.22
- Description: Construction of 107 multifamily rental units.
The AHP General Fund, awarded annually through a competitive application process, is distributed via FHLBank Atlanta member financial institutions. Since its launch in 1990, the program has provided more than $921 million in grants, supporting the development of over 138,000 housing units for moderate-, low-, and very low-income households.
FHLBank Atlanta plans to publish its 2025 Targeted Community Lending Plan and AHP Implementation Plan in January 2025. The next round of AHP General Fund applications is scheduled to open in the second quarter of 2025. Interested parties must work with a member financial institution to apply. More information and a list of member institutions are available at www.fhlbatl.com.