Atlanta BeltLine, Inc. and Federal Home Loan Bank of Atlanta Partner to Launch New Housing Finance Partnership
ATLANTA, March 3, 2015 — Federal Home Loan Bank of Atlanta (FHLBank Atlanta) and Atlanta BeltLine Inc. today announced the launch of an affordable housing finance partnership that offers a cumulative $600,000 in grant funding for the purchase of new homes or rehabilitation of existing homes along the Atlanta BeltLine corridor. Funding is available exclusively to FHLBank Atlanta member financial institutions and their eligible customers earning 80 percent or less than the area median income.
“Through this partnership, the FHLBank Atlanta cooperative and Atlanta BeltLine Inc. harness the power of local financial institutions, the City of Atlanta, and community partners to create affordable housing solutions,” said Arthur Fleming, Senior Vice President and Director of Community Investment Services for FHLBank Atlanta. “The mission of the Federal Home Loan Bank of Atlanta is to help our member financial institutions make affordable home mortgages and extend credit into their communities.”
Interested homebuyers or homeowners can visit the Atlanta BeltLine’s website at www.AtlantaBeltLinehomes.com to begin their application. “Atlanta BeltLine Inc. is committed to providing stable housing opportunities for individuals and families who wish to live along the Atlanta BeltLine and may be most affected by the impacts from growth and change,” said Atlanta BeltLine President and CEO, Paul Morris. “We believe that the real strength of the BeltLine is found in the diversity of the 45 neighborhoods that surround it. That’s why this unique partnership with FHLBank Atlanta is so important. It reiterates our commitment to fulfilling our goal of providing 5,600 units of affordable housing and it ensures that the Atlanta BeltLine Community continues to be a place that everyone has the opportunity to call home.”
Eligible participants include households at or below 80 percent of the area median income. Eligible properties include single-family homes and owner-occupied homes in need of basic rehabilitation within the Atlanta BeltLine Planning Area. Properties for purchase or rehabilitation must serve as the primary residence.
“Developing affordable housing along the BeltLine corridor has always been a key priority for the City of Atlanta and my Administration,” said Atlanta Mayor Kasim Reed. “The partnership between the Federal Home Loan Bank of Atlanta and Atlanta BeltLine Inc. allows us to build on our success and offer more affordable units for working families in the City.
As the Atlanta BeltLine continues to transform neighborhoods across the City, I look forward to a continued partnership with the FHLBank Atlanta cooperative to make sure that low-income families can access the benefits of living near the BeltLine.”
Properties for purchase or rehabilitation must serve as the primary residence. Borrowers must contribute at least $1,000 toward the purchase of a home. Interested homebuyers or homeowners should contact the Atlanta BeltLine at www.AtlantaBeltLinehomes.com to begin an application.
About Atlanta BeltLine, Inc.
The Atlanta BeltLine is the most comprehensive transportation and economic development effort ever undertaken in the City of Atlanta and among the largest, most wide-ranging urban redevelopment programs currently underway in the United States. The Atlanta BeltLine is a sustainable redevelopment project that will provide a network of public parks, multi-use trails and transit along a historic 22-mile railroad corridor circling downtown and connecting many neighborhoods directly to each other. Atlanta BeltLine, Inc. (ABI) is the entity tasked with planning and executing the implementation of the Atlanta BeltLine in partnership with other public and private organizations, including City of Atlanta departments. For more information on the Atlanta BeltLine, please visit www.BeltLine.org.
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 headquartered in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, and the District of Columbia. FHLBank Atlanta is one of 12 district banks in the Federal Home Loan Bank System, which since 1990 has contributed more than $4.4 billion to the Affordable Housing Program.
Ericka Brown Davis, Atlanta BeltLine, Inc
(404) 477-3660, email@example.com
Meredith Moses, FHLBank Atlanta
(404) 888-8145, firstname.lastname@example.org