ATLANTA, May 12, 2016 — Federal Home Loan Bank of Atlanta (FHLBank Atlanta) and Atlanta BeltLine, Inc. (ABI) today announced the reopening of the affordable housing finance partnership: the Atlanta BeltLine Housing Initiative Program (HIP). The HIP offers up to $3 million in grant funding for the purchase of new homes or the rehabilitation of existing homes along the Atlanta BeltLine corridor. Funding is available exclusively to FHLBank Atlanta shareholder financial institutions and their eligible customers earning 80 percent or less than the area median income.
During the 2015 pilot, HIP facilitated up to $1.7 million in first mortgage financing and provided up to $450,000 in grant funding to new homeowners. Interested homebuyers can visit the Atlanta BeltLine’s website at www.AtlantaBeltLineHomes.com to submit an application. The owner-occupied rehab program continues, but the wait list is currently closed to new applicants.
“Offering affordable units for working families is a key priority for the City of Atlanta and my Administration,” said Atlanta Mayor Kasim Reed. “I look forward to the return of the partnership between the Federal Home Loan Bank of Atlanta and Atlanta BeltLine, Inc. after the completion of a successful pilot program in 2015. It is imperative that low-income families can access the benefits of living near the BeltLine as the project continues to positively transform the face of our City.”
“ABI is committed to ensuring that the Atlanta BeltLine community continues to be a place that everyone has the opportunity to call home,” said Atlanta BeltLine, Inc. President and CEO, Paul Morris. “As the Atlanta BeltLine continues to grow, we want to celebrate the diversity of the 45 neighborhoods and assist individuals and families most affected by the impacts from growth and change. This unique partnership with FHLBank Atlanta is a significant tool in fulfilling our goal of creating 5,600 units of affordable housing.”
“The mission of the Federal Home Loan Bank of Atlanta is to help our shareholder financial institutions meet the changing affordable housing and credit needs of the communities they serve,” said Robert Dozier, Executive Vice President and Chief Business Officer for FHLBank Atlanta. “One of the ways that we achieve that mission is to connect our shareholders with initiatives like these, as they build communities, stimulate the local economy, and improve the lives of their customers.”
Eligible participants include households at or below 80 percent of the area median income. Eligible properties include single-family homes within the Atlanta BeltLine Planning Area and must serve as the primary residence. Borrowers must contribute at least $1,000 toward the purchase of a home. Interested homebuyers 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 11 district banks in the Federal Home Loan Bank System. Since 1990, the FHLBanks have awarded approximately $4.8 billion in Affordable Housing Program funds, assisting more than 758,000 households.
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