Federal Home Loan Bank of Atlanta Announces 2016 AHP Set-Aside Products Funding

ATLANTA, Jan. 19, 2016 (GLOBE NEWSWIRE) -- Federal Home Loan Bank of Atlanta (FHLBank Atlanta) announced today that funding for its 2016 Affordable Housing Program (AHP) Set-aside products is available for home purchase or home rehabilitation.

Since its inception, FHLBank Atlanta’s AHP Set-aside products have provided more than $160.3 million in grant funding that has enabled more than 23,500 households to purchase or rehabilitate a home. In 2015 alone, $17.6 million in grant funding, leveraging nearly $300 million in first mortgage financing, assisted more than 2,400 households across the Southeast with costs related to purchasing or rehabilitating a home.

In 2016, all AHP Set-aside purchase products and veterans products will be available throughout the United States and its territories. Also new for 2016, the Community Rebuild and Restore Product offers rehabilitation grants for homeowners with owner-occupied properties located in “Major Disaster Declaration” areas as designated by the Federal Emergency Management Agency (FEMA). Additional product details will be provided in early 2016.

To learn more about the 2016 AHP Set-aside products suite click here, or see a summary listing below:

• First-time Homebuyer Product
  The First-time Homebuyer Product provides up to $5,000 in down-payment, closing-cost, and principal reduction assistance for eligible first-time homebuyers.
• Community Partners Product
  The Community Partners Product provides up to $7,500 in down-payment, closing-cost, and principal reduction assistance for first-time or non-first-time homebuyers who are currently employed or retired law enforcement officers, educators, firefighters, health care workers, and other first responders.
• Foreclosure Recovery Product
  The Foreclosure Recovery Product provides up to $15,000 in down-payment, closing-cost, and principal reduction assistance for eligible homebuyers purchasing properties from the Real Estate Owned (REO) inventory of any FHLBank Atlanta member financial institution.
• Community Rebuild and Restore Product
  The Community Rebuild and Restore Product provides up to $10,000 in funding for the rehabilitation of an existing owner-occupied home located in a “Major Disaster Declaration” area as designated by FEMA. The homeowner must have at least 30 days of current ownership by life estate or full interest in the fee title and have ownership of the subject property at the time of the “Major Disaster Declaration.”
• Veterans Purchase Product
  The Veterans Purchase Product provides up to $7,500 in down-payment, closing-cost, and principal reduction assistance for first-time or non-first-time homebuyers who are veterans or active-duty members of the U.S. military, their spouses, or their surviving spouses.
• Returning Veterans Purchase Product
  The Returning Veterans Purchase Product provides up to $10,000 in down-payment, closing-cost, and principal reduction assistance for first-time or non-first-time homebuyers who are currently serving or have served in an overseas military intervention for any branch of the U.S. military, their spouses, or their surviving spouses.
• Veterans Rehabilitation Product
  The Veterans Rehabilitation Product provides up to $12,500 in funding for the rehabilitation of an existing owner-occupied unit for homeowners who are veterans or are active-duty members of the U.S. military, their spouses, or their surviving spouses.
• Returning Veterans Rehabilitation Product
  The Returning Veterans Rehabilitation Product provides up to $15,000 in funding for the rehabilitation of an existing owner-occupied unit for homeowners who are currently serving or have served in an overseas military intervention for any branch of the U.S. military, their spouses, or their surviving spouses.

A listing of member financial institutions is available on the FHLBank Atlanta website at www.fhlbatl.com.

If you need assistance 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, option 2, option 0.

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 AHP funds, assisting more than 758,000 households.

CONTACT: Meredith Moses
Federal Home Loan Bank of Atlanta
[email protected]
(404) 888.8145