Federal Home Loan Bank of Atlanta Expands Workforce Housing Program, Allocating Total of $20 Million for Downpayment Assistance
31 Julio 2024 - 8:30AM
Federal Home Loan Bank of Atlanta (FHLBank Atlanta) announced today
that it will make an additional $10 million in Workforce Housing
Plus+ Program funding available on Wednesday, July 31. The program,
which opened in June 2024 with an initial allocation of $10
million, was developed to provide downpayment and closing cost
assistance to homebuyers between 80.01 percent and 120 percent of
area median income (AMI).
FHLBank Atlanta members can apply for up to
$500,000 on a first-come, first-served basis and use funding
awarded to grant eligible homeowners up to $15,000 for downpayment
and closing cost assistance.
“Delivering downpayment assistance programs is a
core part of our mission at the Federal Home Loan Bank of Atlanta,”
said FHLBank Atlanta President and Chief Executive Officer Kirk
Malmberg. “Adding Workforce Housing Plus+, now with an increased
contribution for a total of $20 million, helps homebuyers above the
80 percent AMI threshold at a time when rising rates, home prices,
and construction costs all create a challenging housing
market.”
FHLBank Atlanta’s allocation of $20 million to
Workforce Housing Plus+ is part of the Bank’s commitment to
contributing more than $100 million to affordable housing and
community development in 2024. Workforce Housing Plus+ complements
FHLBank Atlanta’s existing First-time Homebuyers and Community
Partners downpayment assistance programs serving homebuyers at or
below 80 percent AMI.
“We introduced Workforce Housing Plus+ in response to valuable
member and community stakeholder feedback and the widespread need
to support a broader population of homebuyers,” said FHLBank
Atlanta’s Senior Vice President and Director of Community
Investment Service Tomeka Strickland. “Given the remarkable success
of this program, with more than 55 member financial institutions
participating thus far, we are pleased to allocate additional
funds, enabling even more families to achieve the dream of
homeownership.”
Homes purchased with Workforce Housing Plus+ grants must be the
primary residence of each grant recipient and located in FHLBank
Atlanta’s district, which includes Alabama, Florida, Georgia,
Maryland, North Carolina, South Carolina, Virginia, and the
District of Columbia. Eligible homebuyers must contribute a minimum
of $1,000 of their own funds towards the home purchase and
participate in pre-purchase financial literacy counseling.
Learn more about the Workforce Housing Plus+ Program on the
FHLBank Atlanta website. To identify an FHLBank
Atlanta member financial institution for partnership opportunities,
visit the Bank’s Find a Member page, or contact
Community Investment Services at 800.536.9650, Option 3.
About the Federal Home Loan Bank of
AtlantaFHLBank 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 are commercial banks, credit
unions, savings 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, the
FHLBanks have awarded approximately $8 billion in Affordable
Housing Program funds, assisting approximately 1.1 million
households.
CONTACT: Sheryl TouchtonFederal Home Loan Bank
of Atlantastouchton@fhlbatl.com404.716.4296