Georgia – Georgia expects to gain from a significant infusion of federal money meant to increase affordable homes across the entire state. As part of its 2024 Affordable Housing Program (AHP) General Fund grants, the Federal Home Loan Bank of Atlanta (FHLBank Atlanta) said that five housing projects in Georgia will receive a total of $4.7 million. Sharing more than $55 million of grant funds, these projects are among 66 affordable housing initiatives spread over 12 states and Washington, D.C.
Over 4,200 affordable rental and homeownership units across the country are planned to be created, rebuilt, or preserved with the AHP funds. This initiative is a component of a larger dedication by the Federal Home Loan Bank System, which spends more than $1 billion annually to solve the challenge of home affordability.
With a record $120 million given to affordable housing and community development this year, Kirk Malmberg, President and CEO of FHLBank Atlanta, emphasized the impact of these grants noting that they are dedicated to significantly improving the lives of many individuals and families.
“Each year, we are proud of how our member institutions leverage this annual fund to strengthen their communities and expand access to affordable housing,” said Malmberg.
“In total, FHLBank Atlanta contributed a record $120 million this year to affordable housing and community development efforts, and across the Federal Home Loan Bank System, more than $1 billion is being deployed in 2024 to address the growing need for affordable housing nationwide.”
The Georgia projects benefiting from these funds include:
- Pinewood Park in Macon: This project, spearheaded by Resource Housing Group, Inc., and financed by Neighborhood Lending Partners of Florida, will receive $725,000 to rehabilitate 148 multifamily rental units. The total development cost for Pinewood Park is approximately $20.6 million.
- Harvest Station II in Valdosta: Supported by Citizens Community Bank and the Valdosta Leased Housing Corporation, this project will construct 80 new multifamily rental units, funded by a $1 million grant. The total development cost is set at nearly $22 million.
- Oakside Apartments in Canton: Another $1 million grant will go towards constructing 75 rental units in a project led by the Housing Authority of the City of Canton and funded through Carver State Bank. The total project cost tops $32 million.
- Furlow New Jester Redevelopment in Camilla: This redevelopment effort combines construction and rehabilitation to provide 81 rental units with a $1 million grant. Managed by the Housing Authority of the City of Camilla and financed by Community Redevelopment Loan and Investment Fund, Inc., the project costs total around $23.4 million.
- Residences at Chosewood in Atlanta: Truist Bank and Gorman and Company, LLC, are collaborating on this $45.2 million project to construct 107 rental units, supported by a $1 million grant.
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Part of the AHP General Fund, these awards are given yearly via a competitive application procedure under management by FHLBank Atlanta member financial institutions. Originally launched in 1990, the AHP has distributed over $921 million in grants to help build more than 138,000 homes for moderate-, low-, and very low-income families.
In January 2025 FHLBank Atlanta is also getting ready to release its AHP Implementation Plan and 2025 Targeted Community Lending Plan. The second quarter of 2025 is expected to see opening of the next batch of AHP General Fund applications. On FHLBank Atlanta’s website, anyone interested in applying may discover further information and a list of member institutions.
For the complete list of 2024 awards, click here.
 General Fund grants, the Federal Home Loan Bank of Atlanta (FHLBank Atlanta) said that five housing projects in Georgia will receive a total of $4.7 million){kind=link}