Federal Home Loan Bank of Atlanta Expands Workforce Housing Program, Allocating Total of $20 Million for Downpayment Assistance
ATLANTA, July 31, 2024 (GLOBE NEWSWIRE) — 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 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 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 Touchton
Federal Home Loan Bank of Atlanta
[email protected]
404.716.4296
