Dear FHLBank Atlanta Community:
Throughout 2013, FHLBank Atlanta achieved strong financial results and delivered on its affordable housing mission to support the purchase, rehabilitation, and development of safe and decent housing for very low- to moderate-income families and individuals.
Since the Affordable Housing Program (AHP) was formed in 1990, FHLBank Atlanta has awarded more than $648 million in AHP subsidies. These funds facilitated $6.4 billion of housing development in communities across the Southeast – a more than 1:15 ratio of AHP equity to total development financing.
In 2013, the Bank also expanded its resource offering toward helping shareholders achieve their lending and Community Reinvestment Act (CRA) objectives through business development workshops held in cities throughout the district including, Richmond, Charlotte, Orlando, and Atlanta. The workshops feature a panel of CRA experts with the Federal Deposit Insurance Corporation (FDIC), Federal Reserve Bank of Atlanta (Federal Reserve), and the Office of the Comptroller of the Currency (OCC). In November, the Bank hosted a luncheon and feedback session with the aforementioned CRA regulators. We see interest and growth in shareholder participation in the CRA business development forums as an indicator that the Bank is progressing with its efforts to establish trusted advisor relationships with its shareholders.
In partnership with its shareholders, FHLBank Atlanta disbursed $17.7 million in AHP Set-aside funding in 2013, including more than $12 million for home rehabilitation and $5.7 million for home purchases. Shareholders served 2,152 households and originated more than $147.3 million in new mortgages through these transactions. Shareholders also expanded their support of military households by delivering more than $1.1 million in funding to 90 households through the Veterans Products Suite. The Veterans Products provide funding for the purchase or rehabilitation of a home by qualified veterans or active-duty members of any branch of the U.S. military, or their surviving spouses.
In 2013, the Bank announced new AHP Competitive awards totaling $21.1 million to support 3,684 housing units across 52 affordable housing projects. These dollars will be leveraged with other sources of funding to create housing with total development costs of $513 million, creating jobs, tax revenues, and economic development in communities across the Southeast.
For more than 80 years, FHLBank Atlanta in partnership with its shareholders and the affordable housing community has worked to meet the changing housing and credit needs of our local communities. In 2014, we look forward to working together and making a difference in the communities we serve.
Robert B. Cooke
Chair, FHLBank Atlanta Affordable Housing Advisory Council
W. Wesley McMullan
President and Chief Executive Officer, FHLBank Atlanta