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FHLBank Atlanta Announces 2021 Funding for AHP Homeownership Set-aside Program

CONTACT: 
Peter E. Garuccio
Federal Home Loan Bank of Atlanta 
pgaruccio@fhlbatl.com 
404.888.8143

  

Federal Home Loan Bank of Atlanta Announces
2021 Funding for AHP Homeownership Set-aside Program 
Eligible Homebuyers and Homeowners can receive up to 
$10,000 through FHLBank Atlanta Members

 

ATLANTA, January 19, 2021 — Federal Home Loan Bank of Atlanta (FHLBank Atlanta) announced today that funding for its 2021 Affordable Housing Program (AHP) Homeownership Set-aside Program is now available. The products within this program, previously referred to as Homeowner Assistance products, are designed to help eligible homebuyers and homeowners purchase or rehabilitate a home.

New for 2021, eligible homebuyers may receive maximum funding of up to $7,500 through the First-time Homebuyer product, an increase from the previous maximum of $5,000. Maximum funding through the Community Partners product is increased to $10,000 for 2021, up from the previous maximum of $7,500. The Community Partners product has also been expanded to include “essential workers,” as defined by relevant state or local government entities, and eligibility for the Community Rebuild and Restore product has been expanded to include COVID-19 related disasters as designated by the Federal Emergency Management Agency (FEMA). Finally, a new Structured Partnership product has been created to leverage funding and operations platforms of federal, state, and local COVID-19 response efforts. 

A summary of 2021 Homeownership Set-aside Program products is below. To learn more click here:

  • First-time Homebuyer Product
    The First-time Homebuyer Product provides up to $7,5000 in down-payment, closing-cost, and principal reduction assistance for eligible first-time homebuyers.
  • Community Partners Product
    The Community Partners product provides up to $10,000 in down-payment, closing-cost, counseling, or home rehabilitation assistance for homebuyers who are current or retired health care workers, law enforcement officers, educators, firefighters, and other first responders. The Community Partners product is also available to veterans and active-duty members of the U.S. military, or their surviving spouses, and essential workers.
  • 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 in a “Major Disaster Declaration” area as designated by FEMA, including COVID-19 related disasters. 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.” The “Major Disaster Declaration” must have occurred no later than 36 months prior to the date of application for Community Rebuild and Restore funding.
  • COVID-19 Structured Partnership Product
    The COVID-19 Structured Partnership product will provide funds for eligible home purchase and rehabilitation transactions. Agreements between FHLBank Atlanta and federal, state, or local governments, or housing finance agencies will facilitate these transactions and allow FHLBank Atlanta members to deliver AHP compliant products that leverage COVID-19 relief efforts.

 

Since 1997, the AHP Homeownership Set-aside Program has provided more than $244.5 million in grant funding that has enabled more than 37,000 households to purchase or rehabilitate a home. In 2020 alone, FHLBank Atlanta member financial institutions delivered $18 million in home purchase and rehabilitation grant funding, leveraging more than $602 million in first mortgage financing to assist 3,184 households.

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.

 

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 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 $6.6 billion in AHP funds, assisting more than 957,000 households.

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