Assistant Director of Corporate Communications
Eligible veterans may receive up to $15,000 for down payment and closing costs; rehabilitation and weatherization
ATLANTA, May 29, 2012 - Federal Home Loan Bank of Atlanta (FHLBank Atlanta) is pleased to announce new Affordable Housing Program Products that provide funding for the purchase or rehabilitation of a home by veterans or active duty members of any branch of the U.S. military that are currently serving or have served in an overseas military intervention, or their surviving spouses.
FHLBank Atlanta’s new Veterans Products include Veterans Purchase Product, Veterans Foreclosure Recovery, Veterans Energy Efficiency/Weatherization, and Veterans Accessibility Rehabilitation. These Products provide funds to assist veterans with down payment and closing costs, energy efficient upgrades, weatherization and safety and accessibility improvements on eligible homes. Although the Veterans Products are available nationally, homebuyers are only able to access the Veterans Products through an FHLBank Atlanta member financial institution. A list of member financial institutions can be found on the Bank’s website at www.fhlbatl.com/setaside.
To qualify for the Veterans Products, homebuyers and homeowners must have incomes that are less than or equal to 80 percent of the HUD median income adjusted for family size. Other eligible properties include owner-occupied 1-4 family properties, townhouses, condos, mobile homes. New construction properties that are within 30 days of closing, are eligible properties for the Veterans Purchase Product.
Considering the growing homelessness problem among veterans, housing solutions like FHLBank Atlanta’s Veterans Products will have a significant impact on communities. The Departments of Veterans Affairs (VA) and Housing and Urban Development (HUD) estimate that 35 out of every 10,000 veterans are homeless. Data shows 76,000 U.S. veterans experience homelessness on any given night.
“FHLBank Atlanta’s mission is to help local financial institutions make home mortgages affordable for homebuyers,” said Robert Dozier, Chief Business Officer, FHLBank Atlanta. “The new Veterans Products will help our military heroes purchase and maintain a home for themselves and their families.”
Veterans Purchase Product
Provides up to $5,000 for the down-payment, closing cost, or rehabilitation assistance and counseling
in connection with the purchase or rehabilitation of an existing unit by a qualified first-time or
non-first time homebuyer.
Veterans Foreclosure Recovery
Provides up to $15,000 for the down-payment, closing cost, or rehabilitation assistance and counseling
in connection with the purchase or rehabilitation of an existing unit from any member’s or member’s affiliate or housing associate member’s REO portfolio. Available to first-time or non-first-time homebuyers.
Veterans Energy Efficiency/Weatherization
Provides up to $15,000 for weatherization and energy efficient improvements of an existing owner-occupied home.
Eligible improvements include, but are not limited to, exterior doors, HVAC systems, insulation, roof, windows, and low-flow plumbing fixtures.
Veterans Accessibility Rehabilitation
Provides up to $15,000 for accessibility improvements of an existing owner-occupied home. Eligible improvements include, but are not limited to, exterior ramps and sidewalks, bathroom and kitchen renovations, door widening, and floor replacement.
Funds from these Products can assist military families purchasing or owning homes anywhere within the United States or its territories. For more information on Veterans Products, visit www.fhlbatl.com.
About the Affordable Housing Program
The Affordable Housing Program is a component of FHLBank Atlanta’s affordable housing, economic development, and down-payment assistance initiatives. Since 1990, FHLBank Atlanta has awarded more than $420 million in grants through its affordable housing funding program. More than 68,000 units of housing have resulted from the program. For more information, call the Bank’s Community Investment Services Department at 1.800.536.9650 option 3, option 3.
About FHLBank 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 12 district banks in the Federal Home Loan Bank System, which since 1990 has contributed more than $4 billion to the Affordable Housing Program.
* * *
Assistant Director of Corporate Communications