MEDIA CONTACTS: 

Federal Home Loan Bank of Atlanta
Sheryl Touchton
stouchton@fhlbatl.com

Atlantic Union Bank
Beth Shivak
beth.shivak@atlanticunionbank.com 

Atlantic Union Bank and Federal Home Loan Bank of Atlanta Award More Than $900,000 for Affordable Housing in Culpeper, VA

RICHMOND, Va. (April 21, 2025) – Atlantic Union Bank and Federal Home Loan Bank of Atlanta (FHLBank Atlanta) announced today the award of a $926,371 Affordable Housing Program (AHP) General Fund to support the development of Lightfoot Apartments, a 60-unit affordable multifamily rental community in Culpeper, Virginia. The project represents a total development investment of more than $20 million.
 
The grant from FHLBank Atlanta’s 2024 Affordable Housing Program (AHP) General Fund is being provided through FHLBank Atlanta’s member, Atlantic Union Bank, which also partnered with member Locus Bank to deliver $15 million in construction financing. These contributions are part of a broader funding package that includes public and private partners helping to make the project possible. The collaborative financing structure fills critical funding gaps and enables project sponsor, People Inc., to bring new, high-quality affordable rental housing to the community.

Lightfoot Apartments will designate 30 units for residents with low-income at or below 60% of area median income (AMI) and 30 units for residents with very-low income, at 50% or below AMI. People Inc. will provide counseling programs to help residents plan for homeownership as well as support access to comprehensive healthcare services by partnering with local providers. Additionally, all residents will have access to high broadband speeds and free Wi-Fi in their units.

“Atlantic Union Bank is honored to be the conduit for this significant and critical community investment,” said Nathalia Artus, Head of Community Impact, for Atlantic Union Bank. “Our goal is to bring real value and support to the people and communities we care about. We are proud to have partnered with People Inc., FHLBank Atlanta, and other parties to support an initiative to create more affordable housing, reflecting our deep commitment to strengthening our communities.”

“We are proud to be Culpeper’s designated Community Action Agency to help meet the need for safe, affordable housing across the region by building Lightfoot Apartments,” said Bryan Phipps, President and CEO of People Inc. “We appreciate all partners involved, including the Town of Culpeper, Culpeper County, Virginia Housing, the Virginia Department of Housing and Community Development, the PATH Foundation, the Rappahannock-Rapidan Regional Commission, and FHLBank Atlanta. FHLBank Atlanta’s program allows us to continue to make affordability a priority for residents without increasing rents to cover higher construction costs.”

In December 2024, FHLBank Atlanta selected Lightfoot Apartments as one of 66 recipients of its AHP General Fund, which contributed a total of $55 million in grants to support the development or rehabilitation of 4,200 affordable housing units.  

“Each year our affordable housing programs are successful because our members like Atlantic Union Bank identify worthwhile initiatives that will improve lives in their communities,” said Kirk Malmberg, President and CEO of FHLBank Atlanta. “This project shows the power of partnerships, with several organizations coming together to provide more members of the community access to affordable housing and other important services.”

Lightfoot Apartments is located at 1595 Lightfoot Street. Construction began in October 2024 and is expected to be completed in early 2026.

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 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 $9.1 billion in Affordable Housing Program funds, assisting more than 1.2 million households. For more information, visit www.fhlbatl.com.

About Atlantic Union Bank
Headquartered in Richmond, Virginia, Atlantic Union Bank has branches in Virginia, Maryland, and North Carolina, offering a wide range of financial solutions including checking accounts, savings accounts, business loans and more. Visit atlanticunionbank.com for additional information. Member FDIC. Equal Housing Lender.