Federal Home Loan Bank of Atlanta Announces $8 Million Multifamily Housing Bridge Fund
ATLANTA, Nov. 01, 2023 (GLOBE NEWSWIRE) -- Federal Home Loan Bank of Atlanta (FHLBank Atlanta) announced today that it is making $8 million in grant funding available for a new program to help close funding gaps for affordable multifamily rental housing projects caused by the steep rise in interest rates and construction costs.
- ATLANTA, Nov. 01, 2023 (GLOBE NEWSWIRE) -- Federal Home Loan Bank of Atlanta (FHLBank Atlanta) announced today that it is making $8 million in grant funding available for a new program to help close funding gaps for affordable multifamily rental housing projects caused by the steep rise in interest rates and construction costs.
- The Multifamily Housing Bridge Fund (Bridge Fund) will offer up to $500,000 per project to member financial institutions and their community housing partners in a competitive application process, which opens on November 8, 2023.
- Eligible projects for the Bridge Fund will include multifamily and mixed-use rental housing targeted to households earning up to 120 percent of the area median income.
- “FHLBank Atlanta is committed to developing innovative solutions to help address affordable housing challenges in our communities,” said FHLBank Atlanta President and Chief Executive Officer Kirk Malmberg.