Georgia will be receiving $2.3 million to cover the development cost of 650 units. "The Affordable Housing Program is one of the most important financial resources in the country for developing affordable housing," says Raymond Christman, FHLBank Atlanta president and CEO. "Demand for the funds continues to outstrip capacity, though we are excited about the innovative ways developers and lenders are leveraging AHP grants to address a range of critical affordable housing needs."

The bank awards the highly competitive grants to housing organizations that apply for funds through financial institutions that are members of the FHLBank of Atlanta. The grants are made available to communities through the bank's Affordable Housing Program. Since 1990, the program has contributed $257 million for affordable housing needs in the South, Christman says.

Besides Georgia, other communities in the Southeastern coverage belt receiving grants are Alabama, $968,000 for 90 units; Florida, $1.7 million for 241 units; South Carolina, $1.7 million for 298 units; Louisiana, $285,000 for 42 units; Tennessee, $175,000 for 13 units; Mississippi, $535,729 for 28 units; Maryland, $1 million for 268 units; and Pennsylvania, $101,462 for 29 units.