WASHINGTON, D.C. – October 21, 2013 – (RealEstateRama) — Valarie M. Williams, Executive Director of the SC State Housing Finance and Development Authority (SC Housing) and a member of the Affordable Housing Advisory Council for the Federal Home Loan Bank Atlanta (FHLB) announces the opening of the Affordable Housing Program (AHP) Competitive for 2014.
FHLB’s Affordable Housing Program (AHP) Competitive provides each awarded project up to $500,000 in real estate equity that can be used to help finance rental and ownership housing, improving and expanding the availability of affordable housing stock throughout the state.
Privately funded by the member institutions of the FHLB, the 2014 AHP Round is scheduled to open January 14, 2014. “Now is the time for interested and qualified organizations to become familiar with the requirements of the program and prepare applications,” said Williams.
The program has been in place for more than 20 years during which time has provided over $441 million for affordable housing constituting over 73,000 units.
Details of the program can be found in the AHP Implementation Plan, via: http://www.fhlbatl.com/docs/cis/ahp-implementationplan.pdf. This document provides program guidelines including threshold requirements, underwriting guidelines and scoring criteria used in selecting successful applications.
The funding is designed to be extremely flexible and supportive of the great diversity of workforce housing goals for communities throughout South Carolina. Williams said “a reliable and available supply of housing solutions for today’s workforce benefits everyone; creating jobs, revenue, economic stability and growth. I encourage all organizations who work alongside SC Housing toward these goals to familiarize themselves with this program and to consider applying.”
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. FHLBank Atlanta’s members—its shareholders and customers—are commercial banks, credit unions, savings institutions, community development financial institutions, and insurance companies headquartered 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 $4.6 billion to the Affordable Housing Program.
About SC Housing
For over forty years, SC Housing has created quality affordable housing opportunities for the citizens of South Carolina. The agency’s vision is that all residents have the opportunity to live in safe, decent and affordable housing. SC Housing is self-sustaining and receives no state appropriations. For more information, visit www.SCHousing.com.