Making Rental Homes More Affordable In Hallandale Beach

Federal Home Loan Bank of Atlanta (FHLBank Atlanta) recently announced the recipients of its 2024 Affordable Housing Program (AHP) General Fund awards. Through the program, more than $55 Million in grant funding is being awarded to 66 affordable housing initiatives in 12 states and Washington D.C. to assist in the acquisition, construction, rehabilitation, or preservation of more than 4,200 affordable rental and home ownership units. Blue Sky Dania Beach was awarded over $600,000 for a development in Hallandale Beach.

BLUE SKY DANIA BEACH
Grant: $631,500 for 22 rental units
Total Development Cost: $6,203,950
Description: AHP funds will be used for the rehabilitation of 22 multifamily rental units in Hallandale Beach.

“Each year, we are proud of how our member institutions leverage this annual fund to strengthen their communities and expand access to affordable housing,” said FHLBank Atlanta President and CEO Kirk Malmberg. “In total, FHLBank Atlanta contributed a record $120 Million this year to affordable housing and community development efforts, and across the Federal Home Loan Bank System, more than $1 Billion is being deployed in 2024 to address the growing need for affordable housing nationwide.”

AHP General Funds are awarded annually through a competitive application process and distributed through FHLBank Atlanta member financial institutions. Since the program’s inception in 1990, FHLBank Atlanta Bank has awarded more than $921 Million in General Fund grants, providing more than 138,000 housing opportunities for moderate-, low-, and very low-income households.

FHLBank Atlanta’s Director of Community Investment Services Tomeka Strickland said, “We are pleased to partner with 31 member financial institutions and 57 local developers and community organizations whose commitment and dedication make it possible to bring these resources into communities. Together, we are building stronger communities, ensuring more families have a safe, affordable place to call home.”

The Bank’s Targeted Community Lending Plan and the AHP Implementation Plan will be published in January 2025 in preparation for the next AHP General Fund round to open during the second quarter of 2025. Potential applicants must work with an FHLBank Atlanta member financial institution to complete the AHP application. A list of member financial institutions is available on the FHLBank Atlanta website at: www.fhlbatl.com.

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 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 their website at: www.fhlbatl.com.