Federal Home Loan Bank of Atlanta (FHLBank Atlanta) has released its Impact and Affordable Housing Advisory Council (AHAC) Report, detailing the organization’s highest year of funding to date for affordable housing and community development. The Impact and Affordable Housing Advisory Council (AHAC) Report also outlines the widespread reach of FHLBank Atlanta’s lending products for member institutions and the community investment programs positively impacting its district in 2024.
“We are proud of our work to provide nearly 800 financial institutions with access to funding to support local lending for small businesses, mortgages, and community development projects,” said Kirk Malmberg, President and CEO of FHLBank Atlanta. “Additionally, each year we work with members to ensure we offer affordable housing grant programs that address current needs. For 2024, this resulted in the introduction of Workforce Housing Plus+, a new initiative to provide downpayment assistance to a broader population of borrowers challenged by the rising cost of homes and high interest rates.”
The report found that the FHLBank Atlanta contributed a record $120 million in grants for affordable housing and community development in 2024, in addition to:
- $55 million distributed through the Affordable Housing Program (AHP) General Fund, supporting 66 projects that will create or rehabilitate more than 4,200 affordable housing units
- $40 million distributed through the AHP Homeownership Set-aside Program, providing homeownership grants to more than 3,000 households for downpayment, closing cost, and home rehabilitation assistance
- $20 million distributed through the Workforce Housing Plus+ program, providing downpayment and closing cost assistance to more than 1,300 households
- $5.9 million in total allocated to 21 organizations addressing heirs’ property issues to help more than 5,000 families protect their assets and build generational wealth
- $1 billion in Community Investment Program advances to support housing and economic development
- $250,000 donated to the American Red Cross for recovery efforts following Hurricane Helene
- 48 forums attended to promote financial literacy and homeownership knowledge sharing across the FHLBank Atlanta district
“FHLBank Atlanta continues to remain a reliable source of lending for members, allowing us to deliver on our purpose of earning trust, building relationships, and bettering lives,” said Tomeka Strickland, SVP and Director of Community Investment Services of FHLBank Atlanta. “The record amount of grant funding we distributed last year is a direct reflection of our collaboration with members and commitment to our communities, and we look forward to strengthening these partnerships in 2025 to continue investing in the neighborhoods our members serve.”
FHLBank Chicago Issues $50M-Plus in New Grants
In other FHLBank news, the Federal Home Loan Bank of Chicago (FHLBank Chicago) has opened its application period for its 2025 Affordable Housing Program (AHP) General Fund. With $52 million available and up to $2 million per project, the program continues to advance the development and preservation of affordable housing throughout Illinois and Wisconsin.
AHP grants subsidize the acquisition, new construction, or rehabilitation of rental or owner-occupied housing. Delivered in partnership with FHLBank Chicago financial institution members, these forgivable grants help to address ongoing housing supply challenges by expanding access to quality affordable housing in many communities.
“The AHP General Fund continues to be an impactful resource for addressing critical housing needs and strengthening communities,” said Katie Naftzger, SVP and Community Investment Officer, FHLBank Chicago. “We’re proud to partner with our members to deliver funding that helps create and preserve affordable housing, expanding opportunities for residents and communities alike.”
Since 2017, FHLBank Chicago member, First Mid Bank & Trust (First Mid), has helped secure more than $3 million in AHP funds in partnership with Coles County Regional Planning and Coles County Habitat for Humanity. These funds support essential home repairs and new home construction across rural central Illinois, ensuring that individuals and families in eight counties have access to safe and affordable housing.
“These grants make a meaningful difference—enabling critical updates like roof repairs, system replacements, and other improvements that help preserve the homes people rely on,” said Kayla Aaron, Regional Retail Loan Manager at First Mid. “They strengthen the housing stock and help maintain the fabric of our communities.”
Since 1989, FHLBank Chicago has allocated more than $550 million in AHP grants, to support more than 83,000 housing units. The program is made possible through collaboration between FHLBank Chicago members and project sponsors including developers, nonprofits, public housing authorities, and tribal governments.
FHLBank Chicago is a regional bank in the Federal Home Loan Bank System. FHLBanks are government-sponsored enterprises created by Congress to ensure access to low-cost funding for their member financial institutions, with a focus on providing solutions that support the housing and community development needs of members’ customers.
