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We have some fantastic news to share with you today! The Federal Home Loan Bank of Atlanta (FHLB) has announced the availability of an additional $7.2 million in AHP Homeownership Set-aside Program funding, accessible through its members. This significant update marks the bank's dedication towards making homeownership a reality for many more people.
Starting from May 15, 2023, eligible borrowers can apply for up to $15,000 to aid them in purchasing or rehabilitating a home. The additional funding will be available through three products: the First-time Homebuyer Product, the Community Partners Product, and the Community Rebuild and Restore Product.
First-time Homebuyer Product
The First-time Homebuyer Product provides up to $12,500 in assistance for down-payment, closing-cost, counseling, or rehabilitation related to the purchase or renovation of an existing home.
Community Partners Product
Similarly, the Community Partners Product provides up to $15,000 to currently employed or retired law enforcement officers, educators, healthcare workers, other first responders, veterans or their surviving spouse, and essential workers. This is for down-payment, closing-cost, counseling, or rehabilitation assistance in connection with the purchase or renovation of an existing home.
Community Rebuild and Restore Product
Lastly, the Community Rebuild and Restore Product offers up to $10,000 in funding for the rehabilitation of an existing owner-occupied home in “Emergency Declaration” areas or “Major Disaster Declaration” areas designated by the Federal Emergency Management Agency.
The additional funds aim to make homeownership a reality for as many as 500 eligible borrowers or more.
According to Tomeka Strickland, FHLBank Atlanta’s Senior Vice President and Director of Community Investment Services, "The additional Homeownership Set-aside Program funding will help those who are most vulnerable to the challenging housing market secure safe and stable housing for their families."
Remember that this funding is available exclusively through FHLBank Atlanta member financial institutions. The funds are also available on a transaction by transaction, first-come, first-served basis.
FHLBank Atlanta is part of a cooperative whose members include 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. Since 1990, the FHLBanks have awarded approximately $7.3 billion in Affordable Housing Program funds, assisting over one million households.
This recent development signifies an impressive commitment to the value of affordable housing and community development. We are excited about the opportunities this presents for those looking to secure a home, and we look forward to supporting our clients through this process.
For more information on this exciting update, reach out to us today!
💻 www.thesherryrianoteam.com
☎️ (919) 234-7415
🚨 Apply Here: http://bit.ly/SeeIfUQualify
