New Loan Program Benefits Florida Housing

Amidt reports that certain markets are too pricey for potential buyers - including those in search of a Florida home loan - The Federal Home Loan Bank of Atlanta (FHLBank Atlanta) announced today that communities in 11 states (and the District of Columbia ) will receive more than $20.1 million in grants and subsidized loans to create or rehabilitate 3,406 affordable housing units.

Project developers, in partnership with FHLBank Atlanta member institutions, will use the funding to support 72 projects in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, and the District of Columbia. The Bank has awarded the funds as part of its Affordable Housing Program (AHP), which since 1990 has contributed more than $285 million to support affordable housing production in the Southeast.

“Developers and community banks are using AHP to create housing choices that are affordable to the elderly and those with special needs as well as the nurses, police officers, and teachers who are the building blocks of a healthy community,” said Raymond Christman, FHLBank Atlanta president and chief executive officer.

Individual grants — ranging from $32,000 to $500,000 — combined with low-cost loan options will be made in the following states in FHLBank Atlanta’s district:

• Alabama ($1,354,213 for 241 units)
• Florida ($2,980,000 for 674 units)
• Georgia ($3,689,750 for 727 units)
• Maryland ($ 960,000 for 123 units)
• North Carolina ($3,239,575 for 370 units)
• South Carolina ($2,715,416 for 407 units)
• Virginia ($2,010,000 for 374 units)
• D.C. ($2,032,139 for 312 units)

This should go a long way toward helping those from the South Florida middle class or lower class afford a Florida home loan.