Florida Banking August/September 2024

FEDERAL HOME LOAN BANK OF ATLANTA

AFFORDABLE HOUSING NEEDS ALL HANDS ON DECK

BY KIRK MALMBERG, PRESIDENT AND CEO OF FHLBANK ATLANTA

Y ou’ve heard the saying, “it’s not one thing; it’s everything.” That is certainly true when it comes to addressing the need for affordable housing in Florida and across America. While no single entity alone can solve the affordable housing challenge, significant progress is made when like minded organizations bring their resources together, focusing on one community — or even one household — at a time.

Take, for example, Neighborhood Lending Partners of Florida, a certified CDFI and member of FHLBank Atlanta. By partnering with Carrfour Supportive Housing to sponsor Miami-based Northside Commons, and with the help of a grant from FHLBank Atlanta, they made 72 new affordable housing units available last year. One partnership, one project — and the lives of 72 families are changed for the better. Through our General Fund program, which is making $55 million available in 2024, FHLBank Atlanta member financial institutions can support more projects like Northside Commons. Members can receive up to $1 million in funding per project for the acquisition, construction or rehabilitation of multifamily and single-family housing. Our First-time Homebuyer Program offers up to $12,500 in downpayment assistance to first-time homebuyers, and our Community Partners Program provides up to $15,000 in downpayment assistance to current or retired law enforcement officers, educators, firefighters, health care workers, first responders, veterans and active-duty military members or their surviving spouses. Additionally, our Community Rebuild and Restore Program stands ready to assist homeowners whose houses have been damaged by natural disasters in Florida, providing up to $10,000 for repairs.

The Federal Home Loan Bank of Atlanta (FHLBank Atlanta) connects our financial institution members with thousands of housing developers, community partners, and homebuyers each year. We provide grants for affordable housing and community development, which this year will top $100 million — a record amount for FHLBank Atlanta. We are proud of what we contribute, but we cannot do it alone. FHLBank Atlanta works with financial institutions of all sizes to bring grants to communities, while also serving as a reliable source of liquidity to support members’ lending and community development activities.

“WHILE NO SINGLE ENTITY ALONE CAN

SOLVE THE AFFORDABLE HOUSING CHALLENGE, SIGNIFICANT PROGRESS IS MADE WHEN LIKE MINDED ORGANIZATIONS BRING THEIR RESOURCES TOGETHER, FOCUSING ON ONE COMMUNITY — OR EVEN ONE HOUSEHOLD — AT A TIME.”

The grants we supply make a meaningful difference because our members, who know their customers and communities best, put them to good use for multifamily housing development and homebuyer downpayment assistance.

22 — FLORIDA BANKING THE VOICE OF FLORIDA BANKING