The Federal Home Loan Bank of Atlanta (FHLBank Atlanta) is allocating $11.7 million in grant funding to support affordable multifamily rental housing development across its district.
Through the Multifamily Housing Bridge Fund, the bank will provide up to $500,000 per project. The eligible projects for Bridge Fund grants include multifamily and mixed-use rental housing initiatives that allocate 80% of the units for households earning up to 80% of the area median income (AMI). Projects must be at least 50% complete at the time of application and demonstrate a financing gap related to an increase in construction hard costs, such as construction materials and labor.
Projects also must be in FHLBank Atlanta’s district, which includes Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, and the District of Columbia. Grant applications are now being accepted through Oct. 3.
“When construction costs and interest rates initially rose, there became an increased need for funding to support the development of affordable housing,” said Tomeka Strickland, FHLBank Atlanta’s senior vice president and director of community investment services. “Because this need remains, we are reintroducing the Bridge Fund to help projects currently underway to reach the finish line and become affordable homes.”
