SCBIZ Daily Staff

MOUNT PLEASANT -- Federal Home Loan Bank of Atlanta has announced it will award more than $6.2 million to help South Carolina developers fund 20 affordable housing projects.

The funding is part of more than $50 million in grants FHLBank Atlanta will award as part of its 2007 Affordable Housing Program. Grants will be awarded in 12 states and the District of Columbia.

In South Carolina, FHLBank Atlanta will partner with local developers for projects in the cities of Aiken, Allendale, Blackville, Bluffton, Columbia, Darlington, Greenville, Lake City, Orangeburg, Pickens, Ridgeland, Saluda, Sumter and Ware Shoals as well as Charleston and Oconee counties.

"We take great pride in knowing that our funding not only helps create affordable housing, but also employment and community development opportunities," said Arthur Fleming, FHLBank Atlanta first vice president and director of Community Investment Services.

These awards are part of $50 million in grants and subsidies FHLBank Atlanta provided in 2007 to create or preserve more than 6,000 units of affordable housing. AHP is a competitive grant program that helps develop owner-occupied and rental housing for very low-, low-, and moderate-income families. Since 1990, Federal Home Loan Bank of Atlanta has provided over $5 billion to member financial institutions in the form of low-cost loans and grants for affordable housing and economic development.