Federal Home Loan Bank of Atlanta (FHLBank Atlanta) announced today that it will award $4.6 million in grants to help developers in North Carolina fund 20 affordable housing projects. The funding is part of more than $50 million in grants and subsidies FHLBank Atlanta will award in 12 states and the District of Columbia.

FHLBank Atlanta will award the funds as part of its 2007 Affordable Housing Program (AHP) second round offering. Local community developers, in partnership with FHLBank Atlanta member institutions, will use the awards to build, buy, or renovate 734 affordable housing units in Haywood, Iredell, Macon, Moore, Richmond, and Yadkin Counties, as well as in Bayboro, Carrboro, Elizabeth City, Fayetteville, Gastonia, Halifax, Henderson, Hillsboro, Kannapolis, Matthews, Pittsboro, Shelby, Spruce Pine, Warren, Winston-Salem, and Yadkinville.

"Working with our member financial institutions, the AHP program stimulates the economy by infusing communities with affordable housing options, employment opportunities, and a host of other benefits," said Arthur Fleming, FHLBank Atlanta First Vice President and Director of Community Investment Services.

Awards announced today 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 more than $5 billion to member financial institutions in the form of low-cost loans and grants for affordable housing and economic development. For the complete list of AHP winners, visit .

About FHLBank Atlanta

FHLBank Atlanta offers low-cost financing, community development grants, and other banking services to help more than 1,200 member financial institutions make affordable home mortgages and provide economic development credit to neighborhoods and communities. The Bank's members -- its shareholders and customers -- are commercial banks, credit unions, thrifts, and insurance companies headquartered in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, and the District of Columbia.

Some of the statements made in this press release may be "forward-looking statements," which include statements with respect to the Bank's beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties and other factors, many of which may be beyond the Bank's control, and which may cause the Bank's actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by the forward-looking statements.

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