South Fulton Today

The Federal Home Loan Bank of Atlanta has announced a commitment of $60 million for homeownership grants in 2025. This initiative aims to support homebuyers and homeowners facing challenges such as high home prices and recent natural disasters.

"We are pleased to expand our support for homebuyers and homeowners this year, especially in light of challenges including high home prices and recent natural disasters," said FHLBank Atlanta President and CEO Kirk Malmberg. "These programs have been designed to assist both first-time and repeat homebuyers, low- and moderate-income families, members of public service occupations, and those in declared emergency areas. We anticipate this funding will significantly impact the lives of thousands of people."

The bank is allocating $40 million through its Affordable Housing Program (AHP) Homeownership Set-aside Program. Member financial institutions can access up to $750,000 each to distribute funds through three specific products:

1. **First-time Homebuyer**: Offers up to $17,500 for downpayment, closing costs, or rehabilitation assistance for first-time buyers purchasing an existing home. This amount has increased from $12,500 in 2024.

2. **Community Partners**: Provides up to $20,000 for downpayment, closing costs, counseling, or rehabilitation assistance for employed or retired law enforcement officers, educators, firefighters, healthcare workers, veterans and surviving spouses, and other first responders. This is an increase from the previous $15,000.

3. **Community Rebuild and Restore**: Grants up to $25,000 for rehabilitating owner-occupied homes in Major Disaster Declaration areas designated by FEMA or other government agencies. The previous cap was $10,000.

Additionally, FHLBank Atlanta is contributing $20 million through its Workforce Housing Plus+ Program aimed at borrowers with incomes between 80.01% and 120% of the area median income (AMI). Each member institution can access up to $500,000 to provide grants up to $15,000 per eligible borrower for downpayment and closing costs.

Paul Phillips, President and CEO of Freedom First Federal Credit Union stated: "As a member of FHLBank Atlanta, we have access to a range of affordable housing programs... By applying for FHLBank Atlanta funding to distribute... we fulfill our mission to help people prosper and help communities thrive."

Details on eligibility requirements can be found on the FHLBank Atlanta website. Funds are available on a first-come-first-served basis with borrower contribution and credit counseling required for most products.

For more information or assistance connecting with a member financial institution call the Community Investment Services department at 1.800.536.9650.