Claremont School Apartments project receiving $1 million grant

Staff Report

Claremont School Apartments in Pulaski is receiving a $1 million Affordable Housing Program (AHP) grant from the Federal Home Loan Bank of Atlanta to use toward the construction and rehabilitation of 50 multifamily rental units.

Funds will be distributed by Truist with sponsorship from Archetypes LLC, according to a press release from Federal Home Loan Bank.

In total, Federal Home Loan Bank of Atlanta is giving $55 million to affordable housing projects, more than $9 million of which is going toward 11 different projects in Virginia.

The total development cost of the project in Pulaski is $15,843,688.

“Each year, we are proud of how our member institutions leverage this annual fund to strengthen their communities and expand access to affordable housing,” said FHLBank Atlanta President and CEO Kirk Malmberg. “In total, FHLBank Atlanta contributed a record $120 million this year to affordable housing and community development efforts, and across the Federal Home Loan Bank System, more than $1 billion is being deployed in 2024 to address the growing need for affordable housing nationwide.”

AHP General Funds are awarded annually through a competitive application process and distributed through FHLBank Atlanta member financial institutions. Since the program’s inception in 1990, FHLBank Atlanta Bank has awarded more than $921 million in General Fund grants, providing more than 138,000 housing opportunities for moderate-, low-, and very low-income households.

FHLBank Atlanta’s Director of Community Investment Services Tomeka Strickland said, “We are pleased to partner with 31 member financial institutions and 57 local developers and community organizations whose commitment and dedication make it possible to bring these resources into communities. Together, we are building stronger communities, ensuring more families have a safe, affordable place to call home.”

The Bank’s Targeted Community Lending Plan and the AHP Implementation Plan will be published in January 2025 in preparation for the next AHP General Fund round to open during the second quarter of 2025. Potential applicants must work with an FHLBank Atlanta member financial institution to complete the AHP application. A list of member financial institutions is available on the FHLBank Atlanta website at www.fhlbatl.com.