U.S. Senators Ben Cardin and Barbara Mikulski (both D-MD) today announced that the Federal Home Loan Bank of Atlanta (FHLBank Atlanta) will provide $1.3 million in funding to create greater affordable housing opportunities in Maryland.
"This is good news for Maryland families who need help finding or maintaining affordable housing," said Senator Cardin. "This grant is an important investment in housing by FHLBank Atlanta that will help revitalize three communities in Maryland. This $1.3 million in funding will create construction jobs and reinforce the federal government's commitment to affordable housing."
"Providing safe and affordable housing for Maryland families has always been one of my top priorities," Senator Mikulski said. "By investing in our communities, we are creating hope and opportunity for all Marylanders. As a senior member of the Senate Appropriations Committee, I have fought to put funds in the federal checkbook to develop affordable housing. These funds will help build neighborhoods, support families and change lives."
Maryland community developers will partner with local FHL Bank Atlanta member financial institutions to build or repair 128 housing units in three affordable housing developments in Baltimore City and Cecil County through the Bank's Affordable Housing Program. In Maryland, the following housing projects will receive funding: New East Crossing, North East, MD (Cecil County) will receive a grant of $500,000 for 72 units; Empire Homes of Maryland at Calvert in Baltimore City will receive a grant of $300,000 for 18 units and Gaudenzia Park Heights Women and Children's Center in Baltimore City will receive a grant of $500,000 for 38 units.
"The FHLBank Atlanta mission is to help communities create affordable housing opportunities for families that need assistance," said Wes McMullan, President and Chief Executive Officer, FHLBank Atlanta. "We are proud to partner with Maryland to address this important issue."
FHLBank Atlanta offers community development grants, and other banking services to help member financial institutions make affordable home mortgages and provide economic development credit to neighborhoods and communities. FHLBank Atlanta is one of 12 district banks in the Federal Home Loan Bank System and since 1990 has contributed more than $4.6 billion to the Affordable Housing Program.