FHLBank Atlanta Assisting Our Shareholders in Meeting the Housing and Financial Literacy Needs of Their Military Communities

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1 FHLBank Atlanta Assisting Our Shareholders in Meeting the Housing and Financial Literacy Needs of Their Military Communities

2 Table of Contents Our Veterans Products and Services Illustrations of Impact in the Veterans Communities Our Veterans Online Financial Literacy Initiative Veterans Scale and Impact Multiplier Analysis Shareholder Testimonials - Veterans Products 2

3 Our Veterans Products and Services Ownership Veterans Purchase Product Returning Veterans Purchase Product Veterans Rehabilitation Product Returning Veterans Rehabilitation Product Rental Housing Supportive Housing Units Reserved for Veterans Financial Literacy Online debt management learning environment for active duty and veterans that use FHLBank Atlanta products 3

4 Illustrations of Impact in the Veterans Communities Supportive Housing for Veterans Waterfront Rescue Mission, Pensacola, FL Shareholder: Synovus Bank Sponsored by: The Waterfront Rescue Mission, Inc. (construction lender) AHP: $1,000,000 Total Units: 100 rental units Total Development Cost: $5,004,000 Description: AHP funds used for the new construction of a 31,000 square foot facility. Of the resulting 100 affordable housing units, WRM has partnered with the local Veterans Administration to reserve 30 units and, with the hospital, to reserve 10 units for discharged homeless patients. Permanent Financing CDBG - Escambia County $2,976,638 Waterfront Rescue Mission Inc. Equity $1,003,362 FHLBank Atlanta AHP $1,000,000 Grant - Foundation $24,000 Total Development $5,004,000 4

5 Supportive Housing for Veterans Commons at Nelms, Atlanta, GA Shareholder: Bank of America, National Association (construction lender) Sponsored by: National Church Residences AHP: $500,000 Total Units: 95 rental units Total Development Cost: $12,195,140 Description: AHP funds will be used for the development of 95 units of supportive housing for veterans in Atlanta. This development will provide veterans experiencing homelessness and/or disability with affordable housing and supportive services in partnership with the Veterans Administration. Architectural drawing of proposed development Permanent Financing 9% Federal LIHTC Equity $4,536,272 HOME Loan - Georgia DCA $4,250,000 9% State LIHTC Equity $1,786,483 FHLBank Atlanta AHP $500,000 Grant - Home Depot Foundation $500,000 HOME Loan - City of Atlanta $500,000 National Church Residences Equity $122,285 Miscellaneous $100 Total Development $12,195,140 5

6 Rental - Units Reserved for Veterans Bellamy Veterans Housing, Lexington, NC Shareholder: Bank of North Carolina Sponsored by: Lexington Housing Redevelopment Corporation AHP: $500,000 Total Units: 12 rental units Total Development Cost: $1,200,000 Description: AHP funds will be used in connection with the acquisition and rehabilitation of an existing 12 unit multifamily residential development to make the project suitable for affordable housing. Two of the 12 units will be reserved for very low-income homeless veterans. Existing Property to be Rehabilitated Permanent Financing FHLBank Atlanta AHP $500,000 SHP Loan - State HFA $500,000 Bank of North Carolina Loan $200,000 Total Development $1,200,000 6

7 Rental - Units Reserved for Veterans La Joya Villages, Lake Worth, FL Shareholder: Community & Southern Bank (construction lender) Sponsored by: Community Land Trust of Palm Beach County, Inc. (CLT of PBC) and Realtex Development Corporation AHP: $500,000 Total Units: 55 rental units (in construction) Total Development Cost: $12,206,957 Description: La Joya Villages is a new, 55-unit affordable apartment complex targeting families earning between 50 percent and 60 percent of the area median income. Ten percent of the units will be set aside for veterans, who will be given preference through an early application window. Architectural drawing of proposed development Permanent Financing 4% Federal LIHTC Equity $4,156,241 Loan - Restone $3,580,000 NSP2 - Lake Worth CRA $1,832,807 CLT of PBC Equity $1,097,709 Land Equity $990,000 FHLBank Atlanta AHP $500,000 Soft Loan - Neighborworks $50,000 Miscellaneous $200 Total Development $12,206,957 7

8 Veterans Homeownership Rehab, Atlanta, GA (Pentagon Federal) Veteran homeowner received installation of a new roof, gutters, kitchen door, entrance door, and water heater. Rehab, East Point, GA (Pentagon Federal) Veteran homeowner received installation of a new roof, HVAC system, and other repairs. Rehab, Covington, GA (Pentagon Federal) Veteran homeowner received installation of a new kitchen sink, faucet, storm doors, carpet, vinyl flooring, and window trim. Rehab, St. Augustine, FL (BB&T) FHLBank Atlanta rehab funding provided new storm and interior doors, ramp, bathtub, toilet, vinyl flooring, repair of the subfloor, wall, and septic pump. Purchase, North Chesterfield, VA (Village Bank) A young enlisted army veteran was called back into service during his mortgage process. He was previously living with his parents, but the grant made it possible for him and his fiancé to buy this home. He is engaged to be married soon and will be back from service shortly to live a happy life together in their new house. Purchase, Amelia Courthouse, VA (Village Bank) This house was purchased by a veteran borrower. Using the Veteran s grant helped by lowering his payment by $47 per month. He was pleased to see the extra incentive given for serving our country. 8

9 Online Financial Literacy Initiative 9

10 Scale and Impact Multiplier Analysis July 2014 FHLBank Atlanta VETERANS AHP CUMULATIVE IMPACT 1:9 Leverage VETERANS AHP UNITS 1,986 veteran units awarded AHP funds TOTAL DEVELOPMENT BUDGET ALL DEALS $246 million $27.6 million AHP Where Is FHLBank Atlanta AHP Veterans Financing? TOTAL DEVELOPMENT BUDGET BY STATE FL $ 68,609,860 NC $ 34,628,389 GA $ 34,265,546 TX $ 17,470,731 LA $ 17,088,357 DC $ 15,411,154 VA $ 13,664,742 SC $ 13,271,716 NJ $ 11,452,482 AR $ 8,041,384 AL $ 4,577,445 MD $ 3,372,059 KY $ 2,875,348 CO $ 1,036,408 MA $ 320,565 Grand Total $ 246,086,186 10

11 VETERANS AHP RENTAL DEVELOPMENT Based on FHLBank Atlanta multiplier factors, since 1990 AHP awarded rental projects that support veterans have created the following estimated: :17 Leverage 17 Rental Apartment Projects 1,162 Units Awarded AHP Funds, of which 94 are dedicated to veterans AHP $7.9 million TOTAL DEVELOPMENT BUDGET $136.8 million 1,251 JOBS TAX REVENUE $22 million VETERANS AHP SUPPORTIVE HOUSING Based on FHLBank Atlanta multiplier factors, since 1990 AHP awarded supportive housing veterans projects have created the following estimated: 1 7 1:7 Leverage 26 Supportive Housing Projects 1,380 Units Awarded AHP Funds AHP $13 million TOTAL DEVELOPMENT BUDGET $96.3 million 2,049 JOBS TAX REVENUE $36.2 million 1 Beyond Units: Economic Benefit of Federal Home Loan Bank of Atlanta s Affordable Housing Program, The Hendrickson Company in conjunction with The Shimberg Center for Housing Studies, University of Florida,

12 1 11 1:11 Leverage AHP $262 thousand VETERANS AHP HOMEOWNERSHIP DEVELOPER FINANCING Based on FHLBank Atlanta multiplier factors, 1, since 1990, AHP awarded homeownership projects that support veterans have created the following estimated economic impact: Local Development $ 2.8 million 3 Ownership Projects with 44 Units Awarded AHP Funds, of which 8 are dedicated to veterans 41 JOBS TAX REVENUE $732 thousand VETERANS AHP HOMEBUYER FINANCING $556,490 AHP Investment $10.2 million Total First Mortgages :18 Leverage 69 Veterans Purchased Homes Since 2012 VETERANS AHP HOMEOWNER REHAB FINANCING AHP $5.9 million 435 Homes Owned by Veterans Rehabilitated Their Home Since Beyond Units: Economic Benefit of Federal Home Loan Bank of Atlanta s Affordable Housing Program, The Hendrickson Company in conjunction with The Shimberg Center for Housing Studies, University of Florida,

13 Shareholder Testimonials Community & Southern Bank We are proud to partner with the FHLBank Atlanta to provide Affordable Housing for our nation s heroic veterans. Our partnership provides well deserved housing opportunities for veterans and their families, through developments such as the Valor Grove Apartments in Tuscaloosa and the La Joya Villages in Lake Worth. These exemplary developments reflect our commitment to serve our communities beyond traditional banking services. We take pride in supporting those who have selflessly served our nation. Mark A. Abernathy President Branch Banking and Trust As a part of our commitment to the communities we serve, BB&T appreciates the opportunity to partner with the FHLBank Atlanta to provide quality affordable housing to veterans who served our country. M. Craig Pascal Senior Vice President, Community Development Manager Cheaha Bank The FHLBank Atlanta s AHP product for veterans has been a huge success for Cheaha Bank. The product allows us to help over 75 veterans or their surviving spouse each year with home improvements they wouldn t otherwise be able to obtain. The product has helped us stimulate our local economy with construction jobs and has been used as a tool to revitalize some local communities. We have also been able to establish new potential customers for our bank by offering FHLBank Atlanta products. Alan Easterwood Vice President, Mortgage Officer Reliance Bank The FHLBank Atlanta s VRP/RVRP program does more than recondition a house. It brings back a sense of hope, independence, and pride that has long been forgotten by these homeowners. I ve seen firsthand the program s ability to change a life forever. Hamlin Caldwell Mortgage Program Coordinator 13

14 Synovus Bank Synovus is proud to deliver financial services to organizations and projects that provide critically needed housing for veterans and active duty personnel that serve our country. We are thrilled that our partnership with the Federal Home Loan Bank of Atlanta helps make those projects possible and improves the lives of our customers. Cary McCoy Group Executive Credit Risk Raymond James Bank Raymond James Bank is committed to working with the Federal Home Loan Bank of Atlanta in supporting veterans by providing affordable and flexible mortgage products that help armed forces servicemen and veterans to purchase affordable housing. Raymond James Bank is also supportive and active in purchasing tax credits and leveraging the FHLBank Atlanta s AHP in providing competitive commercial real estate loans supporting the construction and long-term financing of facilities that support current servicemen and veterans. Thomas F. Macina Executive Vice President, Senior Corporate & Real Estate Banking Executive Bank of McKenney During the past 2.5 years we have orchestrated the Federal Home Loan Bank of Atlanta s veterans products, we have provided $1,091,665 in home rehabilitation improvements to the local community. Not only did the veterans and homeowners receive the benefit of the work, we have put over a million dollars into our local business community at a time when the housing market was a bit stagnant. The benefit to Bank of McKenney is partly measurable in dollars, an average of $330 per award or a total of $27, The greater benefit is the goodwill generated in the community and the participation of the business people in our community has been vital to the program s success. Beth Honea Vice President Mortgage Services 14

15 Contact Information: Community Investment Services Arthur Fleming Senior Vice President and Director of Community Investment Services Peachtree Street, N.E., Atlanta, GA The Federal Home Loan Bank of Atlanta is not a registered investment advisor. Nothing herein is an offer to sell or a solicitation of an offer to buy any securities or derivative products. You should consult your own legal, financial, and accounting advisors before entering into any transaction. All rates are indicative of the time this brochure was written.