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$360,000 Worth of Improvements for Fort Gaines-Area Development

January 1, 2008

Washington, D.C. Congressman Sanford Bishop, Representative of Georgia’s Second Congressional District, today announced that the Federal Home Loan Bank of Atlanta recently awarded $360,000 to Pepper Ridge Too, an affordable housing unit in Fort Gaines, Georgia through the Bank’s Affordable Housing Program (AHP). Southwest Georgia Development Corporation, in partnership with Regions Bank, will use the AHP funds to renovate the 36- unit development to replace water heaters, floors, drywall, appliances and other improvements. Pepper Ridge Too was originally built in 1982 through funding from the USDA Section 515 program.

“The effects of this project will be felt beyond the walls of this development. Quality affordable housing rejuvenates and strengthens entire communities – businesses, schools, families, and churches will feel the positive reverberations of this project,” said Congressman Bishop.

Since AHP’s inception in 1990, the Bank has awarded funding to support 231 projects in Georgia that created or rehabilitated 13,893 quality affordable housing units, including 34 projects affecting 1,145 units in the Second Congressional District. AHP is a component of the Bank’s affordable housing, economic development, and down-payment assistance initiatives. Through partnerships with member financial institutions and community developers, the Bank has committed more than $5 billion in loans and grants to make housing and economic development a priority throughout the South.