Multifamily Housing Development Fund

Multifamily Housing Development Fund is sponsored by Federal Home Loan Bank of Atlanta. The Multifamily Housing Development Fund is designed to support multifamily rental housing projects, including mixed-use projects with rental units, where at least 80% of units are for households earning 80% or less of the area median income.

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Get help Multifamily Housing Development Fund With up to $500,000 available per project, the Multifamily Housing Development Fund is designed to bring projects to life in your community. Attend a webinar to make sure you have the information you need to submit a successful application! Applications for this round are available now and will be due back to the Bank on June 30, 2026 Applications Available Now!

All applications are due back to the Bank on June 30, 2026 . Eligible projects are multifamily rental housing projects, including mixed-use projects that feature rental units, with at least 80% of units designated for households earning 80% or less of the area median income.

Projects must be at least 50% complete and entirely located within the Bank’s district (Alabama, District of Columbia, Florida, Georgia, Maryland, North Carolina, South Carolina, and Virginia). Should funds be awarded, projects must be completed within a year of notification of award. Subsidies may only be used for construction (hard) costs to fill an eligible funding gap.

Project sponsors will drive the application process, but they must partner with a member institution of FHLBank Atlanta throughout the process Applications will be completed and submitted by project sponsors through AHPBuild® A member of FHLBank Atlanta must approve the application in order to complete the submission process The highest scoring application in each state of the Bank’s district will be awarded up to $500,000 After the single highest scoring project is awarded per state, applications will be awarded based on scores until funds are exhausted, without consideration for the state in which the project is located Applications must meet the following additional requirements: Submitted by project sponsor and approved by member of the Bank in AHPBuild, the Bank’s online application portal.

Registration is required to access the AHPBuild system. Sponsors are encouraged to register in advance as this process takes time. Sponsors who have submitted applications in AHPBuild for the AHP General Fund or the 2025 Multifamily Housing Bridge Fund do not need to re-register.

80% of units must provide housing for households with household income at 80% or less of Area Median Income. The remaining 20% of the units are not subject to any income restrictions. An entity in which the sponsor has an ownership interest must have legal site control (e.g., warranty deed or executed ground lease) of the project site.

Project must be at least 50% complete and less than 100% complete at the time of application, based on the latest construction invoicing. Project must be scheduled to be completed within 12 months of notification of MFHD Fund subsidy approval, but no later than December 2027.

Other than the gap that the MFHD Fund would fill, all funding sources necessary to complete the project as budgeted at the time of the MFHD Fund application must be committed at the MFHD Fund application submittal.

A financing gap eligible for MFHD Fund subsidy must meet all of the following criteria: Financing gap in project’s permanent sources of funding (i.e., financing for project’s development costs on a permanent basis during stabilized operation after construction) Financing gap caused by construction cost increase resulting in total development cost increase –occurring after the most recent closing of construction financing and start of construction and greater than or equal to the MFHD Fund subsidy request.

If construction cost and/or total development cost has not increased by an amount greater than or equal to the MFHD Fund request (e.g., due to an offsetting reduction in soft costs), the eligible MFHD Fund subsidy amount will be reduced.

MFHD Funds may not be used to replace funding committed by a project sponsor or a related party (e.g., sponsor equity, deferred developer fee, etc.) at the most recent construction closing, nor may it be used to increase developer fee. All applications must submit supporting documentation for each of the above-listed items as requested by the Bank in the AHPBuild portal and/or other Bank communications to sponsor and/or member.

For projects that are approved for MFHD Fund subsidy, the following are required: Fund Agreement (Bank form), executed by sponsor and member, prior to MFHD Fund subsidy disbursement Periodic progress reports until construction of project is complete Evidence of MFHD Fund subsidy transfer to project within 30 calendar days of Bank’s disbursement to member Completion Certification (Bank form) and Certificates of Occupancy or equivalent (if applicable) are required when construction is complete.

Not required – recorded mortgage/deed is not required for MFHD Fund subsidy, and projects are not subject to long-term monitoring by the Bank. Other documentation as may be required by the Bank. Funding will occur in 4th quarter 2026 once all eligible applications have been underwritten and approved and all available funds have been awarded.

After an executed Fund Agreement is received by the Bank, sponsor requests disbursement of the MFHD Fund subsidy in the AHPBuild portal. Upon approval of disbursement by the Bank, the MFHD Fund subsidy will transfer to the member’s Demand Deposit Account (DDA) at the Bank for disbursement by the member to the project within 30 calendar days.

Workforce Housing Plus+ Program This program provides prospective homebuyers with incomes between 80. 01 to 120 percent of area median income up to $15,000 each to put towards the purchase of a home. Heirs’ property is a pervasive issue that disproportionately affects those in racial and ethnic minority, low-wealth, rural, and distressed urban communities, creating barriers to homeownership and generational wealth.

The scale of this issue is too large for any one entity to address on its own, but it provides an opportunity to partner with other institutions and organizations to develop a solution.