A Decade of AHP Impact
Over the past decade, Community Housing Capital has helped partners across the country leverage the Federal Home Loan Bank of Atlanta’s Affordable Housing Program (AHP) to expand the impact of their developments. As a member of FHLBank Atlanta, CHC provides NeighborWorks America organizations with a pathway to secure AHP grants that help advance their affordable housing developments.
From 2015 through 2025, CHC helped NeighborWorks organizations secure nearly $6.8 million in AHP grants for 14 projects, supporting 661 affordable homes across 11 states.
CHC’s role in these projects typically extends beyond sponsoring the AHP application. In 13 of the 14 projects identified, CHC also provided financing to help move the development forward, totaling more than $42 million in CHC loans.
More broadly, CHC’s experience with the program demonstrates the value of AHP as part of the affordable housing capital stack. AHP is particularly valuable because relatively modest grant investments can help close financing gaps and make much larger affordable housing developments feasible. In CHC’s identified portfolio, AHP contributed approximately $6.8 million to projects representing more than $201 million in total affordable housing development.
Two projects awarded AHP funding in 2024 and 2025 demonstrate how AHP can serve as an important component of a broader financing structure.
John Grace Arms: Transforming a Historic Michigan School into Affordable Housing
In Southfield, Michigan, MiSide is redeveloping the historic John Grace School building into 60 affordable rental homes and approximately 5,000 square feet of community space. The project will preserve the existing structure while incorporating sustainable building materials and creating housing for residents earning no more than 50% of area median income.
In 2024, John Grace Arms received a $750,000 AHP grant through FHLBank Atlanta, with CHC serving as the sponsoring member institution. CHC is also supporting the development with a $1.6 million construction loan, helping transform an existing community asset into affordable housing.
Edgewood School Apartments: Bringing Affordable Senior Housing to Rural South Carolina
In Ninety Six, South Carolina, DreamKey Partners is developing Edgewood School Apartments, a $25.4 million development that will combine the adaptive reuse of a historic, abandoned school with the construction of a new residential building. The project will provide 75 affordable rental homes for seniors age 62 and older earning up to 50% of area median income, along with community space, amenities, and resident services.
In 2025, Edgewood School Apartments received a $1.25 million AHP grant through FHLBank Atlanta, sponsored by CHC. CHC is also providing $13.2 million in construction financing through the purchase of tax-exempt multifamily revenue bonds issued by South Carolina Housing.
Together, these financing sources are helping DreamKey Partners repurpose a historic property and expand affordable housing opportunities for older adults in a rural community.
Supporting Diverse Housing Needs Across the Country
Beyond these two developments, CHC's AHP-supported portfolio reflects the program's flexibility across housing types, communities, and populations. They span new construction, acquisition and rehabilitation, preservation, historic redevelopment, mixed-use housing, scattered-site rehabilitation, and single family. Geographically, the projects span 11 states across the Northeast, South, Midwest, and West.
They also address a broad range of housing needs. AHP-supported developments financed through CHC have created or preserved homes for very low-income families, people experiencing homelessness, veterans, people with disabilities, families with children, and residents of rural and underserved communities. Individual projects have incorporated features ranging from accessibility improvements and supportive services to transit-oriented locations, renewable energy, green building standards, and community space.
For CHC and its NeighborWorks partners, the AHP program has provided a flexible source of gap funding across a wide range of project types, geographies, and populations, helping strengthen financing structures and expand the reach of affordable housing investment.