WASHINGTON, April 14, 2025 (GLOBE NEWSWIRE) -- United Bank (NASDAQ: UBSI) and the Federal Home Loan Bank of Atlanta (FHLBank Atlanta) announced today an investment of $4.7 million in grant funding, designated for five separate projects that will create 363 new affordable housing units in Washington, D.C. and Virginia.
The funding is sourced from FHLBank Atlanta’s Affordable Housing Program (AHP) General Fund and administered through United Bank.
These funds will go toward the following projects in Washington, D.C.:
Hope View Apartments received $1 million to use for the development of 42 housing units for seniors with incomes 80% or below the area median income (AMI), 16 of which are reserved for homeless households. This development will include approximately 8,000 square feet for community services for residents and the surrounding community. Anacostia Economic Development Corporation is the sponsor and developer, and T&H Investment Properties LLC also sponsored the project, which is expected to be completed in early 2026.
2229 M Street NEApartments received $1 million for the development of 92 rental units for families, 89% of which are for households with incomes at or below 50% of AMI. The project is sponsored by Housing Up and THC Affordable Housing and is expected to be completed by the end of 2026.
Wagner Senior Residences received $742,805 for the development of an apartment complex that will provide 67 affordable housing units, 90% of which will be for seniors with incomes below 50% of AMI. The Residences are sponsored by Justice Housing Inc. in partnership with Miller Housing LLC and is expected to be completed by the end of 2026.
2911 Rhode IslandAvenue NE Apartments received $1 million toward the development of a new affordable rental project, which will provide 100 units for households between 30% and 80% of AMI. The project is sponsored by Lincoln-Westmoreland Housing, Inc. and is expected to be completed in spring of 2028.
In Harrisonburg, Va.:
Bluestone Town Center Residences received $1 million for the development of 62 affordable housing units for seniors with incomes between 30% and 60% of AMI. These senior housing units will be part of the full Bluestone Town Center development, a 90-acre master planned, multi-phased community that will create 900 units of mixed-income housing and service-oriented commercial space less than five minutes from downtown Harrisonburg. Harrisonburg Redevelopment & Housing Authority is the project sponsor and developer. The project is expected to be completed by early 2026.
Each property will provide residents with high-speed internet and offer education and training services on topics including computer skills, life skills, money management, GED preparation, literacy, and nutrition.
“United Bank has a longstanding history of supporting community development initiatives that provide affordable housing, support low- or moderate-income senior citizens and families, and revitalize communities in meaningful ways,” said Christina Cudney, Corporate Social Responsibility Officer, United Bank. “These funds from FHLBank Atlanta help us continue to move the needle on pressing challenges faced by our communities to fulfill this ongoing commitment. With the rise in construction costs, several projects in our area had a need for gap funding, and FHLBank Atlanta’s grant program is enabling these initiatives to cross the finish line sooner than otherwise possible.”
FHLBank Atlanta’s General Fund provides grants annually to assist in the acquisition, construction, rehabilitation, or preservation of affordable housing projects. In December 2024, FHLBank Atlanta announced 66 grant recipient winners of its 2024 program, which allocated a total of $55 million to support the development and repair of more than 4,200 affordable housing units.
“It is inspiring to see United Bank’s dedication to affordable housing and economic vitality,” said FHLBank Atlanta President and CEO Kirk Malmberg. “Understanding the growing need for more affordable housing, our members like United Bank are working hand in hand with their local developers and nonprofits to make a lasting impact, and we are honored to see funds from FHLBank Atlanta support such transformational projects.”
About United Bank United Bank is a premier community bank headquartered in Greater Washington, D.C. A subsidiary of United Bankshares, Inc. (NASDAQ: UBSI), United has consolidated assets of more than $32 billion with over 240 offices located throughout Virginia, Maryland, West Virginia, North Carolina, South Carolina, Ohio, Pennsylvania, and Georgia, as well as Washington, D.C., where it is the community bank of the nation’s capital. The Bank is committed to growing the relationships it has built since 1839 and offering a competitive suite of banking and lending products, treasury management, wealth management, mortgage services, personal and business credit cards, and more. United is also committed to providing excellence in service to the communities throughout its footprint, strategically aligning resources to move the needle on pressing challenges in vital impact areas, including financial literacy, children and education, affordable housing, health, and economic vitality. For more information, visit BankWithUnited.com.
About Federal Home Loan Bank of Atlanta FHLBank Atlanta offers competitively-priced financing, 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. The Bank’s members—its shareholders and customers—are commercial banks, credit unions, savings institutions, community development financial institutions, and insurance companies located in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, and the District of Columbia. FHLBank Atlanta is one of 11 district Banks in the Federal Home Loan Bank System. Since 1990, the FHLBanks have awarded approximately $9.1 billion in Affordable Housing Program funds, assisting more than 1.2 million households.
