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15 June 2025 June 2025 » C O V E R S T O R Y second mortgages, and other programs to help get a consumer into a home, Davis said. For example, Southern Bancorp Community Partners (SBCP), a Commu- nity Development Financial Institution (CDFI) and an affiliate of Southern Ban- corp, Inc., offers the "Wealth Builders for Everyone Down Payment Assistance Program," which will offer up to $12,000 as a forgivable loan that eligible pro- spective homebuyers may use toward their down payment, prepaids, and closing costs. The program is the prod- uct of a collaboration between SBCP, the nonprofit, loan fund, and financial development financial development arm of Southern Bancorp, Inc., and the institution's mortgage division. Southern also has partnerships with: • Keepingly, a company that helps borrowers keep track of maintenance needs, savings, and resources to con- nect them with qualified profession- als for household needs, and • American Pledge Foundation, a nonprofit that provides an extra layer of security in case of emergency expenses or job loss during the first five years of homeownership. Expanding access to down payment assistance programs, like Arrive Home, is one critical strategy, Christensen added. "Homebuyer education, particularly early in the homebuying journey, can also empower buyers to navigate the process more effectively. Additionally, we need to encourage more affordable housing development and support public-private partnerships that address both supply and financing challenges. Organizations like Arrive Home are deeply committed to bridging these gaps with real, communi- ty-driven solutions." FHLBanks Provide Major Affordable Housing Funding T he FHLBanks, which collectively are the largest single source of af- fordable housing funding, have numer- ous programs designed to put people on the path to homeownership—or at least residential occupancy. "Homeownership is an American Dream, but maybe not the American Dream," said Reggie O'Shields, FHL- Bank of Atlanta's EVP and Chief Legal and Compliance Officer. "When you say the American Dream, you are implying that this is the appropriate path for every person." He added that the FHLBanks have a statutory obligation to commit at least 10% of their net income to affordable housing programs, and the FHLBank of Atlanta has committed at least 15% over the last few years. Those funds have supported: • The Affordable Housing Program (AHP) General Fund supports 66 proj- Homeownership is an American Dream, but maybe not the American Dream. When you say the American Dream, you are implying that this is the appropriate path for every person." —Reggie O'Shields, EVP and Chief Legal and Compliance Officer, FHLBank of Atlanta ects that will create or rehabilitate more than 4,200 affordable housing units. • The AHP Homeownership Set-aside Program provides homeownership grants to more than 3,000 households for down payments, closing costs, and home rehabilitation assistance. • The Workforce Housing Plus+ pro- gram, providing down payment and closing cost assistance to more than 1,300 households. • Other programs. In the spring, the FHLBank of Chicago opened its application period for its 2025 AHP General Fund. With $52 million available and up to $2 million per project, the program continues to advance the development and preserva- tion of affordable housing throughout Illinois and Wisconsin. AHP grants subsidize the acquisi- tion, new construction, or rehabilitation of rental or owner-occupied housing. Since 2017, FHLBank Chicago mem- ber First Mid Bank & Trust (First Mid) has helped secure more than $3 million in AHP funds in partnership with Coles County Regional Planning and Coles County Habitat for Humanity. These funds support essential home repairs and new home construction across rural central Illinois, ensuring that individu- als and families in eight counties have access to safe and affordable housing. Other FHLBanks also participate in AHP as well as other affordable housing programs. There is a difference between having a home and owning a home, O'Shields points out. Rental housing is the appro- priate path for some, even if only tempo- rarily. So FHLBank of Atlanta offers programs for both affordable rentals and affordable homeownership. "There are people that now is not the right time to own a home and that right time may never come," O'Shields said. "These people need appropriate housing." Various projects in the FHLBank of Atlanta's district offer "supportive housing."