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$8.3 Million Received by SunTrust for Nine Affordable Housing Communities

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Aug 20 2007

SunTrust Banks, Inc. has received a total of $8.3 million in Affordable Housing Program (AHP) grants and subsidies from the Federal Home Bank of Atlanta.

The awards will be used to help fund 759 single-family and multifamily housing units affordable to lower income residents in communities in Florida, Georgia, Maryland, Tennessee and the District of Columbia.

"As a major participant in community development for the areas we serve, SunTrust helps create quality housing for families and seniors of modest means which helps them build better lives and preserves and enhances the quality and character of their surrounding communities," said Bill Pridgen, Chairman and CEO of SunTrust Community Development. "The AHP awards are a good example of the public and private sectors working together successfully to help better our communities and the lives of the people who live there."

AHP is a competitive award program that provides funds to help develop single-family and multifamily housing for very low- to moderate-income households. The Federal Home Loan Bank of Atlanta generally grants AHP awards twice a year to member financial institutions and their community housing partners.

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