A Gloucester housing development will benefit from part of $6.6 million from the Federal Home Loan Bank of Atlanta (FHL-Bank Atlanta)’s Affordable Housing program to support affordable housing developments in Virginia. 

U.S. Sens. Mark R. Warner and Tim Kaine announced last Thursday that 18 initiatives led by local financial institutions and nonprofits in Virginia will receive the money.

An initiative by BB&T sponsored by Southeastern Housing Preservation Inc. will receive $168,736 in grant funding toward the acquisition and rehabilitation of 32 existing multi-family units at Village Green off Fiddler’s Green Road.

Rehabilitation will include new windows, HVAC, water heaters, appliances, roofs, siding, flooring and improvements to accessibility. The total cost of the project is $3,227,197, according to a release from the senators’ offices.

Upon completion, the property will be EarthCraft certified by meeting higher energy and resource efficiency standards. 

FHL-Bank Atlanta is one of the 11 regional banks in the Federal Home Loan Bank System that provide commercial banks, credit unions, savings institutions, community  development financial institutions, and insurance companies within seven southeastern states, including Virginia, with a source of funding for affordable home mortgages and community lending.