VALDOSTA — An apartment complex in Valdosta will get $1 million to build family rental units.

Harvest Station II will use the grant from the Federal Home Loan Bank to build 80 multi-family units, a statement the FHLBannk said.

The grant was sponsored by the Valdosta Leased Housing Corporation and will be distributed by Citizens Community Bank.

Development costs for the 80 units should be nearly $22 million. 

Harvest Station II was among 66 affordable housing initiatives in 12 states and Washington, D.C., to receive funds, with $55 million going to Georgia projects.

“Each year, we are proud of how our member institutions leverage this annual fund to strengthen their communities and expand access to affordable housing,” said FHLBank Atlanta President and CEO Kirk Malmberg. “In total, FHLBank Atlanta contributed a record $120 million this year to affordable housing and community development efforts, and across the Federal Home Loan Bank System, more than $1 billion is being deployed in 2024 to address the growing need for affordable housing nationwide.”

AHP General Funds are awarded annually through a competitive application process and distributed through FHLBank Atlanta member financial institutions. Since the program’s inception in 1990, FHLBank Atlanta Bank has awarded more than $921 million in General Fund grants, providing more than 138,000 housing opportunities for moderate-, low-, and very low-income households.