For many Black American first-time homebuyers in Baltimore, owning a home feels impossibly expensive. This is a result of history: for generations, discriminatory practices prevented Black families from building wealth through property. Fortunately, the Federal Home Loan Bank (FHLBank) of Atlanta offers grants that partner with local banks to provide down payment help, directly fighting this unfair history.
The beginning: Stabilizing America’s housing
The FHLBank System was created during the Great Depression by President Herbert Hoover in 1932 (FHLBank Atlanta, n.d.a). Back then, many banks that gave out home loans were failing. The FHLBank’s main job was to provide emergency funding to these local lenders. This kept the money flowing for home loans and helped prevent people from losing their homes.
Today, there are 11 regional FHLBanks. The FHLBank of Atlanta serves Maryland and is owned by its member banks and credit unions…