The Federal Home Loan Bank of Atlanta will award $21.3 million in grants to member financial institutions and community housing partners through its 2013 Affordable Housing Program, a press statement said.

The program will put people through a rigorous application process and grant up to $500,000 per project.

The AHP Competitive program will help finance the acquisition, construction, rehabilitation and development of affordable rental and ownership housing.

Additionally, the competitive program will help reach new customers and borrowers, achieve business development and community lending goals and facilitate economic development, the press said.