PHILADELPHIA, PA - Congressman Chaka Fattah announced that a group of banks is making a total of $3 million in grants available to complete more than 400 additional units of lower-income housing in the city.
The grants, made under the Federal Home Loan Bank (FHLBank) of Pittsburgh’s Affordable Housing Program (AHP) with the assistance of Beneficial Mutual Savings Bank, Citizens Bank of Pennsylvania, Firstrust Savings Bank and PNC Bank, N.A., will help provide 418 units of housing for the homeless, the elderly and the disabled, as well as mentally challenged individuals.
Since 1990, AHP has now awarded approximately $46 million in AHP grants for 191 projects that have created more than 6,000 units of housing for low- or very-low-income residents in the City of Philadelphia and supported $737 million in housing-related development.
Statewide, AHP has awarded approximately $141 million in grants for 786 projects that have created more than 22,000 units of housing.
“For more than two decades, FHLBank Pittsburgh has worked with public and private partners to create thousands of much-needed lower-income housing units in Philadelphia’s neighborhoods,” said Congressman Fattah. “Today we celebrate that more than 400 new units will be available for the individuals and families in our community who need it most: the homeless, disabled, mentally ill and elderly. Collaborating with the Federal Home Loan Bank to bring more affordable, accessible housing to our community remains one of my most important and successful partnerships in Congress. Together, we will continue to make great progress in meeting Philadelphia’s housing needs.”
Today’s grants were awarded in a ceremony at Depaul House, a part of Depaul USA, at which the congressman served as keynote speaker. Also speaking at the event were Winthrop Watson, president and CEO of FHLBank Pittsburgh, and Charles Levesque, executive director of Depaul USA.
As an intermediary between global capital markets and local lenders, FHLBank Pittsburgh provides readily available liquidity, as well as affordable housing and community development opportunities, to member financial institutions of all sizes in Delaware, Pennsylvania and West Virginia. The Bank is one of 12 banks in the Federal Home Loan Bank System, which was established by Congress in 1932 and serves as a reliable source of funds for housing, jobs and economic growth in all economic cycles.
“We are pleased to once again be working with our local partners to bolster the stock of clean, affordable housing in Philadelphia and to be able to have Congressman Fattah join us for this event,” said FHLBank’s Watson.