PITTSBURGH, PA - The Board of Directors of the Federal Home Loan Bank of Pittsburgh (FHLBank) has approved $2.99 million in grants under its Affordable Housing Program (AHP). The grants will help finance 14 housing projects – one in Delaware, six in Pennsylvania and seven in West Virginia – creating 260 units of housing for very-low, low- and moderate-income individuals and families as well as those with special needs.
The nine rental and five homeownership projects approved for funding will serve a wide variety of recipients, including the chronically homeless, seniors, and individuals recovering from substance abuse.
“We are pleased to continue our 21-year commitment of serving communities across our district through AHP, especially during trying economic times,” said Winthrop Watson, FHLBank Pittsburgh’s President and Chief Executive Officer. “Today’s Board approval brings to more than $164 million the total amount funded or committed to AHP projects since 1990.”
Twenty-eight FHLBank financial institution members submitted applications on behalf of 67 projects during this year’s funding round. Ten members will receive subsidies for the 14 projects approved by the Board today. The members that will deliver funding to 2011 sponsor applicants are: Citizens Bank of Pennsylvania, First Federal Savings & Loan of Greene County, Fulton Bank, National Penn Bank, Pendleton Community Bank, PNC Bank, Sovereign Bank, Standard Bank, United Bank, and WesBanco Bank. For a complete list of the grants awarded, visit FHLBank’s web site at www.fhlb-pgh.com.
Administered by the country's FHLBanks, the Affordable Housing Program is one of the largest private sources of grant funds for affordable housing in the United States. Since the first AHP funding rounds two decades ago, the FHLBanks have awarded more than $4 billion in combined funds for affordable housing projects.
FHLBank Pittsburgh provides a steady stream of low-cost liquidity to local lenders in support of housing finance and community and economic development. FHLBank is privately funded and capitalized and uses no taxpayer dollars. At September 30, 2011, the Bank had 300 members in its cooperative and approximately $47 billion in assets.