Senator Coons Announces $772,500 in Affordable Housing Grants: Four Projects to Benefit Lower-Income, Special Needs Individuals

Senator Coons Announces $772,500 in Affordable Housing Grants: Four Projects to Benefit Lower-Income, Special Needs Individuals

Dover, Del. – May 2, 2013 – (RealEstateRama) — U.S. Senator Chris Coons (D-Del.) announced today that sponsors of four affordable housing developments in the state will receive a total of more than three-quarters of a million dollars in grant money to help them complete their projects.

The $772,500 in grants, made under the Federal Home Loan Bank of Pittsburgh’s (FHLBank) Affordable Housing Program (AHP) with the assistance of Fulton Bank, will help provide much-needed housing to lower-income families and individuals, including the homeless. A total of 39 additional units of affordable housing will be available in Dover, Georgetown, New Castle County and Seaford once all projects are completed.

Today’s awards bring to more than $11.6 million the total amount of AHP grants in Delaware. Since the program’s inception, the Bank has funded 1,423 lower-income housing units in the state.

Today’s grant awards were made in a ceremony with project sponsors at the Harmony Hills subdivision in Camden, just outside Dover.

“Access to safe, affordable housing is a basic right for all Delawareans,” Senator Coons said. “We are so grateful to the Federal Home Loan Bank of Pittsburgh and Fulton Bank for providing these much-needed grants, which will have a multiplier effect across our community. When families are in stable housing, they are able to focus on work, their health and the education of their kids – critical aspects of a healthy life that are not possible when housing is unsafe or uncertain.”

In addition to AHP awards, FHLBank Pittsburgh has also made grants to qualified first-time, lower-income homebuyers to assist them with down payment and closing costs. That program, First Front Door, has to date provided $5.14 million to 1,206 homebuyers in the First State.

The affordable housing projects receiving funding are:

 

Concord Area Project
Seaford, Del.

Member:
Fulton Bank

Sponsor:
Sussex County Habitat for Humanity

Units: 4
AHP Grant: $240,000

Sussex County Habitat, a long-time AHP partner, will use donated materials and staff and volunteer labor to construct four homes for first-time buyers with incomes ranging from 30 to 60 percent of the area median income. The Habitat chapter owns the land on which construction will occur, with three of the four lots having been donated. As with all Habitat projects, qualifying families must contribute 250 hours of sweat equity as they help build their own or a neighbor’s home. Sussex County Habitat has built or sold 20 homes in the area.

Georgetown Point – Phase III
Georgetown, Del.

Member:
Fulton Bank

Sponsor:
Sussex County Habitat for Humanity

Units: 5
AHP Grant: $250,000

Sussex County Habitat continues work on its growing subdivision in the Blueprint Community of Georgetown by adding five additional first-time homebuyer units in this phase. Qualifying households will have incomes ranging from 30 to 60 percent of area median income. One unit will house a family that is currently homeless while another will house a family with special needs. As with prior units, these latest homes will be built using the services of both AmeriCorps members and community volunteers.

Home Repair Project of New Castle County
New Castle County, Del.

Member:
Fulton Bank

Sponsor:
Milford Housing Development Corporation (MDHC)

Units: 20
AHP Grant: $162,500

MHDC will offer home rehabilitation services to 20 households with incomes at or below 50 percent of the area median income in select neighborhoods along Route 9 in New Castle County. MHDC is partnering with the county’s Community Development Department Home Incentive Program to provide the repairs. Twenty-five percent of the households to benefit from the repair work are located in Simonds Gardens, a Blueprint Community. The objective of the initiative is to make aging homes safe, decent and code-compliant. MHDC’s work model involves the use of volunteer labor to reduce project costs. In addition, where feasible, homeowners will be given the opportunity to take part in the repair process. Homeowners will also be able to participate in a variety of instructional programs, including a financial literacy course.

Self-Help Housing Program/Harmony Hills
Dover, Del.

Member:
Fulton Bank

Sponsor:
Milford Housing Development Corporation (MHDC)

Units: 10
AHP Grant: $120,000

MHDC has offered self-help housing as an alternative path to homeownership since 1997. Working in small groups of families, participants help build one another’s homes over a year-long construction process for 30 hours each week, thus driving down overhead costs. Mortgage rates as low as one percent are offered with no down payment. Qualifying families must complete a broad-based financial literacy and homeownership program. The AHP grant will provide additional financial assistance to 10 self-help families with incomes at or below 50 percent of the area median income. The 10 families will build customized homes that will become part of the subdivision.

About FHLBank Pittsburgh

FHLBank Pittsburgh is a wholesale bank that serves the housing finance and community and economic development needs of its owner-members. FHLBank Pittsburgh provides reliable access to low-cost funds, competitive pricing in the purchase of mortgage loans, correspondent banking, technical assistance, affordable housing grants and other programs so members can better serve their own communities. FHLBank Pittsburgh is privately capitalized and funded and does not use taxpayer dollars. At December 31, 2012, it had 294 members in its district of Delaware, Pennsylvania and West Virginia and approximately $65 billion in assets. FHLBank Pittsburgh is one of twelve Banks in the Federal Home Loan Bank System, established by Congress in 1932 to support the residential mortgage and community development activities of local financial institutions.

Contact:
Ian Koski, Communications Director, Senator Chris Coons, 202-224-4216,
Dave Moore, Milford Housing Development Corporation, 302-422-8255, ext. 101;
Kevin Gilmore, Sussex County Habitat for Humanity, 302-855-1153,
Dave Buches, FHLBank Pittsburgh, 302-242-1257,

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