Bethlehem, Pa. – April 8, 2015 – (RealEstateRama) — Congressman Charlie Dent (R-Pa. 15th Dist.) was the special guest speaker for a ceremony today to present a $320,000 Affordable Housing Program (AHP) grant to Valley Housing Development Corporation for a project in Bethlehem. The project, The Mills, will benefit low-income, elderly and other special needs persons by providing quality affordable housing.
This grant represents a total of 113 housing units and a total development investment of nearly $16million for the Lehigh Valley.
The AHP funds were provided by Federal Home Loan Bank of Pittsburgh (FHLBank Pittsburgh) and its member financial institutions, in this case Lafayette Ambassador Bank.
“These grants have helped Lehigh Valley citizens achieve the dream of affordable housing for themselves and their families,” said Congressman Dent. “FHLBank Pittsburgh, together with itsmembers and housing partners, are helping improve lives and revitalizing communities.”
The event was hosted by Lafayette Ambassador Bank, Bethlehem, and recognized the grant that will support The Mills, a project to refinance and preserve low-income property for the elderly (age 55+) and a unique special needs property in Fountain Hill Borough. The work will include safety and accessibility improvements, current and preventive maintenance and efficiency improvements.
Receiving the grant on behalf of Valley Housing Development Corporation was Joseph Schupp, Board Chair, who said, “We at Valley Housing Development Corporation are extremely pleased with the strong relationship we enjoy with Lafayette Ambassador Bank as well as other visionary leaders in the Lehigh Valley. Thanks to our joint efforts, programs such as The Mills can be implemented to benefit our neighbors in need and elevate the quality of life in our community.”
“This AHP grant funding provided by the FHLBank Pittsburgh has an immeasurable positive impact on our communities,” remarked Gerald A. Nau, Chairman of the Board and CEO, Lafayette Ambassador Bank. “We are so pleased to stand with our partner sponsors to channel these funds to where they are making a real difference in people’s lives. These grants directly affect the revitalization of our neighborhoods, people’s health and safety, and the overall quality of life.”
Annually, FHLBank Pittsburgh sets aside approximately 10 percent of its net income to fund the AHP.
The AHP supports projects that provide affordable housing to individuals and families whose incomes are defined as low (51 to 80 percent of area median) or very low (50 percent and below of areamedian).
Prior to the ceremony in which a large check was presented to Valley Housing, Congressman Dent joined FHLBank Pittsburgh and other financial services and housing leaders in a roundtable discussion. The discussion focused on the vibrant partnerships that FHLBank Pittsburgh has in this
Congressional district and the power of public/private partnerships in achieving goals that improve the vitality of communities and the lives of individuals and families.
In addition to Congressman Dent, participants in the informal roundtable included Gerald A. Nau, Chairman of the Board and CEO, Lafayette Ambassador Bank; Joseph Schupp, Board Chair, Valley Housing Development Corporation; and Dana A. Yealy, Peter E. Knight and David Buches of FHLBank Pittsburgh. The gathering was part of a series of affordable housing roundtables being heldthis year across FHLBank’s three-state footprint of Delaware, Pennsylvania and West Virginia.
Dana A. Yealy, General Counsel at FHLBank Pittsburgh, discussed the impact of AHP, noting that 2015 marks its 25th anniversary. “Since the summer of 1990, $198 million has flowed through our member institutions to help subsidize nearly 30,000 housing units and forever change the lives of individuals and families,” he said. “In the Lehigh Valley alone, AHP grants have totaled more than $8 million for projects creating over 1,700 housing units. These are profoundly important results and we achieved them together.” He also described how the Bank works with area lenders and community groups for job creation and community vitalization. “We are proud to partner with our member institutions and sponsoring organizations to fund these vital programs. It is rewarding to see that, together, we can make a positive impact in quality of life, jobs and a strong local economy.”
FHLBank Pittsburgh is a congressionally chartered cooperative of local financial institutions operating across Delaware, Pennsylvania and West Virginia. The Bank uses private money, not taxpayer funds, to ensure the flow of credit and services to local lenders and assists them in serving the affordable housing and community and economic development needs of the communities in which they operate.
Each year, FHLBank sets aside 10 percent of its net income for AHP grants, which are awarded to project sponsors on a competitive basis.
David Buches, FHLBank – 302-242-1257
Shawn Millan, Congressman Dent’s Office – 610-770-3490