FHLBank Pittsburgh Awards $8.9 Million in Grants: 30 Projects with Nearly 1,000 Units of Affordable Housing Funded
PITTSBURGH, PA – December 18, 2007 – The Board of Directors of the Federal Home Loan Bank of Pittsburgh (FHLBank Pittsburgh) has approved more than $8.9 million in grants under its Affordable Housing Program (AHP). The grants will help finance 30 housing projects across Delaware, Kentucky, New Jersey, Pennsylvania, Rhode Island and West Virginia, creating 987 units of housing with total development costs of more than $157 million.
“FHLBank Pittsburgh is pleased to cap a record year of AHP funding with these projects,” said John R. Price, the Bank’s president and chief executive officer. “Today’s action means that nearly $18 million in AHP funding has been committed during this calendar year, helping to create a total of 2,093 units of affordable housing within 61 rental and owner-occupied projects for some of the most vulnerable families in our district.”
FHLBank Pittsburgh, a wholesale bank using private capital, not taxpayer funds, distributes AHP dollars through its member financial institutions to community sponsors and project developers. With today’s announcement, the Bank has awarded approximately $143 million to build or rehabilitate more than 23,000 affordable housing units since the start of the AHP in 1990 – empowering families and improving neighborhoods.
This year, the Bank judged grant applications on a revised set of scoring criteria that placed a premium on the category of Community Stability. The Bank awarded up to 25 out of 100 points based on how well a project reflects broader stakeholder involvement and community-wide interests. The greatest number of points was awarded to projects demonstrating strong local leadership and collaboration, that are located in an area with a quality community plan and whose features improve resident quality of life and act as a catalyst for accomplishing a community strategy.
For a complete list of grants awarded in the just-completed AHP funding round, please visit www.fhlb-pgh.com.
With assets of more than $95 billion as of September 30, 2007, FHLBank Pittsburgh, a government-sponsored enterprise created by Congress in 1932, has 330 members across its three-state district of Delaware, Pennsylvania and West Virginia. It is one of twelve FHLBanks, all cooperatively owned banks established to provide a steady stream of low-cost housing finance. More recently, the Bank’s mission has expanded to include financing for business startup and expansion as well as a variety of community and economic development needs.