PITTSBURGH--(BUSINESS WIRE)--The Board of Directors of FHLBank Pittsburgh (FHLBank) has approved $8.9 million in awarded grants under the Affordable Housing Program (AHP) and $10.1 million in awarded grants through a voluntary housing grant initiative. This additional voluntary pool of funding for 2022, which is separate and distinct from FHLBank’s required, statutory AHP, is provided to address the critical housing needs within FHLBank’s district, and the economic and social impacts of the COVID-19 pandemic. Combined, the grants will help finance 43 housing projects, creating more than 900 homes for very low-, low- and moderate-income individuals and families.
The 27 rental and 16 homeownership projects approved for funding will serve a wide variety of recipients. This includes individuals experiencing homelessness, individuals with physical and mental disabilities, individuals recovering from domestic violence and substance use disorder, military veterans and seniors.
“Through partnership with our members, FHLBank Pittsburgh is proud to announce that nearly $20 million in funding has been awarded to benefit more than 900 families across our footprint,” said Winthrop Watson, President and Chief Executive Officer. “This funding, along with our readily available liquidity and other community products, gives members the tools they need to make meaningful impact in the communities that they serve.”
Local organizations partnered with 20 member institutions to support the 43 projects receiving AHP and voluntary housing grant initiative funding. A complete list of the AHP and voluntary housing grant initiative awards made today can be found at www.fhlb-pgh.com/ahp.
About FHLBank Pittsburgh
FHLBank Pittsburgh provides reliable funding and liquidity to its member financial institutions, which include commercial and savings banks, community development financial institutions, credit unions and insurance companies in Delaware, Pennsylvania and West Virginia. FHLBank products and resources help support community lending, housing and economic development. As one of 11 Federal Home Loan Banks established by Congress, FHLBank has been an integral and reliable part of the financial system since 1932. Learn more by visiting www.fhlb-pgh.com.