PITTSBURGH--(BUSINESS WIRE)--The Board of Directors of the Federal Home Loan Bank of Pittsburgh (FHLBank) has approved $4.84 million in grants under its Affordable Housing Program (AHP). The grants will help finance 23 housing projects – six in Delaware, 11 in Pennsylvania, three in West Virginia and three outside of the Bank’s district – creating 571 units of housing for very-low, low- and moderate-income individuals and families, as well as those with special needs.
The 15 rental and eight homeownership projects approved for funding will serve a wide variety of recipients, including the chronically homeless, seniors, and individuals recovering from substance abuse. Eight of the funded projects are located in rural communities; four are located within the Bank-supported Blueprint Communities of Berwick, Pa. and Georgetown and Simonds Gardens, Del.
“As a result of more robust earnings in recent quarters, one very positive development has been the amount of income that we have been able to set aside for AHP,” said Winthrop Watson, FHLBank Pittsburgh’s President and Chief Executive Officer. “Today’s Board approval brings the total amount funded or committed to AHP projects since 1990 to approximately $171 million – a significant achievement and especially pleasing given the nearly 62 percent increase in AHP funding over the past year alone.”
Twelve FHLBank members will receive subsidies for the 23 projects approved by the Board today. The members that will deliver funding to 2012 sponsor applicants are: Chase Bank USA, Citizens Bank of Pennsylvania, First Columbia Bank & Trust Company, First National Bank in Ronceverte, Firstrust Savings Bank, Fulton Bank, Pendleton Community Bank, PNC Bank, Sovereign Bank, TD Bank, United Bank and Wilmington Savings Fund Society. For a complete list of the grants awarded, visit FHLBank’s website at www.fhlb-pgh.com.
Administered by the 12 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, the FHLBanks have awarded more than $4.6 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, 2012, the Bank had 294 members in its cooperative and approximately $60 billion in assets.