HARRINGTON, Del.--(BUSINESS WIRE)--Today, the Federal Home Loan Bank of Pittsburgh (FHLBank) was joined alongside U.S. Rep. Lisa Blunt Rochester (D-Del.) at a ceremony to announce two affordable housing grants totaling $1.5 million from FHLBank and their member financial institutions. FHLBank is a co-op whose members are able to leverage on demand liquidity and community products to support community partnerships that are fostering job growth, economic vitality and long-term stability in Harrington and across the country.
Joining Rep. Blunt Rochester were Delaware State Housing Authority Director Cynthia Karnai; Duane E. Bivans, Mayor, City of Harrington; Karen McGrath, Sussex County Regional Director, U.S. Sen. Tom Carper’s office; Andrew Dinsmore, Projects and Appropriations Director, U.S. Sen. Chris Coons’ office; Winthrop Watson, President and CEO, FHLBank; Katie Wilkinson, SVP Commercial Market Executive, Fulton Bank, N.A; Tyler Stetz, Business Development Officer, Community Bank Delaware; Paul Calistro, Executive Director, West End Neighborhood House; David Layfield, Principal, Green Street Housing; and representatives from a variety of public, private and community organizations.
Thursday’s event, held at Harrington Fire Company, followed a tour of the renovation underway at Diamond Court Apartments. Diamond Court Apartments is a substantial rehabilitation of a 34-unit family rental community originally constructed in 1986. The project includes a gut rehab of all existing structures, the addition of a robust selection of new development and unit amenities and will pursue the National Green Building Standard certification program.
The celebration concluded with the presentation of a $750,000 grant to Green Street Housing for the Diamond Court Apartments development from FHLBank and its member financial institution, Fulton Bank. A second grant of $750,000 was presented to West End Neighborhood House from FHLBank and Community Bank Delaware. This grant will support Lifelines South, a development that will serve unaccompanied youth experiencing homelessness, a majority of whom were previously in foster care, have one or multiple mental health disabilities and many of whom identify as LGBTQ.
The event also highlighted $114.2 million new funding opportunities, including $66.7 million for additional affordable housing, through FHLBank member institutions including:
- $48.7 million for the Affordable Housing Program and $18 million for the voluntary housing grant initiative
- $12.5 million for Banking On Business (BOB), including $4 million for Banking On Business Inclusion and Equity fund (BOBIE)
- $22 million for First Front Door (FFD) and $7 million for First Front Door Keys to Equity fund (Keys)
- $6 million to Home4Good
More information on these funding opportunities is available at www.fhlb-pgh.com.
“I was so glad to be in Harrington, Delaware, to announce new investments in safe, stable, and affordable housing. Affordable housing is the foundation for safe and prosperous communities, and in Delaware, we know too well how we need to increase our affordable housing supply,” said Rep. Blunt Rochester (D-Del.). “Access to safe and reliable housing impacts our ability to pursue educational opportunities, stay healthy, provide care for children, and loved ones, and access employment. This new funding is an example of how we can reimagine housing solutions for communities across our state, and I will always be a partner in efforts that achieve this goal.”
“I am thrilled to be here today to recognize the work underway to increase the supply of affordable housing in Harrington and highlight new funding opportunities,” said Winthrop Watson, President and CEO, FHLBank. “Together with our member institutions, Fulton Bank and Community Bank Delaware, we were able to provide financial support to developments that will have a big impact on the residents. We join many community partners and funders that have made these projects possible. Thank you to Rep. Blunt Rochester and Delaware’s Senators for their continued partnership that allows FHLBank Pittsburgh and our members to provide this support to our communities.”
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.
About Fulton Bank
Headquartered in Lancaster, Pennsylvania, Fulton Bank is a premier community bank in the Mid-Atlantic region. As a subsidiary of Fulton Financial Corporation, a $27 billion financial services holding company, Fulton Bank offers a broad array of products and services at more than 200 financial centers across Pennsylvania, New Jersey, Maryland, Delaware, and Virginia. At Fulton Bank, we seek to change lives for the better by building strong customer relationships, providing significant community support and empowering more than 3,400 employees to do the same. Through the Fulton Forward® initiative, we’re helping build vibrant communities. Learn more at http://www.fultonbank.com/. Fulton Bank, N.A., Member FDIC.
About Community Bank Delaware
In July 2006, a group of local businessmen and women started Community Bank Delaware to serve the needs of people in our community. Today, the bank has grown to over $346 million in assets and serves clients throughout Sussex County with business and consumer banking products. It is governed by a 9 member Board of Directors.
Community Bank Delaware is a full-service bank headquartered on Kings Highway and Route 1 in Lewes. Community Bank Delaware is a member FDIC and an Equal Housing Lender. NMLS #421384, Maryland License Number 06-24066.
About Green Street Housing, LLC
Green Street Housing is a Maryland-based developer who has closed and managed 25 projects and over $350 million in total development costs for attainable housing projects in Maryland, Delaware, and Virginia. The company’s principals bring a combined 30 years of experience in real estate development across new construction, renovation, HUD, LIHTC, and USDA-RD projects in the Mid-Atlantic. Green Street Housing takes great pride in its green-building practices, pursuit of energy efficient building certifications, and providing on-site solar energy production at all of its attainable apartment communities. Learn more at: http://greenstreethousing.com/
About West End Neighborhood House
Life Lines South is a permanent supportive housing development project that will expand West End Neighborhood House’s Life Lines program to meet the needs of homeless unaccompanied youth in both Kent and Sussex Counties in Delaware. The project will rehabilitate a former Bed and Breakfast and add 10 new Single Resident Occupancy (SRO) units. Cornerstone West, CDC, will perform the role of developer on the project. Representative Rochester assisted Senator Chris Coons in obtaining Direct Congressional spending to match FHLB’s investment in this project.
