CHESTER, Penn.--(BUSINESS WIRE)--U.S. Rep. Mary Gay Scanlon (D-PA5) was the special guest speaker at a ceremony to announce an Affordable Housing Program (AHP) grant and the voluntary housing grant initiative totaling $1.5 million from the Federal Home Loan Bank of Pittsburgh (FHLBank) through their member financial institutions. FHLBank is a cooperative 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 Chester and across the country.
Joining Rep. Scanlon were Pennsylvania State Senator John I. Kane (D-PA SD9); Dr. Monica Taylor, Chair of Delaware County Council; Christine Reuther, Delaware County Council; Stefan Roots, Mayor, City of Chester; Tia Watson, Regional Director, Office of U.S. Senator Bob Casey; Amy Sechrist, Senior Policy Officer, The Pennsylvania Housing Finance Agency; David Paulson, Chief Operating Officer, FHLBank Pittsburgh; Jeanne Fields, Vice President, Commercial Community Development Lending Officer, Fulton Bank; Tiffany Canady, Chief Financial Officer, Reinvestment Fund; Blane F. Stoddart, CEO, BFW Group LLC, Owner’s Representative, Everest Pace – Silvercare; Steven A. Fischer, Executive Director, Chester Housing Authority, Thomas Earle, CEO, Liberty Resources Inc. (LRI) and Bianca Waliddin, Executive Director, Liberty Housing Development Corporation (LHDC); Anthony Brooks, Nursing Home Transition Advocate-Testimonial Speaker and representatives from a variety of public, private and community organizations.
Tuesday’s event, held at Everest PACE Center, Inc., was followed by a roundtable discussion on affordable housing. Everest PACE Center’s new Silvercare Senior Housing development, located nearby, will be an adaptive reuse of a vacant six‐story hospital building converted into affordable senior housing. The building is designed to receive certification from Enterprise Green Community 2020 and exceed Energy Star requirements. The two-phased development will provide approximately 94 units of affordable rental housing with supportive services for seniors aged 62 and older. Phase I of the development will include approximately 45 one- and two-bedroom units to be leased to tenants with incomes from 20 to 60 percent of the area median income.
The celebration concluded with the presentation of a $750,000 grant to Everest PACE Center, Inc., for the Silvercare Senior Housing development, from FHLBank and its member financial institution, Fulton Bank. A second grant of $750,000 was presented to Liberty Housing Corp from FHLBank and Reinvestment Fund to support Eileen & Shawn’s Place. This grant will provide additional one-bedroom options for low-income individuals with disabilities transitioning out of nursing homes, as well as five one-bedroom units and one two-bedroom unit that will be fully wheelchair-accessible. The development will also include 2,400 square feet of ground floor office space for Liberty Resources' supportive services, referrals and advocacy work. Residents will have access to supportive services and program offices.
“Investing in accessible and affordable housing is essential to creating communities that provide equitable opportunities for residents,” said Rep. Scanlon. “I look forward to seeing the economic impact and long-term stability these investments will provide in the Chester community as we all work together to create more affordable housing and lower costs.”
“Today is a celebration of progress as the country continues to face the challenges of providing an increased supply of affordable housing,” said David Paulson, Chief Operating Officer of FHLBank. “With our member institutions, Fulton Bank and Reinvestment Fund, we join many organizations and funders to make an impact in the City of Chester. Thank you to Rep. Mary Gay Scanlon for the continued partnership that allows FHLBank Pittsburgh and our members to provide this support to communities.”
The 2024 funding round for AHP and the voluntary housing grant initiative is now open with $66.7 million for additional affordable housing through FHLBank member institutions. Applications are due by 5 p.m. EDT on Thursday, Aug. 8. More information on these funding opportunities is available at www.fhlb-pgh.com.
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, N.A.
Headquartered in Lancaster, Pa., Fulton Bank is a premier community bank in the Mid-Atlantic region. As a subsidiary of Fulton Financial Corporation, a more than $30 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, New York, 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 3,500 employees to do the same. Through the Fulton Forward® initiative, we’re helping build vibrant communities. Learn more at www.fultonbank.com/. Fulton Bank, N.A., Member FDIC.
About Reinvestment Fund
Reinvestment Fund is a mission-driven financial institution committed to making communities work for all people. We bring financial and analytical tools to partnerships that work to ensure that people in communities across the country have the opportunities they strive for: affordable places to live, access to nutritious food and health care, schools where their children can flourish, and strong, local businesses that support jobs. We use data to understand markets and how transactions can have the most powerful impact, which has consistently earned us the top Aeris rating of AAA for financial strength and four stars for impact management. Our asset and risk management systems have also earned us an AA- rating from S&P. Since our inception in 1985, Reinvestment Fund has provided over $3.2 billion in financing to strengthen neighborhoods, scale social enterprises, and build resilient communities.
About Everest PACE Center – Chester
Everest PACE Center is dedicated to providing affordable housing and comprehensive, all-inclusive care for the low-income elderly in the community.
About Liberty Resources Inc.
Liberty Resources Inc. is the Center for Independent Living for Individuals with disabilities for Delaware County, for more information call 215-634-2000 ext. 325, or visit http://libertyresources.org; and Liberty Housing Development Corp. develops accessible affordable housing and provides housing counseling services to people with disabilities, to learn more call 215-634-2000 ext. 391.
