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Carper, Castle Award $1.36 Million in AHP Funds in Delaware

LINCOLN, DE, August 31, 2005 — U.S. Sen. Tom Carper (D-DE) and U.S. Rep. Mike Castle (R-DE) joined Federal Home Loan Bank of Pittsburgh officials in announcing $1.36 million in affordable housing grants for six projects across Delaware.

Sen. Carper is a member of the Senate Banking, Housing and Urban Affairs Committee. Rep. Castle sits on the House Financial Services Committee. Both committees have jurisdiction over federal housing programs.

Appearing at the Cedar Creek Landing Self-Help Project, Castle and Carper, along with representatives from the FHLBank, presented checks for Affordable Housing Program (AHP) funds to help finance the rehabilitation or construction of 61 affordable housing units. The grants are being awarded as part of the 2005 AHP funding round delivered through the Bank's member institutions. This year, the Bank committed $8.59 million in AHP grants to help finance 36 housing projects.

"Affordable housing, especially for first-time homebuyers, remains a priority across Delaware," said Carper. "Thanks to the support of the Federal Home Loan Bank and its four members participating in this announcement — Citicorp Trust Bank, County Bank, Delaware National Bank and Wilmington Savings Fund Society — we continue to see to it that this critical mission is being accomplished."

"The grants we're announcing today represent part of an ongoing solution to the issues of affordability and neighborhood renewal," said Castle. "The sponsoring organizations receiving these grants are to be commended for continuing to widen access to clean, safe, affordable housing. I would also like to thank the FHLBank of Pittsburgh for offering such outstanding programs and for being so involved in the community here and throughout Delaware."

The Lincoln announcement is part of $6.3 million in grants distributed for 38 projects in Delaware since AHP began in 1990. Over the past 15 years, 1,085 affordable housing units with total development costs of $104.8 million have been funded through this program in Delaware. In addition, the Bank — through its Delaware members — has extended $4 million in Home Buyer Equity Fund (HBEF) grants to first-time homebuyers to assist them with down payment and closing costs.

Since 1990, the Bank has awarded approximately $130 million district-wide for more than 20,000 affordable housing units — empowering families, improving neighborhoods and building sustainable communities.