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FHLBank, Partners Unveil $3 Million for Affordable Housing Projects in Metropolitan Philadelphia

U.S. Rep. Chaka Fattah (PA-2), the Rev. Luis Cortés Jr., advisor to FHLBank Pittsburgh's Board of Directors, and five member banks announced the release of $3 million in grants to help fund eight affordable housing projects in Philadelphia and nearby areas. Affordable Housing Advisory Council members Beverly Coleman and Gloria Guard were also on hand.

Project partners held a check presentation ceremony in Philadelphia's Saunders Park, hosted by John Bendel, director of Community Investment at FHLBank. The funding will help create 230 units of affordable housing for lower-income individuals and families including young homeless mothers and their children, men and women who are recovering from alcohol and drug addiction, the physically handicapped, those suffering from mental illness and seniors, including frail elderly.

"I'm proud of the partnership between the Federal Home Loan Bank of Pittsburgh and the Fattah congressional office for the role we have played in revitalizing neighborhoods throughout Philadelphia and the region," said Congressman Fattah, featured speaker at the ceremony. "Walk almost any neighborhood in Philadelphia and see the proof. These housing programs have been a critical linchpin to provide affordable housing for low-income families, for the elderly and for those with special needs."

The grants, to be distributed through FHLBank member banks, were approved during the Bank's latest Afforable Housing Program funding round. The following projects and FHLBank members participated in the check presentations:

• $70,000 for six units of rental housing at Bernice Elza Homes to provide shelter to teen mothers and their children. Member: Citizens Bank of Pennsylvania.
  
  
• $350,000 for ten rental units at Gaudenzia New Hope on West Tioga Street. New Hope will renovate adjoining three-story rowhouses. Member: Sovereign Bank.
  
  
• $1.35 million for Harvest Senior Housing in Lindenwold, NJ. to develop a 92-unit, three-story apartment building for very-low-income seniors. Members: Commerce Bank, PNC Bank.
  
  
• $105,000 for Mantua I Supported Independent Living for ten one-bedroom rental units for very-low-income individuals. Member: Firstrust Bank.
  
  
• $369,722 for 24 units serving homeless adult men recovering from drug- and alcohol-related addictions, at St. Elizabeth's Recovery Residence in northcentral Philadelphia. Member: PNC Bank.
  
  
• $150,000 to rehabilitate eleven vacant properties in north Philadelphia's Allegheny West neighborhood into ten new homes for very-low- to moderate-income first-time homebuyers. Member: PNC Bank.
  
  
• $450,000 for 30 semi-detached single-family homes for moderate-income first-time homebuyers in the Wellington Heights neighborhood of Chester. Member: Sovereign Bank.
  
  
• $260,000 for 48 rental units in West Powelton Village to be built on vacant land along Warren Street. Member: Firstrust Bank.