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Fattah, Federal Home Loan Bank Unveil $2.8 Million in Funding for Affordable Housing Projects Benefiting Low-income Families

PHILADELPHIA, PA, November 14, 2005 — U.S. Rep. Chaka Fattah (PA-2) and the Federal Home Loan Bank of Pittsburgh (FHLBank) today announced the release of $2.8 million in grants to help fund nine affordable housing projects in Philadelphia and one in Coatesville, helping to create a total of 309 units of housing for low-income individuals and families.

Honickman Learning Center and Comcast Technology Labs — a program of Project H.O.M.E., one of Philadelphia's leading advocates for the homeless — served as the host for today's announcements. Sister Mary Scullion, co-founder and executive director of Project H.O.M.E., Bank officials and representatives of nearly a dozen affordable housing advocacy groups joined Congressman Fattah at the event.

The $2.8 million in funding is part of $10.37 million in grants for 2005 under the FHLBank's Affordable Housing Program (AHP). The funded projects comprise both new and renovated housing for purchase or rental in north Philadelphia, Mantua, Point Breeze, Norris Square, Germantown, West Norris Street, Susquehanna Avenue and North 23rd Street as well as in Coatesville.

The FHLBank is a private cooperative of nearly 340 member financial institutions that applies private capital to the public mission of affordable housing. Each year, it earmarks ten percent of its net income for AHP grants. Since 1990, the Bank has awarded more than $111 million in subsidies for the construction or rehabilitation of affordable housing across its tri-state district of Delaware, Pennsylvania and West Virginia. During that period, more than $28 million in grants has been extended to 145 projects across Philadelphia, providing purchase or rental opportunities for low- and very-low-income individuals and families, frail elderly, handicapped and the homeless.

"While government must play a critical role in expanding affordable housing opportunities, the FHLBank System continues to provide significant private resources in achieving this public mission," said Congressman Fattah, featured speaker at today's event and a member of the House Appropriations Committee. "The FHLBank of Pittsburgh has been a true friend to the people of Philadelphia and has helped create an environment of real and sustainable growth in our city."

"Safe, clean, accessible housing remains a major priority across Philadelphia and the rest of Pennsylvania," said Eric F. Dickerson, deputy director of Community Investment at the FHLBank. "Thanks to the support of Congressman Fattah and our four participating member banks — Citizens Bank of Pennsylvania, First Financial Bank, PNC Bank and Sovereign Bank — Philadelphia continues to make substantial strides in addressing the long-term needs of the less fortunate."

The $2.8 million in affordable housing grants announced today includes:

• $340,000 to renovate 16 homes along North 23rd Street for sale to very-low- to moderate-income, first-time homebuyers under Phase V of the St. Elizabeth's Homeownership Project. These renovations are part of an ongoing campaign by Project H.O.M.E., the host for today's announcements, to continually strengthen a 33-square-block neighborhood affected in recent years by a declining manufacturing base, subsequent economic divestment and migration of jobs to other parts of greater Philadelphia. Project H.O.M.E.'s efforts include the development of affordable purchase and rental housing, green space, community-based health care, and adult and youth education and enrichment programs offered through the Honickman Learning Center and Comcast Technology Labs, the centerpiece of Project H.O.M.E.'s revitalization efforts in the St. Elizabeth's/Diamond Street section of northcentral Philadelphia. FHLBank member PNC Bank is distributing the AHP grant for this housing renovation project.
• $300,000 to build 30 single-occupancy rooms in north Philadelphia for homeless adult men recently discharged from county jail and recovering from substance abuse or co-disorders. The project, Clearfield Place Transitional Housing, is sponsored by the Gaudenzia Foundation and Sherick Project Management. PNC Bank is also distributing these funds.
• $309,555 to transform vacant property in west Philadelphia's Mantua neighborhood into 50 rental units for low- and very-low-income families. Cloisters III is sponsored by Peoples Emergency Center Community Development Corporation and is funded through FHLBank member Sovereign Bank.
• $90,000 to build and rehabilitate nine homes along Cross and Greenwich streets in the Point Breeze section of south Philadelphia for sale to very-low- to moderate-income, first-time homebuyers. Universal Community Homes, the project sponsor, will receive the funds through FHLBank member Citizens Bank of Pennsylvania.
• $500,000 to develop 60 townhomes as part of the Hunter School Homeownership Project for purchase by very-low-income to market-rate homebuyers in the Norris Square neighborhood. Citizens Bank is distributing the grant to the Norris Square Civic Association.
• $75,000 to construct a 15-unit housing complex in Germantown designed for individuals with severe mobility impairments who desire to live independently. Inglis Gardens at Germantown, sponsored by Inglis Housing Corporation and Diamond and Associates, will receive funding through Sovereign Bank.
• $34,000 to renovate four vacant structures along West Norris Street for sale to moderate-income, first-time homebuyers. The Norris Street Home Rehabilitation Project is sponsored by Asociacion de Puertorriqueños en Marcha (APM) and is being funded through PNC Bank.
• $375,000 to construct 47 rental units and renovate six houses around North 15th Street and Susquehanna Avenue. At least 16 units will be wheelchair-accessible and ten others will be adaptable. A secure apartment building will include commercial space at the corner of Susquehanna Avenue and Carlisle Street. Sponsored by Community Ventures and funded through PNC Bank, Susquehanna Village will revitalize an area in flux due to the growth of the nearby Temple University community.
• $457,655 to renovate 52 units in Mantua for sale to low- to moderate-income homebuyers. Union Hill Homes — a project of Homeownership Developers, Sherick Project Management and Union Hill Community Developers — will benefit from a grant distributed by Sovereign Bank.
• $300,000 to build 20 apartments in a three-story facility in Coatesville for low- and very-low-income elderly. FHLBank member First Financial Bank will distribute funds for ChesPenn Senior Housing to the sponsoring organizations, Brandywine Health and Wellness Foundation and Cansler Investment Group.

"Today's grants are another milestone in creating a permanent stock of desirable housing that helps remove low-income individuals and families from harm's way," said Sister Mary Scullion, executive director of Project H.O.M.E. "They represent another step in the right direction as the city seeks to close the gap on a chronic shortage of much-needed affordable housing."

The Federal Home Loan Bank of Pittsburgh, with assets of more than
$76 billion, serves nearly 340 financial institution members in Delaware, Pennsylvania and West Virginia. It is one of twelve FHLBanks, all private cooperatively owned banks that provide wholesale housing finance, community lending and other community banking services to member banks, savings institutions, credit unions and insurance companies. The FHLBank uses no taxpayer funds in furtherance of its public mission.