Community Lending Program
Helping members finance housing and economic development projects with very competitive loan rates
What is CLP?
FHLBank Pittsburgh’s Community Lending Program
(CLP) is an $825 million noncompetitive revolving loan pool that offers loans to member financial institutions
for community and economic development projects that
create housing, improve business districts and strengthen
CLP benefits to FHLBank members:
- Available at FHLBank's cost of funds — typically 15 to 25 basis points below the Bank's current Advance rates
- Permits pass-through and mark-up options
- Mitigates interest rate risk by match-funding
- Deepens relationships with the public and private sectors
- Can enhance CRA standing
What qualifies for CLP funding?
CLP is the melting pot of community investment projects, as it can be used to support affordable housing, community and economic development projects, and small businesses (as defined by SBA size standards).
Examples of how funds may be used include:
- Acquire real estate or equipment for a business
in a qualified income census tract
- Construct a community facility that serves a qualified rural county
- Improve infrastructure in a low-income
- Renovate a facility to create jobs
for low-income persons
- Provide permanent financing for housing for moderate-income
- Provide equity bridge financing for a Low Income
Housing Tax Credit projects
- Construct office space for a nonprofit serving
individuals with special needs
- Refinance the debt of facility serving
For rural areas, targeted income levels are household
incomes less than or equal to 115 percent of the area
median income. For urban areas, targeted income levels
are household incomes less than or equal to 100 percent
of the area median income.
How do you apply?
Members must complete and submit a CLP
application and the appropriate portfolio, spreadsheet
and/or worksheet. There is no deadline for submitting CLP funding
applications. CLP funds must be drawn down within 90 days of loan origination.
For more information,
please contact Jim Gasperowich at 800-288-3400, ext. 2864.