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Community Lending Program

Looking for liquidity that creates a nice spread? FHLBank Pittsburgh’s Community Lending Program (CLP) can provide that liquidity while also helping you manage your cost of funds. CLP offers a match fund mechanism at a very competitive rate, typically 15 to 25 basis points below the Bank’s regular rates. The program is available to member financial institutions for qualified community and economic development projects that create housing, build infrastructure, help small businesses and strengthen neighborhoods.

Join us for a 30-minute lunchtime webinar at noon on July 31 to learn more about using CLP. To register for the webinar,
click here. To discuss CLP opportunities or arrange for technical assistance or training, talk with your FHLBank Relationship Manager or contact Jim Gasperowich at 1-800-288-3400, ext. 2864, or james.gasperowich@fhlb-pgh.com.

FHLBank Pittsburgh’s Community Lending Program (CLP) offers loans to member financial institutions for community and economic development projects that create housing, improve business districts and strengthen neighborhoods. CLP is designed to help members meet their community investment goals while maintaining and enhancing their own profitability.
 
CLP features:

  • An $825 million noncompetitive revolving loan pool. When loans are repaid, that money is available to be loaned to other projects.
  • Loans are typically 15 to 25 basis points below the Bank's regular loan rates.
  • With low-cost (priced at FHLBank's cost of funds) and flexible financing with terms up to 30 years, CLP is an alternative funding source for members.
  • Members may also take advantage of CLP to match fund mortgage and small-business loan portfolios.

CLP is the melting pot of community investment projects. Funds can be used to:

  • Acquire real estate or equipment for a business in a qualified income census tract
  • Construct a community facility, such as a theater or park, that serves a qualified rural county
  • Improve infrastructure or a site in a lower-income municipality to support a business park
  • Renovate a manufacturing facility to create jobs for low- to moderate-income persons
  • Provide permanent financing for apartments for moderate-income households
  • Provide equity bridge financing for a Low Income Housing Tax Credit project
  • Construct office space for a nonprofit agency serving the mentally handicapped
  • Refinance the debt of a day care facility serving predominantly lower-income families

CLP offers competitive pricing and access to multiple financial structures. Member financial institutions may tailor the terms to best fit the project. Financing structures include:

  • Lines of credit
  • Fixed- or variable-rate loans
  • Fixed rates up to 30 years
  • Forward rate lock option
  • Permanent, construction or bridge financing

For rural areas, targeted income levels are household incomes equal to or less than 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. For eligible areas and income data, contact the Community Investment Department at 1-800-288-3400.

  1. Click on the buttons at right to download a CLP application and the appropriate portfolio, spreadsheet and/or worksheet.
  2. Complete the application and all necessary supplemental material.
  3. Submit the application.

Please make sure that the application is submitted by a member financial institution of FHLBank. Send the completed application to FHLBank Pittsburgh, Community Investment, 601 Grant Street, Pittsburgh, PA 15219-4455.

Note: There is no deadline for submitting CLP funding applications.

Application processing time is generally five to ten working days from receipt of the application and all supporting material. CLP funds must be drawn down from FHLBank's Member Money Desk within 90 days of loan origination.
 
For more information or to take advantage of the program, please contact Jim Gasperowich at 412-288-2864.

 

 

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