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After 17 Years, It's All About Partnering

When FHLBank Community Investment Director John Bendel called upon three of the Bank’s leading advocates to join U.S. Sen. Robert P. Casey Jr. for a group photo on September 14, it was a genuine occasion to celebrate. Not just another “photo opp”, the assembled group basked in the glow of a watershed moment in FHLBank history: the granting of $100 million in Affordable Housing Program (AHP) grants across the Commonwealth of Pennsylvania.

Gathered at the entrance to the YWCA-Greater Harrisburg, Bill Fogarty of the Pennsylvania Housing Finance Agency, Liz Hersh of the Housing Alliance of Pennsylvania, Paul Reichart, a member of the Bank’s Board of Directors, Bendel and Sen. Casey symbolized the unique private-public partnership that has allowed the Bank to assist in building or rehabbing 700 affordable housing projects across the Keystone State since AHP was inaugurated in 1990.

"$100 million invested in affordable housing over the last 17 years is a staggering figure and a remarkable success," said Sen. Casey. "The Federal Home Loan Bank has proven that private companies and government can work together to solve real problems for real people and more than 20,000 units of housing is lasting proof of that."

During the open-air ceremony, an additional $1.3 million in AHP grants was announced for five new projects in Harrisburg, Ashland, Carlisle and York. Funded projects include housing for adults suffering from mental illness and female heads of households recovering from substance abuse.

Bendel, who served as master of ceremonies, noted that the $100 million milestone was occurring during the 75th Anniversary of the Bank’s founding. To date, approximately $134 million in AHP funding has been made available across FHLBank’s district of Delaware, Pennsylvania and West Virginia.

“From the Great Depression to today’s credit crunch, the need for truly affordable housing has been a constant,” said Bendel. “This need was enormous 75 years ago when the Home Loan Bank System was created, and it is just as compelling today. As long as we remain adaptable, there is no end to the good we can do working with our members and community partners.”

About 80 of the Bank’s friends from the for-profit, nonprofit and governmental arenas took part in marking the historic milestone.