FHLBank Pittsburgh’s e-Newsletter for Legislators and Staff

Letter of Credit Legislation to Help Communities with Economic Development, Infrastructure

Background, expert opinion and support for legislation introduced in Congress to help local communities raise funds for water treatment plants, industrial development, public healthcare, fire stations, parking facilities, long-term care for the elderly, schools and other important activities.

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Legislative Update

  • GSE Legislation

  • Deposit Insurance Reform

  • Retained Earnings Proposal

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‘First Front Door’ Offering Grants to First-time Homebuyers

FHLBank’s new and improved First Front Door program continues to offer lower-income first-time homebuyers grants of up to $5,000 in cash for down payment and closing costs. In 2006, FHLBank has committed more than $6 million to homebuyers in Delaware, Pennsylvania and West Virginia.

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FAST FACT

Since 1990, FHLBank Pittsburgh has awarded more than $118 million in subsidies — leveraging $2 billion in total development costs — that has resulted in nearly 21,000 affordable housing units throughout the region.

FHLBanks Offer Value in Mortgage Partnership

FHLBank members have an opportunity to remain competitive by extending fixed-rate loans to borrowers and sharing the risk through the FHLBanks’ Mortgage Partnership Finance® Program.

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FHLBank Pittsburgh Awards $6.58 Million in 2006 Affordable Housing Grants, Offers $6 Million More

The Board of Directors of FHLBank Pittsburgh approved $6.58 million in grants under its Affordable Housing Program (AHP). The grants will help finance 28 housing projects across the district, creating 726 units of housing with total development costs of $89.3 million.

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FHLBank Pittsburgh is a wholesale bank that serves the housing finance and community and economic development needs of its owner-members. FHLBank Pittsburgh provides reliable access to low-cost funds, competitive pricing in the purchase of mortgage loans, correspondent banking, technical assistance, affordable housing grants and other programs so members can better serve their own communities. FHLBank is privately capitalized and funded, does not use taxpayer dollars, and enjoys a triple-A rating. It currently has 333 members in its district of Delaware, Pennsylvania and West Virginia and approximately $74.7 billion in assets. FHLBank Pittsburgh is one of twelve Banks in the Federal Home Loan Bank System, established by Congress in 1932 to support the residential mortgage activities of local financial institutions.

Copryright 2006 FHLBank Pittsburgh