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2005 Press Release

FOR IMMEDIATE RELEASE

Contact:
Neil Cotiaux, FHLBank of Pittsburgh: 412-288-2851; cell: 330-703-0753

FHLBANK OF PITTSBURGH AWARDS $390,000 GRANT FOR AFFORDABLE HOUSING DEVELOPMENT IN CENTRAL PENNSYLVANIA

PITTSBURGH, PA, June 17, 2005 — The Board of Directors of the Federal Home Loan Bank (FHLBank) of Pittsburgh approved a $390,000 grant under its Affordable Housing Program (AHP) to help finance an affordable housing initiative in central Pennsylvania with total development costs of $8.29 million. The initiative will create a total of 64 housing units in Mechanicsburg.

The FHLBank received 84 applications in this single funding round. Project applications must meet certain criteria to compete for funding, and are scored based on a system developed by the FHLBank, its Board of Directors and its Affordable Housing Advisory Council.

The project approved for funding in central Pennsylvania is:

Project: Geneva Green Apartments
Member Bank: PNC Bank
Project Sponsor: Redevelopment Housing Authority of Cumberland County
Project Description: $390,000 to construct 64 units in eight buildings in Mechanicsburg for low- and very-low-income individuals and families

For details on this project, click here.

Since the AHP began in 1990, the FHLBank of Pittsburgh has awarded nearly $130 million in housing grants for projects in Delaware, Pennsylvania and West Virginia. Of that total, $104 million was awarded through AHP funding rounds and $14.5 million through the Home Buyer Equity Fund (HBEF), the FHLBank's program that assists first-time homebuyers with down payment and closing costs. AHP funding, leveraged with funding from other sources, has resulted in more than $1.7 billion in total development, representing more than 20,000 housing units.

The Federal Home Loan Bank of Pittsburgh, with $61 billion in assets, serves nearly 340 member financial institutions 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 correspondent banking services to member banks, savings institutions, credit unions and insurance companies.