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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 $1.36 MILLION IN GRANTS FOR AFFORDABLE HOUSING DEVELOPMENT IN DELAWARE

PITTSBURGH, PA, June 17, 2005 — The Board of Directors of the Federal Home Loan Bank (FHLBank) of Pittsburgh approved more than $1.36 million in grants under its Affordable Housing Program (AHP) to help finance six housing initiatives in Delaware having total development costs of $8.82 million. The initiatives will create a total of 61 housing units in Dover, Ellendale, Lincoln, Seaford and Wilmington.

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 six projects approved for funding in Delaware are:

Project: City of Dover Homeownership Initiative
Member Bank: Wilmington Savings Fund Society, FSB
Project Sponsor: Dover Housing Authority
Project Description: $200,000 to renovate ten units for sale to low- to moderate-income, first-time homebuyers in Dover

Project: Cedar Creek Landing Self-Help
Member Bank: County Bank
Project Sponsor: Milford Housing Development Corporation
Project Description: $75,000 to assist 15 very-low- to moderate-income, first-time homebuyers in building their homes (and their neighbors') at the Cedar Creek subdivision in Lincoln

Project: Concord Village Phase I
Member Bank: Delaware National Bank
Project Sponsor: Sussex County Habitat for Humanity
Project Description: $440,220 to develop ten homes for sale to very-low-income, first-time homebuyers in Seaford

Project: Las Aguilas III
Member Bank: Citicorp Trust Bank, FSB
Project Sponsor: Latin American Community Center Development Corporation
Project Description: $60,000 to rehabilitate four homes in Wilmington's North Harrison and North Van Buren streets for sale to low- and very-low-income, first-time homebuyers

Project: Phase VIII Cornerstone West
Member Bank: Citicorp Trust Bank, FSB
Project Sponsor: Cornerstone West Community Development Corporation
Project Description: $87,900 to construct or renovate eight homes, some in Wilmington's historic districts, for sale to low- to moderate-income, first-time homebuyers

Project: United Pentacostal Townhouse Complex
Member Bank: County Bank
Project Sponsor: Milford Housing Development Corporation
Project Description: $500,000 to construct 14 townhomes targeting very-low- and moderate-income, first-time homebuyers in Ellendale

For details on these projects, click here.

Since the AHP began in 1990, the FHLBank of Pittsburgh has awarded $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 affordable 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.