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2005 Press Release

FOR IMMEDIATE RELEASE

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

FEDERAL HOME LOAN BANK OF PITTSBURGH AWARDS $8.59 MILLION IN GRANTS FOR 36 PROJECTS WITH NEARLY 1,200 UNITS OF AFFORDABLE HOUSING IN DELAWARE, PENNSYLVANIA AND WEST VIRGINIA

PITTSBURGH, PA, June 17, 2005 — The Board of Directors of the Federal Home Loan Bank of Pittsburgh (FHLBank) today approved
$8.59 million in grants under its Affordable Housing Program (AHP). The grants will help finance 36 housing projects across Delaware, Pennsylvania and West Virginia (with additional out-of-district projects in Florida, New Jersey and Ohio), creating 1,176 units of housing with total development costs of $152.74 million.

"Each year, the FHLBank of Pittsburgh earmarks ten percent of its net income to help create clean, safe, attractively priced housing for rental or purchase by families and individuals of limited means," said James D. Roy, the Bank's president and chief executive officer. "We are pleased to make available these critical grants and below-market-rate loans for the 16th straight year."

The FHLBank of Pittsburgh, a wholesale bank using private capital, distributes AHP dollars through its member financial institutions to community sponsors and project developers. With today's announcement, the Bank has awarded approximately $130 million for more than 20,000 affordable housing units since the start of the AHP in 1990 — empowering families, improving neighborhoods and building sustainable communities.

"AHP financing is combined with other funding sources to create fresh homeownership and rental opportunities for low- to moderate-income individuals, the elderly, infirm and handicapped, including those with special needs," remarked John J. Bendel, director of Community Investment at the FHLBank. "Project applications must meet certain criteria, ensuring that the funds we award are utilized effectively to meet local community needs."

This year, the FHLBank of Pittsburgh received 84 AHP applications. Projects funded include transitional housing for the homeless, affordable homes for purchase by first-time homebuyers, independent-living units for the physically challenged, special-needs units for victims of domestic abuse and at-risk mothers, and more. For details on approved projects, click here.

In the just-completed funding round, the Bank awarded $1.36 million for six projects in Delaware, $4.99 million for 20 projects in Pennsylvania, $1.04 million for six projects in West Virginia and $1.20 million for four projects outside the FHLBank's district but within areas served by the Bank's financial institutions membership.

With assets of more than $61 billion, the FHLBank of Pittsburgh, a government-sponsored enterprise created by Congress in 1932, serves nearly 340 members across its three-state district. It is one of twelve FHLBanks, all cooperatively owned banks established to provide a steady stream of low-cost housing finance. More recently, the Bank's mission has been expanded to include financing for business start-up and expansion as well as a variety of community and economic development needs.