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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 $1.33 MILLION IN GRANTS FOR AFFORDABLE HOUSING DEVELOPMENT IN WESTERN PENNSYLVANIA

PITTSBURGH, PA, June 17, 2005 — The Board of Directors of the Federal Home Loan Bank (FHLBank) of Pittsburgh approved more than $1.33 million in grants under its Affordable Housing Program (AHP) to help finance seven housing initiatives in western Pennsylvania having total development costs of $35.82 million. The initiatives will create a total of 240 housing units in Edinboro, Erie, McKees Rocks, Pittsburgh and Rochester.

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 seven projects approved for funding in western Pennsylvania are:

Project: Edinboro Family Homes
Member Bank: PNC Bank
Project Sponsor: Housing and Neighborhood Development Service
Project Description: $394,000 to build 29 new homes through a lease-to-purchase program offered to low- and very-low-income families in Edinboro

Project: Homes at Pleasant Ridge
Member Bank: Citizens Bank of Pennsylvania
Project Sponsors: Allegheny County Housing Authority, Pennrose Properties
Project Description: $150,000 to build six new homes for low- and moderate-income homebuyers in Stowe Township

Project: Liberty Park Phase I
Member Bank: Citizens Bank of Pennsylvania
Project Sponsors: East Liberty Development, Inc., Rebecca Foster
Project Description: $500,000 to create 124 units of new rental housing, with supportive services for tenants in Pittsburgh's East Liberty neighborhood

Project: Marchitelli/States/Schill Project
Member Bank: First National Bank of Pennsylvania
Project Sponsor: Habitat for Humanity Beaver County
Project Description: $30,000 to rehabilitate three homes for three low-income families, including renovations to accommodate ADA requirements for a child with disabilities

Project: Mid-Town Homes Phase III
Member Bank: PNC Bank
Project Sponsor: Housing and Neighborhood Development Service
Project Description: $25,000 to construct three homes in Erie for sale to moderate-income, first-time homebuyers

Project: Negley Neighbors
Member Bank: Citizens Bank of Pennsylvania
Project Sponsor: East Liberty Development, Inc.
Project Description: $180,000 to create 49 low-income rental units across 14 redevelopment properties in Pittsburgh's East Liberty community

Project: Upper Rooms
Member Bank: PNC Bank
Project Sponsors: Reformed Presbyterian Woman's Association,
Bernaciak and Associates
Project Description: $52,000 to construct 26 rental units in Pittsburgh's North Side neighborhood of Perry Hilltop for the very-low-income frail elderly

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.