Media Center | Press Releases « 2005 Press Releases »

2005 Press Release

FOR IMMEDIATE RELEASE

Contact: Neil Cotiaux, FHLBank of Pittsburgh: 412-288-2851

GULOTTA TO CHAIR AFFORDABLE HOUSING COUNCIL OF FHLBANK OF PITTSBURGH; WILL ADVISE BOARD OF DIRECTORS ON HOUSING NEEDS OF LOWER-INCOME FAMILIES

PITTSBURGH, PA, November 9, 2005 — The Affordable Housing Advisory Council (AHAC) of the Federal Home Loan Bank of Pittsburgh (FHLBank) chose Christopher Gulotta, executive director of the Cumberland County Redevelopment and Housing Authority, PA, as its chair.

Effective January 1, 2006, Gulotta will head the geographically diverse council that assists the FHLBank's Board of Directors in identifying the housing needs of lower-income families and households across Delaware, Pennsylvania and West Virginia. The council also advises the Board on the use of Bank resources that support affordable housing and community development and helps identify and build strategic partnerships across the Bank's three-state district.

Since 1990, the FHLBank of Pittsburgh has awarded approximately $130 million in grants and low-interest loans through its Affordable Housing Program — creating more than 20,000 units of housing — and the Home Buyer Equity Fund, benefiting approximately 4,000 individuals and families.

"We're delighted that Chris Gulotta will serve as chair of our Affordable Housing Advisory Council," said John J. Bendel, director of Community Investment at the FHLBank. "Chris possesses deep experience in the area of affordable housing and community development and has been a longtime friend of the Bank. His new role as head of AHAC will help us continue to fulfill our mission of providing safe, decent, affordable housing to those in need."

With assets of $76 billion, the FHLBank of Pittsburgh, a low-cost wholesale lender, serves nearly 340 financial institutions. It is one of twelve FHLBanks, all private cooperatively owned banks that provide housing finance, community lending and correspondent banking services to member banks, savings institutions, credit unions and insurance companies.