Media Center « Press Releases »

Press Releases

FOR IMMEDIATE RELEASE

Contact:
Neil Cotiaux, FHLBank of Pittsburgh: 412-288-2851; cell: 412-335-9488

FEDERAL HOME LOAN BANK OF PITTSBURGH NAMES FOUR COMMUNITY LEADERS TO AFFORDABLE HOUSING ADVISORY COUNCIL
WILL ADVISE BOARD OF DIRECTORS ON HOUSING NEEDS OF LOWER-INCOME FAMILIES

PITTSBURGH, PA, November 27, 2006 — The Federal Home Loan Bank (FHLBank) of Pittsburgh tapped four regional leaders in affordable housing as members of its Affordable Housing Advisory Council:

• Fred Banuelos, president and chief executive officer of Alliance for Building Communities, Allentown, PA.
• Penny Eddy, executive director of the McKean County Housing and Redevelopment Authority, Smethport, PA.
• Mary Hunt-Lieving, program officer for the Claude Worthington Benedum Foundation for West Virginia. Ms. Hunt-Lieving had earlier been appointed to fill the unexpired term of a West Virginia council member who had resigned.
• Nathan Yoder, executive vice president of Susquehanna Valley Development Group, Turbotville, PA.

Banuelos, Eddy, Hunt-Lieving and Yoder were elected to the geographically diverse council for initial three-year terms beginning January 1, 2007. They will assist FHLBank's Board of Directors in identifying the housing needs of lower-income families and advise the Board on the use of Bank resources that support affordable housing and community development programs across Delaware, Pennsylvania and West Virginia. In addition, the council supports the Bank by helping to identify and build strategic partnerships in the communities it serves.

"We're delighted that this diverse group of socially responsible leaders has agreed to advise us on the important issues of homelessness, affordability, neighborhood deterioration and blight," said John J. Bendel, director of FHLBank's Community Investment Department. "Their active support of the Affordable Housing Advisory Council's mission will help us provide safe, decent, affordable housing to those in need."

FHLBank Pittsburgh is a wholesale bank that serves the housing finance and community and economic development needs of its owner-members. FHLBank Pittsburgh provides reliable access to low-cost funds, competitive pricing in the purchase of mortgage loans, correspondent banking, technical assistance, affordable housing grants and other programs so members can better serve their own communities. FHLBank is privately capitalized and funded, does not use taxpayer dollars and enjoys a triple-A rating. At the end of the third quarter 2006, FHLBank had 333 members in its district of Delaware, Pennsylvania and West Virginia and approximately $78.3 billion in assets. FHLBank Pittsburgh is one of twelve Banks in the Federal Home Loan Bank System, established by Congress in 1932 to support the residential mortgage activities of local financial institutions.

Since 1990, FHLBank Pittsburgh has awarded approximately $138 million in grants and low-interest loans through its Affordable Housing Program and First Front Door first-time homebuyer grants initiative across its three-state service area.