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FOR IMMEDIATE RELEASE

Contact: Meredith Sullivan, U.S. Rep. Michael N. Castle, 302-428-1902
Emily Cunningham, Sen. Thomas Carper, 302-598-4915
Paul Calistro, West End Neighborhood House, 302-658-4171
Neil Cotiaux, FHLBank Pittsburgh: 412-288-2851
Daryl Graham, JPMorganChase, 302-634-8504

Carper, Castle Announce Grants for Housing Rehabs in Wilmington:
West End Revitalization Initiative Being Expanded with New Funds

WILMINGTON, DE, September 24, 2007 - U.S. Sen. Thomas Carper (DE) and U.S. Rep. Michael Castle (DE-At Large) visited Wilmington’s West Side today to announce the release of $250,000 in grant money to help elderly and disabled residents improve the condition and appearance of their homes.

Speaking at an event celebrating progress in West End revitalization at a park across from St. Francis Hospital, Carper and Castle commended Cornerstone West Community Development Corporation, a key leader in West End revitalization efforts, for taking the lead in securing the funds. The two were joined by Cornerstone West’s Executive Director, Paul Calistro Jr. and representatives of Artisans’ Bank, JPMorganChase and the Federal Home Loan Bank of Pittsburgh (FHLBank), who have arranged the grants for owner-occupied housing rehabilitation in the Cool Spring, Hilltop and Little Italy neighborhoods.

“This quarter-million dollars will go a long way in helping those in our community - who most need it - fix up their homes,” Sen. Carper stated. “Many of these folks are the cornerstones of the West End and I am pleased that they are getting some money to make their homes safer and more enjoyable."

“Programs like these are integral to improving the quality of life for local residents,” said Congressman Castle. “The fact that Wilmington was one of only eight communities in three states to receive such a grant from the Federal Home Loan Bank demonstrates a genuine need - the need for safe, fully functional, affordable housing for all members of the community. I believe today’s grant announcements represent the kind of successful social investment that we can all work together on and be proud of.”

“Much of the housing in our area is in need of substantial repair or rehabilitation,” Calistro added. “These owner-occupied improvements, being coordinated by us in partnership with Interfaith Housing, will assist additional homeowners with limited incomes in stretching their dollars and will have a noticeable impact on the West End,” he said.

The $150,000 grant provided by the Federal Home Loan Bank of Pittsburgh (FHLBank), to be delivered through Artisans’ Bank, was awarded by FHLBank in a competitive application process as part of its 2007 Homeownership Rehabilitation Program. A maximum of $15,000 can be disbursed per homeowner, who must live in the home that is being improved.

The $100,000 grant provided by JPMorganChase is a natural extension of previous work that it has done in the West End for several years, said Community Relations Officer Daryl Graham. “We have supported both Cornerstone West and Interfaith Housing in prior years and are pleased to continue our support of these two fine nonprofit organizations with an additional $100,000 that supplements FHLBank’s $150,000 homeownership rehabilitation grant,” Graham said.

"Wilmington's rich history is evident in the beauty of its historic neighborhoods," summarized Wilmington Mayor James M. Baker. "However, the aging housing stock in those neighborhoods demands constant upkeep. This program will have a tremendous impact not only on the affected residents, but on the City as a whole."

The two grants announced today are part of an ongoing commitment to the revitalization of West End Wilmington. Earlier housing improvements in the community have also involved financial support from FHLBank members Artisans’ Bank, Citicorp Trust Bank, Citizens Bank, Sovereign Bank, Wilmington Savings Fund Society and Wilmington Trust as well as a variety of other local organizations.

With assets of approximately $82 billion, FHLBank Pittsburgh, a government-sponsored enterprise created by Congress in 1932, serves 335 financial institution members across its three-state district of Delaware, Pennsylvania and West Virginia. It is one of twelve FHLBanks, all cooperatively owned banks established to provide a steady stream of low-cost housing finance using private capital, not taxpayer dollars. More recently, the Bank’s mission has grown to include financing for business startup and expansion as well as a variety of community and economic development needs.