Media Center « Press Releases »

Press Release

FOR IMMEDIATE RELEASE

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

FHLBank Pittsburgh Awards Nearly $11 Million in Grants:
26 Projects with 1,084 Units of Affordable Housing Funded

Pittsburgh, PA, June 20, 2008 - The Board of Directors of the Federal Home Loan Bank of Pittsburgh (FHLBank Pittsburgh) has approved $10.95 million in grants under its Affordable Housing Program (AHP). The grants will help finance 26 housing projects - two in Delaware, one in New York, 22 in Pennsylvania and one in West Virginia - creating 1,084 units of housing for very-low-, low- and moderate-income individuals and families, including some with special needs.

“FHLBank Pittsburgh is again pleased to fund a variety of rental, rehab and for-purchase projects across our district,” said John R. Price, the Bank’s president and chief executive officer. “Approximately $20 million has been set aside for affordable housing grants in 2008, with more than half of that amount now committed.”

FHLBank, a wholesale bank using private capital, not taxpayer funds, distributes AHP dollars through its member financial institutions to community sponsors and project developers. With today’s announcement, the Bank has awarded approximately $154 million to build or rehabilitate more than 25,300 affordable housing units since the start of the AHP in 1990 - empowering families and improving neighborhoods.

This year, the Bank increased the maximum grant for a single project from $500,000 to $650,000. During the just-completed round, ten of the 26 projects funded received more than the prior maximum amount.

FHLBank judged grant applications on scoring criteria that place a premium on the category of Community Stability. The Bank awards up to 25 out of 100 points based on how well a project reflects broader stakeholder involvement and community-wide interests.

For a complete list of grants awarded in the 2008A AHP Funding Round, please click here.

With assets of more than $105 billion as of March 31, 2008, FHLBank Pittsburgh, a government-sponsored enterprise created by Congress in 1932, has 333 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. More recently, the Bank’s mission has expanded to include financing for business startup and expansion as well as a variety of community and economic development needs.