July 17, 2024
In the Diamond Park neighborhood of Philadelphia, Temple University’s student housing needs have led to dramatic changes. This development boom has had a mixed impact on the neighborhood’s existing residents. In partnership with Customers Bank, Habitat for Humanity Philadelphia (HFHP) has made investments to aid the community’s affordable housing needs.
Diamond Park Phase III is the third part of a project supported by the Federal Home Loan Bank of Pittsburgh’s (FHLBank) Affordable Housing Program (AHP). The funding supported the revitalization of three blocks in the neighborhood by creating new, affordable housing. Before this project, the properties sat vacant, which negatively impacted the surrounding neighborhood. Diamond Park Phase III was completed in the summer of 2023 with 21 new, affordable, energy-efficient units, all purchased by families partnered with HFHP.
Each home was designed with three bedrooms, one-and-a-half bathrooms, and a yard, and was built using HFHP’s standard sustainable and efficient construction methods. The homes were purchased by low-income families in HFHP’s rigorous Homeownership Program, which includes 125 hours of sweat equity in lieu of a financial down payment. Sweat equity also earns participants a 0% interest, 30-year mortgage, which supports affordability. Additionally, this approach helps the prospective buyers become neighbors, even before they are homeowners.
“Being a homeowner was important to me because I wanted to always provide stability for my family. I tried to buy a home twice. With the loan they offered me, I was like, ‘Where am I going to buy a house with this amount of money?’ I kept researching and then I found Habitat,” says a resident of Diamond Park. “This was something that we accomplished as a family. I am grateful for this experience. Without Habitat, I probably wouldn’t be a homeowner today.”
Customers Bank worked with HFHP to apply for AHP funds from FHLBank. “Customers Bank is committed to supporting affordable housing to build and stabilize communities,” said President and CEO Sam Sidhu. “Far too often, our essential workers in manual labor and service industries cannot afford to live in the cities in which they work. Projects like Diamond Park offer hope and opportunity for these families.”
HFHP has been working in and around this section of North Philadelphia for nearly 39 years and has built and rehabilitated 114 homes in the community. Through their Homeownership Program, they have fostered strength, stability and self-reliance across 265 Philadelphia families, as well as more than 930 homes for existing homeowners in Lower North Philadelphia through their Home Repair Program.
The 21 units were completed, sold and occupied as of August 2023. With its completion, Diamond Park Phase III has increased the neighborhood housing supply and become a positive development for the community.
“Affordable housing is deeply intertwined with the American Dream,” noted Sidhu. “Owning a home signifies stability, security, upward mobility and ‘roots’ in the community. A home is more than a shelter; it’s a pathway to a better future.”
About Customers Bank
Customers Bancorp, Inc. (NYSE:CUBI) is one of the nation’s top-performing banking companies with nearly $22 billion in assets making it one of the 80 largest bank holding companies in the U.S. Customers Bank, a wholly-owned subsidiary — serves commercial and consumer clients with a full suite of technology-enabled tailored product experiences delivered by best-in-class customer service distinguished by a Single Point of Contact approach. In addition to traditional lines such as C&I lending, commercial real estate lending and multifamily lending, Customers Bank also provides a number of national corporate banking services to specialized lending clients. Major accolades include:
About FHLBank Pittsburgh
FHLBank Pittsburgh provides reliable funding and liquidity to its member financial institutions, which include commercial and savings banks, community development financial institutions, credit unions and insurance companies in Delaware, Pennsylvania and West Virginia. FHLBank products and resources help support community lending, housing and economic development. As one of 11 Federal Home Loan Banks established by Congress, FHLBank has been an integral and reliable part of the financial system since 1932. Learn more by visiting www.fhlb-pgh.com.
Diamond Park Phase III is the third part of a project supported by the Federal Home Loan Bank of Pittsburgh’s (FHLBank) Affordable Housing Program (AHP). The funding supported the revitalization of three blocks in the neighborhood by creating new, affordable housing. Before this project, the properties sat vacant, which negatively impacted the surrounding neighborhood. Diamond Park Phase III was completed in the summer of 2023 with 21 new, affordable, energy-efficient units, all purchased by families partnered with HFHP.
Each home was designed with three bedrooms, one-and-a-half bathrooms, and a yard, and was built using HFHP’s standard sustainable and efficient construction methods. The homes were purchased by low-income families in HFHP’s rigorous Homeownership Program, which includes 125 hours of sweat equity in lieu of a financial down payment. Sweat equity also earns participants a 0% interest, 30-year mortgage, which supports affordability. Additionally, this approach helps the prospective buyers become neighbors, even before they are homeowners.
“Being a homeowner was important to me because I wanted to always provide stability for my family. I tried to buy a home twice. With the loan they offered me, I was like, ‘Where am I going to buy a house with this amount of money?’ I kept researching and then I found Habitat,” says a resident of Diamond Park. “This was something that we accomplished as a family. I am grateful for this experience. Without Habitat, I probably wouldn’t be a homeowner today.”
Customers Bank worked with HFHP to apply for AHP funds from FHLBank. “Customers Bank is committed to supporting affordable housing to build and stabilize communities,” said President and CEO Sam Sidhu. “Far too often, our essential workers in manual labor and service industries cannot afford to live in the cities in which they work. Projects like Diamond Park offer hope and opportunity for these families.”
HFHP has been working in and around this section of North Philadelphia for nearly 39 years and has built and rehabilitated 114 homes in the community. Through their Homeownership Program, they have fostered strength, stability and self-reliance across 265 Philadelphia families, as well as more than 930 homes for existing homeowners in Lower North Philadelphia through their Home Repair Program.
The 21 units were completed, sold and occupied as of August 2023. With its completion, Diamond Park Phase III has increased the neighborhood housing supply and become a positive development for the community.
“Affordable housing is deeply intertwined with the American Dream,” noted Sidhu. “Owning a home signifies stability, security, upward mobility and ‘roots’ in the community. A home is more than a shelter; it’s a pathway to a better future.”
About Customers Bank
Customers Bancorp, Inc. (NYSE:CUBI) is one of the nation’s top-performing banking companies with nearly $22 billion in assets making it one of the 80 largest bank holding companies in the U.S. Customers Bank, a wholly-owned subsidiary — serves commercial and consumer clients with a full suite of technology-enabled tailored product experiences delivered by best-in-class customer service distinguished by a Single Point of Contact approach. In addition to traditional lines such as C&I lending, commercial real estate lending and multifamily lending, Customers Bank also provides a number of national corporate banking services to specialized lending clients. Major accolades include:
- No. 5 on American Banker 2023 list of top-performing banks with $10B to $50B in assets;
- No. 29 out of the 100 largest publicly traded banks in 2024 Forbes Best Banks list; and
- No. 52 on Investor’s Business Daily 100 Best Stocks for 2023.
About FHLBank Pittsburgh
FHLBank Pittsburgh provides reliable funding and liquidity to its member financial institutions, which include commercial and savings banks, community development financial institutions, credit unions and insurance companies in Delaware, Pennsylvania and West Virginia. FHLBank products and resources help support community lending, housing and economic development. As one of 11 Federal Home Loan Banks established by Congress, FHLBank has been an integral and reliable part of the financial system since 1932. Learn more by visiting www.fhlb-pgh.com.
