Congressman Fattah Awards $1.49 Million in Affordable Housing Grants:
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Congressman Fattah Awards $1.49 Million in Affordable Housing Grants:

Projects in several city neighborhoods will benefit during a time of limited funding

Philadelphia, PA – February 4, 2011 – (RealEstateRama) — Congressman Chaka Fattah (PA-2) announced today that sponsors of affordable housing developments across the City of Philadelphia  will receive a total of $1.49 million in grant money to help them complete their projects.

The grants, made under the Federal Home Loan Bank (FHLBank) of Pittsburgh’s Affordable Housing Program (AHP) with the assistance of Citizens Bank of Pennsylvania and PNC Bank, will help provide much-needed housing to seniors, the homeless, veterans, individuals recovering from substance abuse, and victims of domestic violence. A total of 220 additional units of affordable housing will be available in the city once all half-dozen projects are open.

Today’s awards bring to more than $43 million the total amount of AHP grants to lower-income and special needs housing projects in the Philadelphia area since FHLBank began funding the program in 1990.

“FHLBank Pittsburgh, Citizens Bank of Pennsylvania and PNC Bank remain longtime supporters of the vital work of nonprofit affordable housing organizations in the Second District and all across our city,” said Congressman Fattah in remarks at Community College of Philadelphia. “These grants come at a critical time as nonprofits here and across the country strive to bring projects to completion in an environment of limited funding.

“Thanks to the ongoing partnership of these bankers and neighborhood leaders, 220 additional units of affordable rental housing will be created as our city continues to move closer to its goal of eradicating homelessness and meeting a basic human need during difficult times,” Congressman Fattah added.

FHLBank is one of twelve financial cooperatives across the country owned by local lenders who use private, not taxpayer funds, in support of housing finance and community and economic development.

“We are pleased to join with Citizens Bank and PNC Bank and again help meet the pressing need for affordable housing in Philadelphia,” said Winthrop Watson, FHLBank Pittsburgh’s president and chief executive officer. “The gap funding that we provide many times represents either the first dollar in or the last piece of financing needed to get a project started. We look forward to seeing these six projects completed and witnessing the very positive change that they will make in people’s lives,” Watson said.

The affordable housing projects receiving funding are:

Fairmount Gardens
Philadelphia, PA

FHLBank Member:
PNC Bank

Sponsor:
Project H.O.M.E.

Total Units: 55
Total AHP Grants: $250,000
Total Development Costs: $14,011,718

To be located in the Francisville neighborhood, Fairmount Gardens is a new construction, four-story facility comprised of 36 efficiency and 19 one-bedroom apartments, about 4,000-square-feet of commercial space and 6,000-square-feet of retail space. To be located at 1500 Fairmont Avenue, this mixed-use project will serve individuals with incomes no greater than 60 percent of the AMI, and 25 units will be reserved for the homeless. Individuals with special needs will also be served.

NewCourtland Apartments at 1900 West Allegheny Avenue
Philadelphia, PA

FHLBank Member:
PNC Bank

Sponsor:
NewCourtland

Total Units: 60
Total AHP Grants: $250,000
Total Development Costs: $14,215,478

NewCourtland is revitalizing a former brownfield site at 1900 West Allegheny Avenue in the Tioga neighborhood of Philadelphia by creating an elder campus. The second phase of development at this site will be a 60-unit new construction project for low-income seniors. The seven-story building will be restricted to residents 62 years and older. Nearly 100 percent of the rental units will be targeted to incomes at or below 50 percent of the average median income. This project is in keeping with the sponsor’s overall mission of supporting seniors in their quest to live independently for as long as possible. Tioga is an FHLBank-designated “Blueprint Community”. Project construction is scheduled for completion in the fall of 2012.

Patriot House
Philadelphia, PA

FHLBank Member:
PNC Bank

Sponsor:
CATCH, Inc.

Total Units: 15
Total AHP Grants: $250,000
Total Development Costs: $2,950,000

CATCH (Citizens Acting Together Can Help, Inc.) will expand the supply of permanent supportive housing for chronically homeless men and women who are also veterans with mental health, substance abuse disorders, or both. Thirteen one-bedroom apartments and two efficiencies will be located in three-story buildings at 1221-25 South 15th Street and in one two-story building at 1232-34 Carlisle Street in South Philadelphia. Many of the tenants will have been living on the streets or in local shelters prior to arriving at this facility. All tenants will have incomes at or below 50 percent of the average median income.

Funding commitments come from HUD and OHCD HOME. Construction is expected to be completed in the fall of 2011.

Venango Street
Philadelphia, PA

FHLBank Member:
PNC Bank

Sponsor:
Project H.O.M.E.

Total Units: 54
Total AHP Grants: $250,000
Total Development Costs: $10,153,039

Located in the Tioga “Blueprint Community” supported by FHLBank Pittsburgh, this rehabilitation project will provide 54 efficiency apartments to lower-income individuals, with 25 units set aside for homeless adults with special needs and 15 for veterans. Tenants earning at or below 50 percent of the average median income will not pay more than 30 percent of their income for rent. Community resources nearby include the Salvation Army Kroc Wellness Center, Mercy Neighborhood Ministries Family Center, and Project Mercy Our Lady of Hope child care center. The Venango Street project will be a four-story facility. Project H.O.M.E. will be the developer, owner and property manager. Construction is scheduled for completion in fall 2011.

Approved sources of funds include the federal Neighborhood Stabilization Program.

Von Louhr II
Philadelphia, PA

FHLBank Member:
PNC Bank

Sponsor:
ACHIEVEability

Total Units: 24
Total AHP Grants: $240,000
Total Development Costs: $7,252,030

In West Philadelphia, ACHIEVEability will preserve and upgrade the Von Louhr Building, one of the earliest LIHTC-funded developments in Philadelphia. Because the initial rehabilitation of the building has resulted in ongoing problems with maintenance and repairs, the sponsors plan to address the building’s physical needs and create an operating model that is sustainable in the long-term. Because the building is essentially three eight-unit structures joined together, construction can occur in one wing without displacing existing tenants as it proceeds at 15-25 South 61st Street.

Commitments include funding from LIHTC and PennHOMES.

Women Against Abuse Sojourner House
Philadelphia, PA

FHLBank Member:
Citizens Bank of Pennsylvania

Sponsor:
Women Against Abuse

Total Units: 12
Total AHP Grants: $250,000
Total Development Costs: $1,520,000

This project involves the rehabilitation of a transitional housing center for families made homeless by domestic violence. The structure, more than 100 years old, is aimed at providing women fleeing life-threatening domestic situations – and their children – with support services as they progress toward self-sufficiency. Program participants make contact with the sponsor via the Philadelphia Domestic Violence Hotline, operated and administered by Women Against Abuse. In addition to Sojourner House, the sponsor also operates a 100-bed emergency shelter that was praised by Philadelphia’s Office of Supportive Housing as the top-rated shelter in the city during site inspections. In 2010, Women Against Abuse had to turn away nearly 6,000 requests for shelter due to full capacity – the highest number in agency history.

About FHLBank and CCP

Created by Congress, FHLBank Pittsburgh provides a steady stream of low-cost liquidity to its local member-owners. At September 30, 2010, the Bank had 314 financial institution members across its district of Delaware, Pennsylvania and West Virginia and approximately $55 billion in assets.

Community College of Philadelphia enrolls more than 39,000 credit and non-credit students annually at its Main Campus, three Regional Centers and at various locations throughout Philadelphia. The College offers day, evening and weekend classes, as well as classes on the Internet. Since opening its doors in 1965, the College has served more than 630,000 people. For more information about the College, visit www.ccp.edu.

Contact:
Ron Goldwyn, Office of Congressman Fattah, 215-387-6404,
Neil Cotiaux, FHLBank, 412-335-9488;

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