Pittsburgh, PA – October 16, 2009 – (RealEstateRama) — The Board of Directors of the Federal Home Loan Bank of Pittsburgh (FHLBank) has approved $3,446,246 in grants under its Affordable Housing Program (AHP). The grants will help finance 17 housing projects – three in Delaware, eight in Pennsylvania, three in West Virginia and one each in Louisiana, New York and Virginia – creating 439 units of housing for very-low, low- and moderate-income individuals and families as well as those with special needs.
The rental and for-purchase projects approved for funding today will serve a wide variety of recipients, including the chronically homeless, first-time homebuyers, frail elderly living on fixed budgets, seniors making home repairs, female heads of household recovering from substance abuse, low-income persons with HIV/AIDS, youth aging out of state-sponsored foster care and ex-prisoners returning to the community.
“We are pleased to announce a 20th consecutive year of AHP funding,” said John R. Price, president and chief executive officer of FHLBank Pittsburgh. “Although a reduction in earnings in 2008 limited the amount of funds that could be set aside for the AHP this year, we have been able to fund 17 worthy projects that will assist a broad array of stakeholders.”
Ten of the projects approved today received an award of $250,000, the maximum amount available in the 2009 Funding Round, helping project sponsors stretch their dollars in a tight economy. For a complete list of the grants awarded, click here.
AHP is one of the largest private sources of grant funds for affordable housing in the United States. By the end of last year, the twelve Federal Home Loan Banks, created by Congress, had awarded a combined $3.6 billion in grants through the AHP, helping to build or rehabilitate more than 623,000 single- or multi-family housing units across the country.
FHLBank Pittsburgh provides a steady stream of low-cost liquidity to local lenders in support of housing finance and community and economic development. FHLBank is privately funded and capitalized and uses no taxpayer dollars. At June 30, 2009, the Bank had 319 members in its cooperative and approximately $76 billion in assets.