Specter, Altmire, Doyle, Onorato and Ravenstahl Announce $3.3 Million for 604 Units of New or Improved Affordable Housing in and around Greater Pittsburgh

Pittsburgh, PA- Monday, April 7, 2008 – U.S. Sen. Arlen Specter (R-PA) and Congressmen Jason Altmire (PA-4) and Mike Doyle (PA-14), along with Pittsburgh Mayor Luke Ravenstahl and Allegheny County Chief Executive Dan Onorato, gathered in the city’s Hill District today to announce the awarding of $3.3 million in affordable housing grants.

The grants, from the Federal Home Loan Bank of Pittsburgh’s (FHLBank) Affordable Housing Program, will help fund the construction or rehabilitation of 604 units of much-needed housing in the area. FHLBank, based in Downtown Pittsburgh, is a congressionally chartered wholesale bank that uses private capital in pursuit of its mission of affordable housing and community and economic development.

The site of today’s announcement, the 85-year-old Centre Avenue YMCA, is one of the eleven projects receiving funding. The “Y” is adding 20 rooms for low-income area residents and renovating 77 existing units of transitional housing. It is also making upgrades to plumbing, electrical, heating and sprinkler systems.

“I applaud FHLBank Pittsburgh for their commitment to affordable housing and community development,” Sen. Specter said. “It’s fundamental to have a roof over one’s head and this funding will greatly benefit Pittsburgh’s low-income residents.”

“This $3.3 million investment in affordable housing could not come at a better time for Allegheny County,” Congressman Altmire said. “With rising costs and a slowing economy, there is a growing need for affordable housing in our area. Transforming facilities currently in disrepair into quality housing will benefit future residents and our region as a whole.”