Federal Home Loan Bank of Pittsburgh (FHLBank) , under its Affordable Housing Program (AHP), has declared the sanction of $2.99 million funding. According to the Board of Directors, which has announced the sanction, the funding will assist financing 14 housing projects, which includes seven in West Virginia, six in Pennsylvania and one in Delaware.
The sanctioned projects include five homeownership and nine rental type of house constructions. A total number of 260 units to be constructed by utilizing the funding will cater to the housing requirements of a range of beneficiaries, which include individuals recouping from substance abuse, seniors, chronically homeless from, low and very-low income earning families and individuals as well as those with exclusive requirements
A total of 28 financial institution members of FHL Bank have made their applications for a total of 67 projects during the current year’s funding and 10 among them will get subsidies for a total of 14 projects approved by the board. The member banks that will distribute funding for the subsidized applicants include WesBanco Bank, United Bank, Standard Bank, Sovereign Bank, PNC Bank, Pendleton Community Bank, National penn Bank, Fulton Bank, First Federal Savings & Loan of Greene County, and Citizens Bank of Pennsylvania.
The Affordable Housing Program, managed by FHL Banks of the country is one among the biggest private funding for the program in the USA. Since the beginning of the funding program two decades ago, the FHLBanks have collectively granted over $4 billion as funds for affordable housing projects. The FHLBank Pittsburgh regularly provides low interest cash to local loaners to sustain community and economic development and housing finance. The FHLBank does not use tax money and receives private capital and funding.
FHLBank Pittsburgh provides a steady stream of low-cost liquidity to local lenders in support of the housing finance and community and economic development. FHLBank is privately funded and capitalized and uses no taxpayer’s dollars. On September 30, 2011, the Bank had 300 members in its cooperative and approximately $47 billion in assets.
Source: http://www.fhlb-pgh.com/