PITTSBURGH--(BUSINESS WIRE)--The Board of Directors of the Federal Home Loan Bank of Pittsburgh (Bank) has approved $15 million in awarded grants under the Bank’s Affordable Housing Program (AHP). The grants will help finance 38 housing projects, creating 1,954 units of housing for very low-, low- and moderate-income individuals and families, as well as those with special needs.
The 31 rental and 7 homeownership projects approved for funding will serve a wide variety of recipients, including the chronically homeless, seniors, individuals with physical and mental health disabilities, and individuals recovering from domestic and substance abuse. Ten of the funded projects are located in rural communities.
“After another strong year for our cooperative, the Bank is proud to again increase the amount of AHP funding going to local communities,” said Winthrop Watson, the Bank’s president and chief executive officer. “The $15 million awarded in grants today will support affordable housing for many in need. Today’s Board approval brings the total amount the Bank has funded or committed to AHP projects since 1990 to approximately $197 million.”
Local organizations partnered with 17 Bank members to support the 38 projects receiving AHP funding today. For a complete list of the grants awarded, click here.
Administered by the 12 FHLBanks, the Affordable Housing Program is one of the largest private sources of grant funds for affordable housing in the United States. Since the program’s inception, the FHLBanks have awarded more than $5.17 billion in combined funds for affordable housing projects.
About FHLBank Pittsburgh
As an intermediary between global capital markets and local lenders, FHLBank Pittsburgh provides readily available liquidity, as well as affordable housing and community development opportunities, to member financial institutions of all sizes in Delaware, Pennsylvania and West Virginia. The Bank is one of 12 banks in the Federal Home Loan Bank System, which was established by Congress in 1932 and serves as a reliable source of funds for housing, jobs and economic growth in all economic cycles.