PITTSBURGH--(BUSINESS WIRE)--The Board of Directors of the Federal Home Loan Bank of Pittsburgh (Bank) has approved $23.8 million in awarded grants under the Bank’s Affordable Housing Program (AHP). The grants will help finance 63 housing projects, creating more than 2,300 units of housing for very low-, low- and moderate-income individuals and families, as well as those with special needs.
The 43 rental and 20 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. Eighteen of the funded projects are located in rural communities.
"We are delighted to announce more than $23 million in grants today, making the 2015 funding round the biggest in our Bank's 25-year AHP history," said Winthrop Watson, the Bank’s President and Chief Executive Officer. “It is truly our privilege to provide these funds to our member institutions to support affordable housing in the communities they serve."
Local organizations partnered with 25 Bank members to support the 63 projects receiving AHP funding today. For a complete list of the grants awarded, click here.
Administered by the 11 FHLBanks, the Affordable Housing Program is one of the largest private sources of grant funds for affordable housing in the United States.
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 part of 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.