FHLBank Pittsburgh Awards $24.6 Million in Affordable Housing Program Grants and $8 Million in Voluntary Housing Grant Initiative Funding
The Board of Directors of FHLBank Pittsburgh (FHLBank) has approved $24.6 million in awarded grants under the Affordable Housing Program (AHP) and $8 million in awarded grants through a voluntary housing grant initiative. This additional voluntary pool of funding for 2023, which is separate and distinct from FHLBank's required, statutory AHP, is provided to address the critical housing needs within FHLBank's district. Combined, the grants will help finance 53 housing projects, creating more than 900 homes for very low-, low- and moderate-income individuals and families.
The 33 rental and 20 homeownership projects approved for funding will serve a wide variety of recipients. This includes individuals experiencing homelessness, individuals with physical and mental disabilities, survivors of domestic violence, individuals recovering from substance use disorder, military veterans and seniors.
"This year, I am proud to announce that our members have facilitated $32.6 million in affordable housing funding, that will benefit more than 900 households across Delaware, Pennsylvania and West Virginia," said Winthrop Watson, President and Chief Executive Officer. "FHLBank is proud to fulfill our dual mission as we continue to deliver innovative solutions for affordable housing and community development along with on-demand liquidity to our members."
Local organizations partnered with 23 member institutions to support the 53 projects receiving AHP and voluntary housing grant initiative funding. A complete list of the AHP and voluntary housing grant initiative awards can be found at www.fhlb-pgh.com/ahp.
Year over year, FHLBank has given more than the statutorily required amount of 10% of net earnings to affordable housing. This year, the Pittsburgh cooperative has voluntarily added 5% of prior year's pre-assessment net income to our required affordable housing amount to further important work taking place throughout our district through our voluntary community investment offerings. This increase has enabled more support for affordable homes, underserved and financially vulnerable populations, and communities. This voluntary amount reflects not only member input, but also a sustainable, meaningful annual contribution to district-wide affordable housing projects.
Looking forward, and based on FHLBank's earnings through the third quarter of 2023, the cooperative will likely allocate close to $100 million toward affordable housing and community investment programs in 2024. We will share details about our annual offerings in the first quarter of 2024.
About FHLBank Pittsburgh
FHLBank Pittsburgh provides reliable funding and liquidity to its member financial institutions, which include commercial and savings banks, community development financial institutions, credit unions and insurance companies in Delaware, Pennsylvania and West Virginia. FHLBank products and resources help support community lending, housing and economic development. As one of 11 Federal Home Loan Banks established by Congress, FHLBank has been an integral and reliable part of the financial system since 1932. Learn more by visiting www.fhlb-pgh.com.
Cautionary Statement Regarding Forward-Looking Information. Statements contained in this document, including statements describing the objectives, projections, estimates, or predictions of the future of the Federal Home Loan Bank of Pittsburgh (FHLBank), may be "forward-looking statements." These statements may use forward-looking terms, such as "anticipates," "believes," "could," "estimates," "may," "should," "will," or their negatives or other variations on these terms. FHLBank cautions that, by their nature, forward-looking statements involve risk or uncertainty and that actual results could differ materially from those expressed or implied in these forward-looking statements or could affect the extent to which a particular objective, projection, estimate, or prediction is realized.
News published on and distributed by:
