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FEDERAL HOME LOAN BANK OF PITTSBURGH SPONSORS PILLARS OF THE COMMUNITY AWARDS

 FEDERAL HOME LOAN BANK OF PITTSBURGH SPONSORS
 PILLARS OF THE COMMUNITY AWARDS
 PITTSBURGH, Oct. 22 /PRNewswire/ -- In its first awards program to recognize outstanding community investment and housing programs, Federal Home Loan Bank of Pittsburgh hosted the "Pillars of the Community" awards during a luncheon ceremony at the Vista Hotel in Pittsburgh.
 Federal Home Loan Bank of Pittsburgh President James D. Roy said, "We are very proud to recognized the worthy programs that have added to the dist'rict's stock of affordable housing. The programs we are honoring provide not only housing, but hope. They encourage long-term success by helping residents to help themselves."
 The Pillars of the Community awards honor financial institutions and community-based organizations for outstanding programs that create housing for lower-income families and promote community stabilization and revitalization. Eligible candidates included 20 community investment or housing programs approved through the Federal Home Loan Bank of Pittsburgh's Affordable Housing Program (AHP) or Community Investment Program (CIP) between April 1, 1990, and May 31, 1992. These programs were complete and at least 75 percent occupied.
 Programs that are unique and innovative, have a positive impact on the community, and serve the requirements of a "special needs" population have been given the highest priority for selection as winners.
 Winning the Pillar of the Community Award was the Vanity Fair Program in Huntington, W.Va. Receiving and accepting the award were program sponsors Huntington Federal Savings and Loan Association and Cabell-Huntington Coalition for the Homeless. Cabell-Huntington Coalition also was presented with a cash grant to support continuing efforts.
 With financing from Huntington Federal, through the Federal Home Loan Bank's Affordable Housing Program, Cabell-Huntington Coalition was able to develop permanent housing for the city's homeless. An old, abandoned building in downtown Huntington was converted into 53 apartments for homeless individuals. The unique Vanity Fair Program facility also contains a "social services mall" where residents can access a variety of services, including counseling, job training and health care.
 Honored as a finalist for a Pillars of the Community Award was the Holland Street Program in Erie, Pa. Program sponsors were Northwest Savings Bank, and the Booker T. Washington Center. This program focused on total neighborhood revitalization. Sixteen homes were rehabilitated for existing owners and home buyers of low- and moderate-income. The home buyers also received down payment assistance. Booker T. Washington Center oversees this program and provides maintenance, education, and support services to the home owners.
 A special "Affordable Housing Advisory Council Chairman's Award" was presented to a financial institution with a long-standing record of performance in providing housing finance for lower-income families and promoting community investment initiatives. This award was presented to Robert R. Lavelle, chief executive officer, Dwelling House Savings and Loan Association in Pittsburgh.
 The keynote speaker at the Pillars of the Community awards ceremony was U.S. Rep. Thomas J. Ridge (R-Erie). Ridge represents Pennsylvania's 21st District in the U.S. House of Representatives. Also speaking was Robert L. Woodson, president of the National Center for Neighborhood Enterprise in Washington.
 Today's Pillars event honored programs and individuals in West Virginia and western Pennsylvania. A second awards luncheon will be held in Plymouth Meeting, Pa., on Nov. 23.
 Federal Home Loan Bank of Pittsburgh is part of the Federal Home Loan Bank System, a national network of 12 regional, member-owned banks created by Congress in 1932 to promote home finance. Credit is available to member institutions engaged in residential mortgage financing. The Pittsburgh bank serves the states of Delaware, Pennsylvania and West Virginia. With assets of more than $10 billion, the Pittsburgh bank has over 300 members, including savings institutions, commercial banks, credit unions and insurance companies.
 The bank has provided more than $8.5 million in subsidies to member lenders for lower-income housing programs in its district in the last three years through its Affordable Housing Program. That amount, leveraged with other sources, has resulted in $88.9 million in development providing housing for 1,824 families. In addition, the bank has available a $250 million pool of funds for community investment initiatives through its Community Investment Program.
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 /EDITORS: If you are interested in interviewing the awardees, presenters or speakers, please call or stop by the Allegheny Grand Ballroom, third floor, at the Pittsburgh Vista Hotel. Ask for Rosemary Abendroth or Bobbi LaPlace./
 /CONTACT: Rosemary A. Abendroth of Federal Home Loan Bank of Pittsburgh, 412-288-2830, or at Vista Hotel (Oct. 22 only), 412-281-3700/ CO: Federal Home Loan Bank of Pittsburgh ST: Pennsylvania, West Virginia, Delaware IN: FIN SU:


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Date:Oct 22, 1992
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