Printer Friendly

FEDERAL HOME LOAN BANK OF PITTSBURGH SUBSIDIES SUPPORT $26.9 MILLION OF LOW-COST HOUSING IN DISTRICT

 FEDERAL HOME LOAN BANK OF PITTSBURGH SUBSIDIES SUPPORT $26.9 MILLION
 OF LOW-COST HOUSING IN DISTRICT
 PITTSBURGH, Oct. 20 /PRNewswire/ -- Twenty low-income housing programs were awarded funding under the Federal Home Loan Bank of Pittsburgh's Affordable Housing Program, Bank President James D. Roy announced today.
 "Our $2.5 million in subsidies to member institutions will help to finance 474 units of affordable housing in Pennsylvania and West Virginia," Roy said. Development costs of this year's projects total $26.9 million.
 The Federal Home Loan Bank's Affordable Housing Program (AHP) provides member financial institutions with below-market-rate loans and direct grants that they pass on to qualified project developers. Sixteen member institutions were awarded funding for the 20 projects. AHP financing is combined with other funding sources to create housing for moderate-, low- and very-low-income families. The programs chosen for funding include new construction and rehabilitation projects.
 "Our subsidies help provide families with safe, decent housing at prices they can afford," Roy said. "Many programs that our monies support also help residents to improve their budgeting and household management skills."
 More than 75 percent of the units are earmarked for very-low-income families. Among the programs funded are those that provide housing for the homeless, for handicapped persons, and for low-income first-time buyers. Housing includes single-family and multi-family structures for rent or purchase.
 Program sites in Pennsylvania are: Allentown, Erie, Harrisburg, Huntington, Lancaster, Philadelphia, Schuylkill Haven, Seward/Indiana County, Sunbury/Northumberland County, Williamsport and York. In West Virginia, the sites are scattered throughout Berkeley and Jefferson counties. The subsidy dollars represent 5 percent of the Pittsburgh bank's 1991 net income.
 During the first three years of AHP, the Pittsburgh bank has awarded $8.5 million in subsidies for housing in the district's three states, Delaware, Pennsylvania and West Virginia. That amount, leveraged with funding from other sources, has rs?ulted in $88.9 million in development, representing 1,824 affordable housing units.
 Projects must meet certain criteria in order to compete for funding. Priority is given to projects that set aside a high percentage of units for very-low-income residents and that promote community involvement and stability.
 The Federal Home Loan Bank of Pittsburgh is part of the Federal Home Loan Bank System, a network of 12 regional, member-owned banks created by Congress in 1932 to promote home finance. With assets of $10 billion, the Pittsburgh Bank serves approximately 300 member institutions -- including savings institutions, commercial banks, credit unions, and insurance companies. Its credit is available to member institutions engaged in residential mortgage financing in its district.
 During its first three years, AHP has provided approximately $172 million nationwide through all 12 Federal Home Loan Banks. This has resulted in more than $2.3 billion for development of 48,303 housing units.
 A summary of the 20 funded projects follows.
 FEDERAL HOME LOAN BANK OF PITTSBURGH
 1992 AFFORDABLE HOUSING PROGRAM APPROVED PROJECTS
 Project Location Lead Lender/Lender City Community-Based
 ? Organization
 Pennsylvania
 Allentown Valley Federal Savings and Allentown
 Loan Association/Easton Neighborhood
 Housing, Inc.
 Erie Northwest Savings Stairways, Inc.
 Bank/Erie
 Harrisburg Pennsylvania National Tri-County Housing
 Bank/Harrisburg Development Corp.
 City of Harrisburg
 Huntingdon United Federal Savings Huntingdon
 Bank/State College Area Habitat for
 Humanity
 Lancaster Sovereign Bank/ Spanish American
 Wyomissing Civic Association
 Philadelphia Commonwealth Federal Community Ventures
 Savings Bank/Valley Forge
 Philadelphia Commonwealth Federal Habitat for
 Savings Bank/Valley Forge Humanity/North
 Central
 Philadelphia
 Philadelphia Commonwealth Federal North 15th Street
 Savings Bank/Valley Forge Housing
 Association, Inc.
 Philadelphia Commonwealth Federal Philadelphia
 Savings Bank/Valley Forge Rehabilitation
 Plan, Inc.
 Philadelphia Prudential Savings Bank/ Martin Luther
 Philadelphia King's Village
 Community
 Association, Inc.
 Philadelphia Regent National Bank/ Friends
 Philadelphia Rehabilitation
 Program
 Philadelphia Regent National Bank/ Young Women's
 Philadelphia Community Center
 Inc. (YWCC)
 Philadelphia Third Federal Savings Frankford Group
 and Loan Association Ministry
 of Philadelphia/Philadelphia
 Pittsburgh Parkvale Savings Bank/ Residential
 Monroeville Resources, Inc.
 Schuylkill Haven First Federal Savings Operation
 Loan Association of Overcome of the
 Hazelton/Hazelton Anthracite Region
 Seward/Indiana First Federal Savings Indiana County
 County and Loan Association Office of
 of Indiana/Indiana Planning and
 Development
 Sunbury/ Mid-State Bank & Trust Housing Alliance
 Northumberland Co./Altoona of Northumberland
 County County
 Williamsport Founders Federal Bank/ The Williamsport/
 Williamsport Lycoming Habitat
 for Humanity Inc.
 York The Drovers & Mechanics Redevelopment
 Bank/York Authority of York
 West Virginia
 Berkeley and Old National Bank/ West Virginia
 Jefferson Counties Martinsburg Housing
 Development
 Fund
 -0- 10/20/92
 /EDITORS: This is an abbrevieated summary. For a more detailed project description, call 412-288-2830./
 /CONTACT: Rosemary A. Abendroth of Federal Home Loan Bank of Pittsburgh, 412-288-2830/ CO: Federal Home Loan Bank of Pittsburgh ST: Pennsylvania; West Virginia IN: FIN SU:


CD-JT -- PG012 -- 2092 10/20/92 09:58 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 20, 1992
Words:774
Previous Article:NEW FINAST SUPERSTORE OPENS IN PAINESVILLE
Next Article:SPACE SHUTTLE EXPERIMENT MAY HELP PAVE THE WAY FOR FASTER COMPUTERS, BETTER MEDICINES
Topics:


Related Articles
FEDERAL HOME LOAN BANK OF PITTSBURGH PROVIDES SUBSIDIES TO FUND $15.6 MILLION OF LOW-COST HOUSING IN DISTRICT
FEDERAL HOME LOAN BANK OF PITTSBURGH SUBSIDIZES $895,000 OF LOW-COST HOUSING IN FAIRMONT, W.VA.
ELEVEN FHLB STOCKHOLDERS AWARDED AFFORDABLE HOUSING PROGRAM FUNDS; MORE THAN 500 UNITS OF HOUSING CREATED
FEDERAL HOUSING FINANCE BOARD APPROVES $20.4 MILLION FOR AFFORDABLE HOUSING PROJECTS
FEDERAL HOME LOAN BANK OF PITTSBURGH PROVIDES FUNDING TO SUPPORT $24.7 MILLION OF LOW-COST HOUSING IN DISTRICT
FEDERAL HOME LOAN BANK OF PITTSBURGH PROVIDES FUNDS TO SUPPORT $27.8 MILLION OF LOW-COST HOUSING IN DISTRICT
FEDERAL HOME LOAN BANK OF PITTSBURGH SPONSORS AFFORDABLE HOUSING AND COMMUNITY INVESTMENT BRIEFING
FEDERAL HOME LOAN BANK OF PITTSBURGH PROVIDES FUNDS TO SUBSIDIZE $54 MILLION OF LOW-COST HOUSING IN DISTRICT
FEDERAL HOME LOAN BANK OF PITTSBURGH PROVIDES FUNDING TO SUPPORT MORE THAN $45 MILLION OF LOW-COST HOUSING IN DISTRICT

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters