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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 PROVIDES SUBSIDIES
 TO FUND $15.6 MILLION OF LOW-COST HOUSING IN DISTRICT
 PITTSBURGH, Dec. 17 /PRNewswire/ -- Fifteen low-income housing programs were awarded funding today, announced Federal Home Loan Bank of Pittsburgh's President James D. Roy.
 "More than $15.6 million of affordable housing in Pennsylvania and West Virginia will result from our $1.1 million in subsidies to member financial institutions," Roy said.
 The subsidies will be combined with other funding sources to develop 284 housing units. The programs chosen for funding include both new construction and rehabilitation projects. The Federal Home Loan Bank's Affordable Housing Program (AHP) provides member institutions with below-market-rate loans and direct grants, which they pass on to qualified project developers. Thirteen member institutions were awarded funding for 15 projects. The programs create housing for moderate-, low- and very low-income families. There were 192 housing units created for very-low-income families.
 "Our subsidies help rebuild communities," Roy said. "We assist members in helping their communities develop a greater stock of affordable housing."
 About two-thirds of the units are earmarked for very-low-income families. Among the programs funded are those that provide housing for battered women and homeless single mothers and their children, as well as housing for the mentally handicapped and elderly. Housing includes both single-family residential and multi-family dwellings.
 Program sites in Pennsylvania include Allegheny County, Ambler, Chester City, Lancaster, lower Bucks County, north central Pennsylvania, Philadelphia, Pittsburgh, Scranton and Wyoming County. West Virginia sites are scattered throughout Fairmont.
 An earlier round of AHP funding was announced in June 1991. The two rounds of funding in 1991 consumed total subsidies of $2.3 million, which represents 5 percent of the Pittsburgh bank's 1990 net income. This subsidized financing is being combined with other financing sources to create more than $27 million in total development, representing more than 550 housing units for the year.
 Last year -- AHP's first year -- the Pittsburgh bank awarded $3.7 million in subsidies for housing in the district's three states, Delaware, Pennsylvania and West Virginia. That amount created $35 million in development, resulting in 800 affordable housing units.
 Projects must meet certain criteria in order to compete effectively for funding. Priority is given to projects that set aside a high percentage of units for very-low-income residents and those that promote community stability.
 The 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. With assets of $8 billion, the Pittsburgh bank serves more than 250 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 the states of Delaware, Pennsylvania and West Virginia.
 The 11 other Federal Home Loan banks also are announcing funding for affordable housing projects today. Nationwide, the second round of subsidies totals $33.6 million, creating $460.7 million for development of 10,461 housing units. Since 1990, the first year of the Affordable Housing Program, 42,815 units of housing have been financed with, 23,539 for very-low-income households.
 AHP provided $80 million nationwide in 1990, resulting in more than $1.2 billion for development of 24,000 housing units.
 A summary of the 15 funded projects for the Federal Home Loan Bank of Pittsburgh follows:
 Pennsylvania:
 -- Project location: Allegheny County
 -- Lead lender/lender city: West View Savings Bank, PaSA/Wexford
 -- Project description: Sixteen single-family rental units, 15 for very-low income residents. Rehabilitation of a school building to serve battered women and families in crisis. Development costs of $1 million to be subsidized by $112,500. Benedictine Place is sponsored by North Hills Affordable Housing Task Force. HFA assistance.
 -- Project location: Ambler, Montgomery county
 -- Lead lender/lender city: Commonwealth Federal Savings
 Bank/Valley Forge
 -- Project description: Interfaith of Ambler is sponsoring the conversion of a former office building into nine multi-family rental units as permanent housing for homeless. All for very-low-income residents. Development costs of $870,000 to be subsidized by $67,500.
 -- Project location: Chester City
 -- Lead lender/lender city: First Keystone Federal Savings Bank
 /Media; Greater Delaware Valley Savings Bank/Broomall
 -- Project description: Rehabilitation of Flower Manor Apartments to provide 68 rental units, 43 for very-low-income residents. Project sponsor is the Community Action Agency of Delaware County, Inc. Development costs of $3.019 million to be subsidized by $90,100.
 -- Project location: Lancaster
 -- Lead lender/lender city: Parent Federal Savings Bank/Lancaster
 -- Project description: Special lease-purchase arrangements and assistance with down payment and closing costs for six single-family homes. Two for very-low-income residents. Purchase and rehabilitation sponsored by Spanish-American Civic Association. In conjunction with FHLMC financing. Development costs of $296,000 to be subsidized by $30,000.
 -- Project location: Lower Bucks County
 -- Lead lender/lender city: Commonwealth Federal Savings Bank/
 Valley Forge
 -- Project description: Purchase and rehabilitation of six single- family homes, half for very-low-income, first-time buyers. The Interfaith Housing Development Corporation of Bucks County program will provide buyers with mortgages and closing-cost help. In conjunction with PHFA. Development costs of $296,400 to be subsidized by $18,000.
 -- Project location: North central Pennsylvania
 -- Lead lender/lender city: United Federal Savings Bank/State
 College
 -- Project description: Construction of two rural single-family houses and renovation of a third, through Tri County Habitat for Humanity. All for very-low-income first-time home buyers. Development costs of $85,000 to be subsidized by $22,500.
 -- Project location: North Philadelphia
 -- Lead lender/lender city: Commonwealth Federal Savings Bank/
 Valley Forge
 -- Project description: Purchase and rehabilitation, or construction of six single-family homes. Three for very-low-income first-time buyers. Buyers help the sponsor, North Central Philadelphia Habitat for Humanity, with rehabilitation in exchange for partial equity, and closing costs. In conjunction with PHFA and HFA. Development costs of $162,000 subsidized by $18,000.
 -- Project location: North Philadelphia
 -- Lead lender/lender city: Commonwealth Federal Savings Bank/
 Valley Forge
 -- Project description: Rehabilitation of 10 single-family homes for very-low-income homeless mothers and their children. Purchase option provides education and employment incentives. Endow-a-Home program sponsored by Resources for Human Development. PHFA assistance. Development costs of $330,000 to be subsidized by $70,000.
 -- Project location: Pittsburgh
 -- Lead lender/lender city: Integra Bank of Pittsburgh/Pittsburgh
 -- Project description: Acquisition and rehabilitation of vacant buildings to create 32 single-family rental units, seven for very low-income families. Brighton Place historic district, also to house a community-owned laundromat and meeting and office space. Project also includes acquisition and closing of two drug-related bars, and special employment arrangements with Airborne Express. Sponsored by Northside Tenants Reorganization. PHFA assistance. Development costs of $4,613,400 to be subsidized by $79,000.
 -- Project location: Pittsburgh, Allegheny County
 -- Lead lender/lender city: Parkvale Savings Association, Pittsburgh
 -- Project description: Acquisition and rehabilitation of 21 multi-family rental units, all for very low-income, mentally handicapped residents. Sponsored by Residential Resources, Inc. Development costs of $808,100 to be subsidized by $155,000.
 -- Project location: Scranton
 -- Lead lender/lender city: Franklin First Federal Savings Bank, Wilkes-Barre, Pa.
 -- Project description: Construction of six single-family houses, two for purchase by very low-income first-time buyers. Meridian Avenue project, sponsored by Lackawanna Housing Development Corporation in Scranton, also calls for mandatory counseling in housing management and budgeting. Development costs of $389,200 to be subsidized by $54,000.
 -- Project location: South Philadelphia
 -- Lead lender/lender city: Prudential Savings Association, Philadelphia
 -- Project description: Seventeen rental units to be rehabilitated for very low-income elderly, some handicapped. South Street Mews is sponsored by Philadelphia Senior Center. PHFA assistance. Development costs of $1,750,000 to be subsidized by $91,800.
 -- Project location: West Philadelphia
 -- Lead lender/lender city: First American Savings, FA, Jenkintown, Pa.
 -- Project description: Acquisition and rehabilitation of 12 town houses, eight for purchase by very low-income families. This represents the second phase of the West Shore Development Plan, sponsored by Philadelphia Rehabilitation Plan. Development costs of $621,600 subsidized by $115,200.
 -- Project location: Wyoming County
 -- Lead lender/lender city: Grange National Bank of Wyoming County, Laceyville, Pa.
 -- Project description: To provide downpayment assistance and interest-rate subsidies to 10 families for purchase of single-family houses. Three for very low-income families. The project is sponsored by Housing Redevelopment Authorities of the County of Wyoming and North Tier Regional Planning and Development in Towanda. Sites are scattered in rural areas. Development costs of $500,000 subsidized by $116,800.
 West Virginia
 -- Project location: Fairmont
 -- Lead lender/lender city: City National Bank of Fairmont, Fairmont, W.Va.
 -- Project description: Rehabilitation of 62 rural single-family properties, 46 for purchase by very low-income buyers. Low-cost loans, mortgage insurance and weatherization assistance. Sponsored by Community Works of West Virginia, Inc. Development costs of $895,000 subsidized by $134,600.
 -- Total units: 284
 -- Total very low-income units: 192
 -0- 12/17/91
 /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 -- PG007 -- 3141 12/17/91 17:08 EST
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