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

 PITTSBURGH, Nov. 23 ~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 Guest Quarters Suite Hotel in Plymouth Meeting, a suburb of Philadelphia.
 Federal Home Loan Bank of Pittsburgh President James D. Roy said, "We are very proud to recognize the worthy programs that have added to the district'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 or Community Investment programs between April 1, 1990, and May 31, 1992. The housing was 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, were given the highest priority for selection as winners.
 Winning the Pillar of the Community Award was the Silver Lakes Plaza Apartment Program in Bristol, Pa. Receiving and accepting the award were program sponsors First Federal Savings and Loan Association of Bucks County and Better Homes, Incorporated. Better Homes also was presented with a grant for continuing efforts.
 With financing from First Federal of Bucks County, Betters Homes was able to create 15 townhouses for single mothers and their children. These families were homeless prior to moving in to Silver Lake. The units were developed within four months through the use of modular construction. The reduced construction time helps keep the units affordable for the residents. Better Homes was a pioneer in using modular construction as a solution to providing low-cost housing. Residents also receive counseling in property management and maintenance.
 "We are especially pleased to be recognized by the Federal Home Loan Bank for our efforts with the Silver Lake program. The mothers and children living at Silver Lake will be celebrating Thanksgiving in a home for the first time," said First Federal of Bucks County President and Chief Executive Officer Harold F. Oswald Jr. "We have been working with Better Homes since 1975 and are very proud to be associated with them on this program as well."
 Four additional programs and their sponsors were honored as finalists for the Pillars of the Community Award:
 West Montgomery Avenue Program in Ardmore, Pa.
 -- A "shared house" environment for five elderly tenants.
 -- Sponsored by Lower Merion Shared Housing for the Elderly and Main Line Federal Savings Banks, both located in Villanova, Pa.
 Elm Avenue Program in North Wales, Pa.
 -- "Project Self Sufficiency" program where residents exchange sweat equity, such as lawn mowing and other property maintenance, for rent.
 -- Sponsored by Community Housing Services in Landsdale, Pa., and Pennview Savings Bank in Souderton, Pa.
 Main Street Program in Souderton, Pa.
 -- Converted building into apartments for two low-income families. Residents will also participate in "Project Self Sufficiency." A food cupboard and the offices for Indian Valley Housing Corporation offices are also housed in the building.
 -- Sponsored by Indian Valley Housing Corporation and Pennview Savings Bank, both located in Souderton.
 Emmett Street Program in Phoenixville, Pa.
 -- Rehabilitation of a building to create "shared housing" environment for five mentally disabled individuals.
 -- Sponsored by Horizon House, Inc., and Phoenixville Federal Savings and Loan, both located in Phoenixville.
 A special "Affordable Housing Advisory Council Chairman's Award" was presented to a lender 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 W. Pullo, president of York Federal Savings and Loan Association in York, Pa.
 Keynote speaker at the Pillars of the Community Awards ceremony was Barry Zigas, president of the National Low Income Housing Coalition in Washington. 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 Delaware and eastern Pennsylvania. A second awards luncheon was held in Pittsburgh on Oct. 22. Winner of the Pillars of the Community Award in Pittsburgh was the Vanity Fair Program in Huntington, W.Va., a 54-unit facility providing permanent housing and social services for the homeless.
 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 $10.6 billion, the Pittsburgh bank has more than 300 members, including savings institutions, commercial banks, credit unions and insurance companies.
 The bank has provided more than $8.5 million in loan 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, speakers or bank representatives, please call or stop by the Chestnut Room at the Guest Quarters Suite Hotel in Plymouth Meeting, Pa., at 640 West Germantown Pike. The awards presentation will begin at noon and conclude at approximately 2 p.m. Ask for Rosemary Abendroth or Bobbi LaPlace.~
 ~CONTACT: Rosemary A. Abendroth of Federal Home Loan Bank of Pittsburgh, Tuesday and after, 412-288-2830; or at Guest Quarters Suite Hotel, Monday only, 215-834-8300~


CO: Federal Home Loan Bank of Pittsburgh ST: Pennsylvania IN: FIN SU:

DM -- PG002 -- 0393 11~23~92 10:30 EST
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