FEDERAL HOME LOAN BANK OF PITTSBURGH SUBSIDIZES $895,000 OF LOW-COST HOUSING IN FAIRMONT, W.VA.
FEDERAL HOME LOAN BANK OF PITTSBURGH SUBSIDIZES $895,000 OF LOW-COST HOUSING IN FAIRMONT, W.VA. PITTSBURGH, Dec. 18 /PRNewswire/ -- The Federal Home Loan Bank of Pittsburgh is providing $134,600 to City National Bank of Fairmont to subsidize low-cost housing in Fairmont, W.Va., announced James D. Roy, president. "Our subsidies will help create $895,000 of affordable housing in Fairmont," Roy said. The funding will result in rehabilitation of 62 housing units for low-income residents. Forty-six of the units are earmarked for very low-income buyers. The project, sponsored by Community Works of West Virginia, Inc., will provide buyers with low-cost loans, mortgage insurance and weatherization assistance. The Federal Home Loan Bank's financial institution members work with nonprofit organizations that offer housing for moderate-, low- and very low-income households to rent or purchase. The projects chosen are funded through the bank's Affordable Housing Program (AHP). It provides member institutions with below-market-rate loans and direct grants, which they pass on to qualified project developers. This year, funding for projects throughout the bank's three-state district totals $2.3 million. The funding will be combined with other sources to create more than $27 million in total development. This will result in more than 550 housing units. Last year -- AHP's first year -- the Pittsburgh bank awarded $3.7 million in subsidies for projects throughout the district. That amount was combined with other funding sources to create $35 million of development, resulting in construction of 800 housing units. AHP is funded by a percentage of the bank's net earnings. -0- 12/18/91 /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 -- 3530 12/18/91 15:45 EST
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|Date:||Dec 18, 1991|
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