FHLBank Pittsburgh approves $23.8 million in affordable housing grants
Funding will be awarded for 43 rental units and 20 ownership initiatives to serve specific population segments: the homeless, senior citizens, those with physical or mental disabilities and victims of abuse or substance disorders.
Approximately one third of the projects are in rural areas. Various local groups collaborated with the bank to support all 63 AHP funding recipients.
"We are delighted to announce more than $23 million in grants today, making the 2015 funding round the biggest in our bank's 25-year AHP history," Winthrop Watson, Federal Home Loan Bank’s president and CEO, said. “It is truly our privilege to provide these funds to our member institutions to support affordable housing in the communities they serve."
AHP is one of the largest private sources of affordable housing grants nationwide. It is managed by FHLB’s 11 branches. FHLBank Pittsburgh acts as a liaison between global markets and local lenders with accessible liquidity, affordable housing opportunities and community development initiatives.
The bank is part of the Federal Home Loan Bank System, established by Congress in 1932 to provide security through all types of economic cycles in the U.S.