FHLBank Pittsburgh Awards More Than $10 Million in Grants: 26 Projects with 908 Units of Affordable Housing Funded in Second Round

Pittsburgh, PA – December 19, 2008 – (RealEstateRama) – The Board of Directors of the Federal Home Loan Bank of Pittsburgh (FHLBank Pittsburgh) has approved $10.24 million in grants under its Affordable Housing Program (AHP). The grants will help finance 26 housing projects – two in Delaware, 16 in Pennsylvania, two in West Virginia, two in Maryland and one each in Iowa, Kentucky, Massachusetts and New York – creating 908 units of housing for very-low-, low- and moderate-income individuals and families, including some with special needs.

“FHLBank Pittsburgh is wrapping up 2008 by again committing ten percent of our net income to fund a variety of rental, rehab and for-purchase affordable housing projects,” said John R. Price, the Bank’s president and chief executive officer. “More than $21 million has now been put forth for nearly 2,200 affordable housing units during this year’s two funding rounds.”

FHLBank, a wholesale bank using private capital, not taxpayer funds, distributes AHP dollars through its member financial institutions to community sponsors and project developers. With today’s announcement, the Bank has awarded approximately $164 million to build or rehabilitate more than 26,000 affordable housing units since the start of the AHP in 1990 – empowering families and improving neighborhoods.

This year, the Bank increased the maximum grant for a single project from $500,000 to $650,000. During the two 2008 funding rounds, a total of 15 of 55 projects received this new maximum amount of funding.

FHLBank judged grant applications on scoring criteria that place a premium on the category of Community Stability. The Bank awards up to 25 out of 100 points based on how well a project reflects broader stakeholder involvement and community-wide interests.

For a complete list of grants awarded in the 2008B AHP Funding Round, click here www.fhlb-pgh.com.