The Federal Home Loan Banks of Pittsburgh and San Francisco (FHLBanks) announced this week the awarding of $9.87 million in affordable housing grants for the construction and rehabilitation of 861 units of affordable housing at 18 project sites. With the recently announced grants, the FHLB Pittsburgh has contributed a total of more than $42 million to affordable housing projects across Greater Philadelphia and this year’s grant is the largest single-year contribution by the Bank of $6.8 million. The grants include grants for development of a rental senior-citizen project in Hatfield, Montgomery County of $350,000 to Advanced Living Inc. and the renovation of a firehouse into senior apartments in Chester County in the amount of $550,00 to Delaware Valley Development Co.
“Our Affordable Housing Program helps project sponsors stretch their dollars in both good times and bad, and covers the funding gap necessary to make a critical project a reality,” said David Buches, Manager of Community Investment at FHLBank Pittsburgh. “We’re pleased to once again partner with Mayor Nutter, Congressman Fattah, project sponsors and local member financial institutions to help create affordable housing for those who most need it.”