The Federal Home Loan Bank of Pittsburgh (FHLBank) is excited to announce that $114.2 million, a record annual amount, is available for our member financial institutions to use to support communities and people in need.
“FHLBank is proud to fulfill our mission as we continue to deliver innovative solutions for affordable housing and community development along with on-demand liquidity to our members,” said Winthrop Watson, President and Chief Executive Officer.
The amounts allotted for the 2024 community investment products include:
- $48.7 million for the Affordable Housing Program (AHP) and $18 million for the voluntary housing grant initiative
- $12.5 million for Banking On Business (BOB), including $4 million for Banking On Business Inclusion and Equity fund (BOBIE)
- $22 million for First Front Door (FFD) and $7 million for First Front Door Keys to Equity fund (Keys)
- $6 million to Home4Good
This record-setting amount will further advance the FHLBank cooperative’s affordable housing and economic development mission, and poise our members to invest in and support housing, business and neighborhood improvement initiatives in their communities. FHLBank also offers the Community Lending Program (CLP) and Blueprint Communities®.
“Through AHP and the voluntary housing grant initiative, this year nearly $67 million is available and we’ve doubled the maximum grant to $1.5 million per project,” said John Bendel, Senior Director, Community Investment. Bendel added, “These amounts will enable FHLBank to support more projects and fill larger funding gaps. Affordable housing developers are recognizing this opportunity and are already engaging with us. Many are planning to apply for AHP/voluntary housing grant funding by the August 8 application due date.”
FHLBank has consistently given more than the statutorily required amount of 10% of net earnings to affordable housing. This year, the FHLBank cooperative has voluntarily added 5% of prior year’s pre-assessment net income to our required affordable housing amount to deepen our impact through our voluntary community investment offerings. This increase has enabled more support for affordable homes, underserved and financially vulnerable populations and communities. This voluntary amount reflects not only member input, but also a sustainable, meaningful annual contribution to affordable housing and community development.
For more information about these programs and funding round availability, visit https://www.fhlb-pgh.com/community-products.
About FHLBank Pittsburgh
FHLBank Pittsburgh provides reliable funding and liquidity to its member financial institutions, which include commercial and savings banks, community development financial institutions, credit unions and insurance companies in Delaware, Pennsylvania and West Virginia. FHLBank products and resources help support community lending, housing and economic development. As one of 11 Federal Home Loan Banks established by Congress, FHLBank has been an integral and reliable part of the financial system since 1932. Learn more by visiting www.fhlb-pgh.com.
"Blueprint Communities" is a registered service mark of the Federal Home Loan Bank of Pittsburgh.
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Beneficiaries |
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Amount |
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Availability |
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Limits |
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Affordable Housing Program (AHP) Grants for members teaming with developers to create affordable housing |
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Low- and moderate-income households |
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$48.7 million |
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Competitive round open June 27 - Aug. 8 |
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Per project: $1,500,000 Per unit: $150,000 |
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First Front Door (FFD) Grants for down payment and closing costs for first-time homebuyers |
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First-time homebuyers earning up to 80% of the area median income
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$22 million |
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First-come, first-served basis, starting April 16 |
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Per member: $3.3 million cap for first four months Per homebuyer: $1,500 minimum contribution, up to $15,000 grant |
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First Front Door Keys to Equity Fund (Keys) Grants for down payment and closing costs for minority and/or first-generation first-time homebuyers |
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Minority and/or first-generation first-time homebuyers earning up to 120% of the area median income |
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$7 million |
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First-come, first-served basis, starting April 16 |
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Per homebuyer: $1,000 minimum contribution, up to $20,000 grant |
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Home4Good Grants for organizations that serve people experiencing homelessness or at risk of homelessness |
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Homeless individuals, families and those at risk of becoming homeless |
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$6 million |
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Check www.fhlb-pgh.com/Home4Good for more round information |
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Amount available allocated to Delaware, Pennsylvania and West Virginia |
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Voluntary Housing Grant Initiative Grants for members teaming with developers to create affordable housing in Delaware, Pennsylvania and West Virginia |
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Low- and moderate-income households |
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$18 million |
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Competitive round open June 27 – Aug. 8 (through AHP Online) |
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Per project: $1,500,000 Per unit: $150,000 |
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Banking On Business (BOB) Secondary financing to support small business lending |
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Small businesses |
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$8.5 million |
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First-come, first-served basis, starting March 5 |
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Per member: $1,250,000 Per business: $300,000 |
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Banking On Business Inclusion and Equity fund (BOBIE) |
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Minority- and women-owned small businesses |
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$4 million |
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(see above) |
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(see above) |
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Community Lending Program (CLP) Advances available at discounted rates |
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Community projects
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$2.6 billion revolving pool of funds |
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Available year-round |
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Per member: $100 million per year or $300 million outstanding |
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View source version on businesswire.com: https://www.businesswire.com/news/home/20240307309479/en/
Contacts
Eric M. Slomer, FHLBank Pittsburgh, 412-288-7694, eric.slomer@fhlb-pgh.com
