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FHLBank grants $1.5M to affordable housing programs

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FHLBank and Fulton Bank granted $750,000 to Green Street Housing for the Diamond Court Apartments development. FHLBank and Community Bank Delaware also presented a $750,000 grant to West End Neighborhood House. PHOTO COURTESY OF FHLBANK

Harrington – The Federal Home Loan Bank of Pittsburgh (FHLBank) and their member financial institutions donated two affordable housing grants totaling $1.5 million for a rental apartment rehabilitation in Harrington and to West End Neighborhood House for youth homelessness.

During the ceremony held on April 4th at the Harrington Fire Company, U.S. Representative Lisa Blunt Rochester (D-Del.) joined FHLBank members in a tour of the ongoing renovation at Diamond Court Apartments. The 34-unit family rental apartment is undergoing a significant gut rehabilitation project. The new development and unit amenities aim to attain certification through the National Green Building Standard program for affordable rental units.

“I was so glad to be in Harrington, Delaware, to announce new investments in safe, stable, and affordable housing. Affordable housing is the foundation for safe and prosperous communities, and in Delaware, we know too well how we need to increase our affordable housing supply,” Rep. Blunt Rochester (D-Del.) said in a press release. “Access to safe and reliable housing impacts our ability to pursue educational opportunities, stay healthy, provide care for children, and loved ones, and access employment. This new funding is an example of how we can reimagine housing solutions for communities across our state, and I will always be a partner in efforts that achieve this goal.”

FHLBank and Fulton Bank granted $750,000 to Green Street Housing for the Diamond Court Apartments development. FHLBank and Community Bank Delaware also presented a $750,000 grant to West End Neighborhood House. This grant will support Lifelines South, a development that will serve unaccompanied youth experiencing homelessness, a majority of whom were previously in foster care, have one or multiple mental health disabilities and many of whom identify as LGBTQ.

The event also highlighted $114.2 million new funding opportunities, including $66.7 million for additional affordable housing, through FHLBank member institutions including:

  • $48.7 million for the Affordable Housing Program 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

“I am thrilled to be here today to recognize the work underway to increase the supply of affordable housing in Harrington and highlight new funding opportunities,” aid Winthrop Watson, President and CEO, FHLBank, said. “Together with our member institutions, Fulton Bank and Community Bank Delaware, we were able to provide financial support to developments that will have a big impact on the residents. We join many community partners and funders that have made these projects possible. Thank you to Rep. Blunt Rochester and Delaware’s Senators for their continued partnership that allows FHLBank Pittsburgh and our members to provide this support to our communities.”

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