close
close

Officials from FHLBank Pittsburgh and Rep. Lisa Blunt of Rochester and Delaware join in the announcement of Harrington's affordable housing awards and $66.7 million in newly available affordable housing financing

0

HARRINGTON, Del., April 4, 2024–(BUSINESS WIRE)–Today, the Federal Home Loan Bank of Pittsburgh (FHLBank) joined U.S. Rep. Lisa Blunt Rochester (D-Del.) in a ceremony to award two affordable housing grants totaling FHLBank announced $1.5 million to its member financial institutions. FHLBank is a cooperative whose members are positioned to leverage on-demand liquidity and community products to support community partnerships that promote job growth, economic vitality and long-term stability in Harrington and across the country.

Rep. Blunt Rochester was joined by Delaware State Housing Authority Director Cynthia Karnai; Duane E. Bivans, Mayor of the City of Harrington; Karen McGrath, Sussex County Regional Director, U.S. Senator Tom Carper's Office; Andrew Dinsmore, Projects and Resources Director, Office of U.S. Senator Chris Coons; Winthrop Watson, President and CEO, FHLBank; Katie Wilkinson, SVP Commercial Market Executive, Fulton Bank, NA; Tyler Stetz, business development officer, Community Bank Delaware; Paul Calistro, Executive Director, West End Neighborhood House; David Layfield, Director, Green Street Housing; and representatives from various public, private and community organizations.

Thursday's event, held at Harrington Fire Company, was followed by a tour of ongoing renovations at the Diamond Court Apartments. The Diamond Court Apartments is a comprehensive renovation of a 34-unit family residential complex originally built in 1986. The project includes the rehabilitation of all existing structures, the addition of an extensive range of new construction and residential unit amenities, and targets the National Green Building Standard Certification Program.

The celebration concluded with the presentation of a $750,000 grant to Green Street Housing for the development of Diamond Court Apartments from FHLBank and its member financial institution Fulton Bank. A second grant of $750,000 was presented to West End Neighborhood House by FHLBank and Community Bank Delaware. This grant supports Lifelines South, a development that serves unaccompanied homeless youth, most of whom were previously in foster care, have one or more mental health disabilities, and many of whom identify as LGBTQ.

The event also highlighted $114.2 million in new financing 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 the Banking On Business Inclusion and Equity Fund (BOBIE)

  • $22 million for First Front Door (FFD) and $7 million for the First Front Door Keys to Equity fund (Keys)

  • $6 million to Home4Good

Further information about these funding opportunities can be found at www.fhlb-pgh.com.

“I was so happy to be in Harrington, Delaware to announce new investments in safe, stable and affordable housing. Affordable housing is the foundation of safe and prosperous communities, and in Delaware we know only too well how we must increase our affordable housing supply,” said Rep. Blunt Rochester (D-Del.). “Access to safe and reliable housing impacts our ability to pursue educational opportunities, stay healthy, care for children and loved ones, and find 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 the effort to achieve this goal.”

“I am pleased to be here today to recognize the ongoing work to increase the supply of affordable housing in Harrington and identify new financing options,” said Winthrop Watson, President and CEO of FHLBank. “Together with our member institutions, Fulton Bank and Community Bank Delaware, we have been able to financially support developments that will have a major impact on residents. We join many community partners and funders who have made these projects possible. Thank you.” We thank Representative Blunt Rochester and the Delaware Senators for their continued partnership in enabling FHLBank Pittsburgh and our members to provide this support to our communities.”

About FHLBank Pittsburgh

FHLBank Pittsburgh provides reliable financing 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's products and resources support community lending, housing and economic development. As one of 11 Federal Home Loan Banks chartered by Congress, FHLBank has been an integral and trusted part of the financial system since 1932. Find out more at www.fhlb-pgh.com.

About Fulton Bank

Headquartered in Lancaster, Pennsylvania, Fulton Bank is a leading community bank in the Mid-Atlantic region. A subsidiary of Fulton Financial Corporation, a $27 billion financial services holding company, Fulton Bank offers a broad range of products and services in more than 200 financial centers in Pennsylvania, New Jersey, Maryland, Delaware and Virginia. At Fulton Bank, we strive to change lives for the better by building strong customer relationships, providing significant community support and empowering more than 3,400 employees to do the same. By the Fulton Forward® With our initiative we contribute to building vibrant communities. Learn more at Fulton Bank, NA, Member FDIC.

About Community Bank Delaware

In July 2006, a group of local business leaders founded Community Bank Delaware to serve the needs of the people of our community. Today, the bank has grown to over $346 million in assets and serves customers throughout Sussex County with business and retail banking products. It is led by a 9-member board.

Community Bank Delaware is a full-service bank headquartered at Kings Highway and Route 1 in Lewes. Community Bank Delaware is a member of the FDIC and an Equal Housing Lender. NMLS #421384, Maryland License Number 06-24066.

About Green Street Housing, LLC

Green Street Housing is a Maryland-based developer that has completed and managed 25 projects, generating over $350 million in total development costs for viable residential projects in Maryland, Delaware and Virginia. The company's principals have a combined 30 years of real estate development experience in new construction, renovation, HUD, LIHTC and USDA-RD projects in the Mid-Atlantic. Green Street Housing takes great pride in its green building practices, pursuing energy efficient building certifications, and providing on-site solar energy production in all accessible residential communities. Learn more at: http://greenstreethousing.com/

About West End Neighborhood House

Life Lines South is a permanent supportive housing project that will expand West End Neighborhood House's Life Lines program to meet the needs of homeless, unaccompanied youth in Kent and Sussex Counties, Delaware. The project will renovate a former bed and breakfast and expand it with 10 new Single Resident Occupancy (SRO) units. Cornerstone West, CDC, will serve as developer on the project. Representative Rochester supported Senator Chris Coons to secure direct spending from Congress that matched the FHLB's investment in this project.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240404435507/en/

contacts

Allison Karakis, FHLBank Pittsburgh, 412-660-8176, [email protected]