Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PHILADELPHIA-Standing on the New Covenant Church Campus in the Mt. Airy section of Philadelphia, US Senator Rick Santorum announced $9.4 million in grants by Federal Home Loan Bank of Pittsburgh toward low-to-moderate income housing, homes for minorities and affordable homeownership. The grants include the Affordable Housing Program, which will receive $6.77 million, and the Home Buyer Equity Fund, which will receive $2.64 million to assist first-time homebuyers.

The $6.77-million AHP grants apply to 22 sites in Pennsylvania, New Jersey, Delaware and West Virginia. Pennsylvania gets $4.8 million, the lion’s share of the AHP funding for 16 different programs. Nine of the programs, receiving a total of nearly $3.5 million, are in Philadelphia.

Among the Philadelphia projects is New Covenant Senior Housing, the site where the Pennsylvania Republican made the announcement. It calls for conversion and rehabilitation of an historic structure on the campus into a 56-unit rental development for low-income seniors.

Other Philadelphia projects are Caribe Towers, a 57-unit housing developmentfor older persons; Homeward Bound, a 20-unit transitional rental rehab for homeless adults with mental health or substance abuse problems; Imani Homes IV, an eight-unit, three-building rehab for woman suffering from substance abuse and their children; Kate’s Place, for development of an 11-story, 144-unit transitional facility for homeless persons; Monument Mews, for construction of 60 rental units providing transitional housing for homeless families; OCS Independent Living Project, 33 permanent, low-income units forpeople with behavioral health problems; St. Vincent’s Home-Tacony, a rehab to bring the six-building complex, built in 1855, up to code for 96 homeless children; Yorktown Arms Phase II, a four-story rental complex for low-income seniors.

Among the additional Pennsylvania recipients of funding are Highland Homes in Wayne, Katelyn’s House in Glenolden, Marie Lowe Estates in Bedminster, FCCAA Supportive Housing in Uniontown, and Mon Valley Covenant House in Braddock.

In all cases, local banks provide additional lending. Pennsylvania’s participating banks are Sovereign Bank in Reading, PNC Bank in Pittsburgh, Waypoint Bank in Harrisburg, First Federal Savings & Loan Association of Bucks County in Bristol, Firstrust Savings Bank in Philadelphia, First National Bank of Pennsylvania in Hermitage, and National City Bank of Pennsylvania in Pittsburgh.

With 22 grants, FHLBank of Pittsburgh will have provided $107.8 million in affordable housing grants since its inception in 1990. It is one of 12 FHLBanks nationwide.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


GlobeSt. APARTMENTS Fall 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.