PITTSBURGH--(BUSINESS WIRE)--Feb. 27, 2007--The Federal Home Loan Bank of Pittsburgh (FHLBank Pittsburgh) has allocated $24.2 million for affordable housing in 2007. This $24.2 million set aside includes $17.15 million for the Affordable Housing Program (AHP), $7.64 million for the First Front Door lower-income homeownership grants program and $1 million for a pilot housing rehabilitation grants program.

FHLBank's 2007A AHP funding round is now open and applications from project developers are being taken until March 29. The 2007B funding round will open in August and close on September 27.

"We are pleased that our 2006 record earnings allow us to make such a large amount of funding available for affordable housing," said John J. Bendel, director of Community Investment for FHLBank Pittsburgh. "Our Bank can serve as an intermediary between project developers seeking local financial institutions as partners and any of our financial institution members that would like to do more in the area of affordable housing with developers. Our regional Community Investment officers can help bring these parties together."

Since 1990, the AHP has distributed approximately $125 million in grants for the construction or rehabilitation of more than 22,000 rental and owner-occupied affordable housing units across the Bank's three-state district. To apply for an AHP grant, visit www.fhlb-pgh.com.

The First Front Door program (formerly the Home Buyer Equity Fund) has been available to lower-income first-time homebuyers since 1997. The program provides $3 in grant money for every $1 contributed by qualifying homebuyers to help meet down payment and closing costs. The program takes applications on a rolling basis through participating FHLBank financial institution members in local communities. The $7.64 million applied to First Front Door in 2007 includes about $1.6 million carried over from 2006. For additional information on First Front Door, or to view a list of participating members, visit www.firstfrontdoor.com.

With assets of $77.4 billion, FHLBank Pittsburgh, a government-sponsored enterprise created by Congress in 1932, serves 334 financial institution members across Delaware, Pennsylvania and West Virginia. It is one of twelve FHLBanks, all cooperatively owned banks established to provide a steady stream of low-cost housing finance. More recently, the Bank's mission has been expanded to include a variety of community and economic development needs.

Copyright Business Wire 2007

Federal Home Loan Bank of Pittsburgh

Federal Home Loan Bank of Pittsburgh

The Federal Home Loan Bank of Pittsburgh (FHLBank) is a privately-owned, privately-capitalized cooperative of financial institutions operating in Delaware, Pennsylvania and West Virginia. It provides low-cost funding to, buys mortgages from, and makes affordable housing grants through its several hundred member institutions. Chartered by Congress in 1932, FHLBank Pittsburgh uses no tax dollars. It is one of 12 FHLBanks that serve regional banking districts across the country.

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