The Board of Directors of the Federal Home Loan Bank of Pittsburgh (Bank) approved $34.2 million in awarded grants under the Bank’s Affordable Housing Program (AHP). The grants will help finance 68 housing projects, creating more than 1,700 units of housing for very low-, low- and moderate-income individuals and families, as well as those with special needs.
The Flats Phase III, located in Wilmington, Del., is among the developments financed. Todmorden Foundation, together with HDC MidAtlantic and FHLBank Pittsburgh are redeveloping functionally obsolete housing at The Flats with new, safe, affordable townhomes and apartments.“The Flats was the creation of visionary philanthropist William Bancroft to fill the demand for workers’ housing in the early 20th century,” said Rodney A. Lambert, Jr., president and CEO, Todmorden Foundation. We see The Flats Redevelopment as a great example of how a community can work together through collaboration, to create a long lasting, sustainable development for future generations.”
The Flats Phase III will continue the momentum and re-investment in the Flats neighborhood by replacing 80 aging rental units with 77 new units of affordable housing. The new units will reinforce the design of the surrounding mature urban neighborhood. The Flats Phase III will continue a multiyear project to rehabilitate property originally built as workers’ housing in the early 1900s. Once completed, the entire Flats development will have replaced functionally obsolete units with 434 modern, affordable units in the midst of amenities that include accessible public transportation, on-site supportive services, 24-hour maintenance services, free wireless internet service and an on-site community center.
“The more than $34 million in AHP grants awarded in December represents the largest amount ever awarded by FHLBank Pittsburgh,” said Winthrop Watson, President and Chief Executive Officer. “This record amount of funds will help our members bring affordable housing to more than 1,700 families throughout the communities they serve.”
Local organizations partnered with 26 member institutions to support the 68 projects receiving AHP funding. A complete list of the AHP grants awarded today can be found at www.fhlb-pgh.com.