“FHLBank Pittsburgh is pleased to cap a record year of AHP funding with these projects,” said John R. Price, the Bank’s president and chief executive officer. “Today’s action means that nearly $18 million in AHP funding has been committed during this calendar year, helping to create a total of 2,093 units of affordable housing within 61 rental and owner-occupied projects for some of the most vulnerable families in our district.”

FHLBank Pittsburgh, a wholesale bank using private capital, not taxpayer funds, distributes AHP dollars through its member financial institutions to community sponsors and project developers. With today’s announcement, the Bank has awarded approximately $143 million to build or rehabilitate more than 23,000 affordable housing units since the start of the AHP in 1990 – empowering families and improving neighborhoods.

This year, the Bank judged grant applications on a revised set of scoring criteria that placed a premium on the category of Community Stability. The Bank awarded up to 25 out of 100 points based on how well a project reflects broader stakeholder involvement and community-wide interests. The greatest number of points was awarded to projects demonstrating strong local leadership and collaboration, that are located in an area with a quality community plan and whose features improve resident quality of life and act as a catalyst for accomplishing a community strategy.

For a complete list of grants awarded in the just-completed AHP funding round, please visit www.fhlb-pgh.com.

With assets of more than $95 billion as of September 30, 2007, FHLBank Pittsburgh, a government-sponsored enterprise created by Congress in 1932, has 330 members across its three-state district of 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 expanded to include financing for business startup and expansion as well as a variety of community and economic development needs.