U.S. Rep. Mary Gay Scanlon (D-PA5) was the special guest speaker
at a ceremony to announce an Affordable Housing Program (AHP) grant
and the voluntary housing grant initiative totaling $1.5 million
from the Federal Home Loan Bank of Pittsburgh (FHLBank) through
their member financial institutions. FHLBank is a cooperative whose
members are able to leverage on-demand liquidity and community
products to support community partnerships that are fostering job
growth, economic vitality and long-term stability in Chester and
across the country.
Joining Rep. Scanlon were Pennsylvania State Senator John I.
Kane (D-PA SD9); Dr. Monica Taylor, Chair of Delaware County
Council; Christine Reuther, Delaware County Council; Stefan Roots,
Mayor, City of Chester; Tia Watson, Regional Director, Office of
U.S. Senator Bob Casey; Amy Sechrist, Senior Policy Officer, The
Pennsylvania Housing Finance Agency; David Paulson, Chief Operating
Officer, FHLBank Pittsburgh; Jeanne Fields, Vice President,
Commercial Community Development Lending Officer, Fulton Bank;
Tiffany Canady, Chief Financial Officer, Reinvestment Fund; Blane
F. Stoddart, CEO, BFW Group LLC, Owner’s Representative, Everest
Pace – Silvercare; Steven A. Fischer, Executive Director, Chester
Housing Authority, Thomas Earle, CEO, Liberty Resources Inc. (LRI)
and Bianca Waliddin, Executive Director, Liberty Housing
Development Corporation (LHDC); Anthony Brooks, Nursing Home
Transition Advocate-Testimonial Speaker and representatives from a
variety of public, private and community organizations.
Tuesday’s event, held at Everest PACE Center, Inc., was followed
by a roundtable discussion on affordable housing. Everest PACE
Center’s new Silvercare Senior Housing development, located nearby,
will be an adaptive reuse of a vacant six‐story hospital building
converted into affordable senior housing. The building is designed
to receive certification from Enterprise Green Community 2020 and
exceed Energy Star requirements. The two-phased development will
provide approximately 94 units of affordable rental housing with
supportive services for seniors aged 62 and older. Phase I of the
development will include approximately 45 one- and two-bedroom
units to be leased to tenants with incomes from 20 to 60 percent of
the area median income.
The celebration concluded with the presentation of a $750,000
grant to Everest PACE Center, Inc., for the Silvercare Senior
Housing development, from FHLBank and its member financial
institution, Fulton Bank. A second grant of $750,000 was presented
to Liberty Housing Corp from FHLBank and Reinvestment Fund to
support Eileen & Shawn’s Place. This grant will provide
additional one-bedroom options for low-income individuals with
disabilities transitioning out of nursing homes, as well as five
one-bedroom units and one two-bedroom unit that will be fully
wheelchair-accessible. The development will also include 2,400
square feet of ground floor office space for Liberty Resources'
supportive services, referrals and advocacy work. Residents will
have access to supportive services and program offices.
“Investing in accessible and affordable housing is essential to
creating communities that provide equitable opportunities for
residents,” said Rep. Scanlon. “I look forward to seeing the
economic impact and long-term stability these investments will
provide in the Chester community as we all work together to create
more affordable housing and lower costs.”
“Today is a celebration of progress as the country continues to
face the challenges of providing an increased supply of affordable
housing,” said David Paulson, Chief Operating Officer of FHLBank.
“With our member institutions, Fulton Bank and Reinvestment Fund,
we join many organizations and funders to make an impact in the
City of Chester. Thank you to Rep. Mary Gay Scanlon for the
continued partnership that allows FHLBank Pittsburgh and our
members to provide this support to communities.”
The 2024 funding round for AHP and the voluntary housing grant
initiative is now open with $66.7 million for additional affordable
housing through FHLBank member institutions. Applications are due
by 5 p.m. EDT on Thursday, Aug. 8. More information on these
funding opportunities is available at www.fhlb-pgh.com.
About FHLBank Pittsburgh
FHLBank Pittsburgh provides reliable funding 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 products and resources help support community
lending, housing and economic development. As one of 11 Federal
Home Loan Banks established by Congress, FHLBank has been an
integral and reliable part of the financial system since 1932.
Learn more by visiting www.fhlb-pgh.com.
About Fulton Bank, N.A.
Headquartered in Lancaster, Pa., Fulton Bank is a premier
community bank in the Mid-Atlantic region. As a subsidiary of
Fulton Financial Corporation, a more than $30 billion financial
services holding company, Fulton Bank offers a broad array of
products and services at more than 200 financial centers across
Pennsylvania, New Jersey, New York, Maryland, Delaware, and
Virginia. At Fulton Bank, we seek to change lives for the better by
building strong customer relationships, providing significant
community support and empowering more than 3,500 employees to do
the same. Through the Fulton Forward® initiative, we’re helping
build vibrant communities. Learn more at www.fultonbank.com/.
Fulton Bank, N.A., Member FDIC.
About Reinvestment Fund
Reinvestment Fund is a mission-driven financial institution
committed to making communities work for all people. We bring
financial and analytical tools to partnerships that work to ensure
that people in communities across the country have the
opportunities they strive for: affordable places to live, access to
nutritious food and health care, schools where their children can
flourish, and strong, local businesses that support jobs. We use
data to understand markets and how transactions can have the most
powerful impact, which has consistently earned us the top Aeris
rating of AAA for financial strength and four stars for impact
management. Our asset and risk management systems have also earned
us an AA- rating from S&P. Since our inception in 1985,
Reinvestment Fund has provided over $3.2 billion in financing to
strengthen neighborhoods, scale social enterprises, and build
resilient communities.
About Everest PACE Center – Chester
Everest PACE Center is dedicated to providing affordable housing
and comprehensive, all-inclusive care for the low-income elderly in
the community.
About Liberty Resources Inc.
Liberty Resources Inc. is the Center for Independent Living for
Individuals with disabilities for Delaware County, for more
information call 215-634-2000 ext. 325, or visit
http://libertyresources.org; and Liberty Housing Development Corp.
develops accessible affordable housing and provides housing
counseling services to people with disabilities, to learn more call
215-634-2000 ext. 391.
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version on businesswire.com: https://www.businesswire.com/news/home/20240716601869/en/
Allison Karakis, FHLBank Pittsburgh, 412-660-8176,
Allison.Karakis@fhlb-pgh.com Carina Figliuzzi, Office of U.S. Rep.
Mary Gay Scanlon, 202-225-2011, carina.figliuzzi@mail.house.gov