CHESTER — FHLBank Pittsburgh issued two grants totaling $1.5 million to Everest PACE Center Inc. and Liberty Housing Corp.
to support affordable housing initiatives in Chester. Elected officials and area nonprofits joined with representatives of FHLBank Pittsburgh and member institutions Fulton Bank and Reinvestment Fund on Tuesday at Everest Pace Center, 2600 W. Ninth St.
, Chester. Everest will spend its grant for the Silvercare Senior Housing development, providing nearly 100 units with supportive services for seniors, ages 62 and older. Liberty Housing will spend its grant to support Eileen and Shawn’s Place, offering housing options for low-income individuals with disabilities transitioning out of nursing homes.
The development will include 2,400 square feet of ground floor office space for Liberty Resources’ supportive services, referrals, and advocacy work. FHLBanks are government-sponsored enterprises created by Congress to provide a reliable, cost-effective source of liquidity to their members and support housing and community development efforts. Congress also created the Affordable Housing Program that is funded through a set-aside of 10% of each FHLBanks’ net earnings.
FHLBank Pittsburgh is one of 11 Federal Home Loan Banks established by Congress. It provides reliable funding and liquidity to its member financial institutions. FHLBank Pittsburgh has $66.
7 million for affordable housing grants this year through the AHP program and through additional funding.
