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City Gets Lion's Share of $9M in Housing Grants

PHILADELPHIA-Of 22 low- to moderate-income housing programs that will receive funding from the Federal Home Loan Bank of Pittsburgh, nine are in Philadelphia. The grants leverage $106.4 million in development costs for more than 900 units.

By Marita Thomas | Updated on July 16, 2002

PHILADELPHIA-Standing on the New Covenant Church Campus in the Mt. Airy section of Philadelphia, US Senator Rick Santorum announced $9.4 million in grants by Federal Home Loan Bank of Pittsburgh toward low-to-moderate income housing, homes for minorities and affordable homeownership. The grants include the Affordable Housing Program, which will receive $6.77 million, and the Home Buyer Equity Fund, which will receive $2.64 million to assist first-time homebuyers.

The $6.77-million AHP grants apply to 22 sites in Pennsylvania, New Jersey, Delaware and West Virginia. Pennsylvania gets $4.8 million, the lion’s share of the AHP funding for 16 different programs. Nine of the programs, receiving a total of nearly $3.5 million, are in Philadelphia.

Among the Philadelphia projects is New Covenant Senior Housing, the site where the Pennsylvania Republican made the announcement. It calls for conversion and rehabilitation of an historic structure on the campus into a 56-unit rental development for low-income seniors.

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