Bank Writes $3M Check for 230 New Apartments

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PHILADELPHIA-The Federal Home Loan Bank of Pittsburgh, through its private cooperative, is providing $3 million in grants for the development of affordable housing units in Philadelphia, Chester, PA and Lindenwold, NJ. The housing will be for low-income, elderly and special-needs residents.

The local banks which will distribute the funds are Citizens Bank of Pennsylvania, Commerce Bank, Firstrust Bank, PNC Bank and Sovereign Bank. The FHLB has released $29.8 million to date in the metro Philadelphia market, according to the bank’s prepared statement. The largest of the new grants, $1.35 million, is going to the 92-unit Harvest Senior Housing Apartment building in Lindenwold. The property is on the Abundant Harvest Ministries campus and service low-income seniors.