“Creating Financial Solutions to address Community Needs”

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Presentation transcript:

“Creating Financial Solutions to address Community Needs” COMMUNITY DEVELOPMENT BANKING “Creating Financial Solutions to address Community Needs”

FHLBank Pittsburgh Affordable Housing Program Contents FHLBank Pittsburgh Affordable Housing Program PNC Community Development Banking

Federal Home Loan Bank (FHLBank) Pittsburgh Affordable Housing Program The Affordable Housing Program (AHP) provides grants and subsidized loans for the acquisition, construction or rehabilitation of affordable housing for households with incomes at or below 80 percent of the area median income. Housing developers partner with FHLBank Pittsburgh members to apply for AHP funding, which is offered through one competitive funding round each year. Grants are awarded to the highest scoring projects, up to $750,000 per project, until the round funds are exhausted. AHP grants and loans can be used for: Single- and multi-family housing New construction and rehabilitation Rental and owner-occupied homes Scattered-site housing development Transitional and single-room-occupancy housing

Federal Home Loan Bank (FHLBank) Pittsburgh Affordable Housing Program (continued) AHP grants and loans can support the development of housing intended for underserved populations. These housing projects may be targeted to very low-income households, individuals with special needs, the homeless or veterans, among others. Typically these projects are service enriched, and the project sponsors are able to offer a menu of supportive services, such as counseling, vocational and educational services; medical support; and other forms of assistance funded through complementary sources. PNC requirements: Project must be in PNC Assessment Area Project must include a PNC debt product (bridge loan, construction loan, term loan, etc.) Submission of a draft of FHLBank Application documents no less than two weeks prior to the AHP application submission deadline

PNC Community Development Banking Affordable Housing Affordable housing is a vital goal of many community organizations. And PNC Community Development Banking offers many ways to help organizations revitalize the housing stock of low-to-moderate income communities: Site acquisition loans Pre-development funding for affordable housing projects Financing “rehab or resale” affordable housing initiatives Financing for acquisition and new construction or renovation of for sale affordable housing Construction financing or permanent financing for residential commercial properties that serve low- to moderate- income communities Federal Home loan Bank Pittsburgh (FHLBank) Affordable Housing Program (FHLB provides competitive grants and subsidized loans to create affordable rental and homeownership opportunities)

PNC Community Development Banking Carolinas FHLBank Pittsburgh AHP Contact Don Harrington VP, Relationship Manager, Carolinas Raleigh – Plaza Office PNC Bank 301 Fayetteville Street T1-U945-10-O Raleigh, NC 27601 (p) 919-788-5767 (f) 919-755-0276 walter.harrington@pnc.com

PNC Community Development Banking Carolinas Team