Senator Carper Helps Recognize Latest Affordable Housing Program Grants for Two Housing Projects in New Castle County
Sep 08 2014
WILMINGTON, Del., September 5, 2014 – U.S. Senator Tom Carper (D-Del.) joined the Federal Home Loan Bank of Pittsburgh (FHLBank) and Fulton Bank, N.A. to recognize two grants totaling $700,000 that will help in two revitalization projects: Overlook Colony Homeowner Rehabilitation in Claymont and Route 9 Corridor Neighborhood Stabilization Project in New Castle.
Overlook Colony Homeowner Rehabilitation, being developed by Milford Housing Development Corporation, will provide housing rehabilitation grants to 10 eligible homeowners in New Castle County. All participating households must have incomes at or below 50 percent of median income, and 20 percent of the units will be households with a mentally and/or physically disabled member. Work will focus on making the homes safe, decent and code compliant. All participants will have the opportunity to attend financial literacy classes and participate in counseling services, on-site primary healthcare services and tutoring.
For the Route 9 Corridor Neighborhood Stabilization Project, the New Castle County’s Community Development and Housing division will acquire and rehabilitate seven vacant and foreclosed homes in distressed neighborhoods along the Route 9 Corridor in New Castle in order to create affordable housing opportunities, increase homeownership and promote community reinvestment. The homes will be marketed to households at or below 80 percent of area median income. The energy-efficient restorations will reduce long-term energy and maintenance costs to the homeowners.
Both projects are recipients of FHLBank Pittsburgh Affordable Housing Program (AHP) grants, which were awarded through Fulton Bank, N.A. For Overlook Colony, Milford Housing Development Corporation received $200,000 in AHP funding. For the Route 9 Corridor project, New Castle County Community Development and Housing received $500,000 in AHP funding.
“A home is the cornerstone of family life, and the hard-working people of Delaware deserve access to high-quality, affordable housing options,” said U.S. Senator Tom Carper. “With these critical investments, FHLBank will make an incredible impact on two communities in New Castle County that need a helping hand to grow and thrive. Homeownership is part of the American Dream and I am committed to making it an achievable goal for people in the First State and around the country."
Today’s awards bring the amount of FHLBank Pittsburgh AHP grants to projects serving lower-income and special needs individuals in Delaware to over $13 million. Working with local financial institutions that assist sponsors and distribute approved AHP dollars, FHLBank Pittsburgh has so far helped fund approximately 1,440 lower-income housing units across the state with a total development cost of nearly $125 million.
Today’s grant awards were recognized in a ceremony at the historic Darley House, which was purchased in 1863 by Felix Octavius Carr Darley, renowned illustrator of works by Charles Dickens, James Fenimore Cooper and Washington Irving. Brett Saddler, Executive Director at Claymont Renaissance Development Corporation, which manages the Darley House, also served as past chair of the Historic Overlook Blueprint Community team.
David Moore, President and Chief Executive Officer of Milford Housing Development Corporation said, “Homeownership is at the heart of the American Dream; it is not to be entered into lightly, with eyes shut nor reckless abandon. Among other things, owning a home provides emotional security: a home is the first school for our young ones where they learn what is right and what is good and where family’s joy is shared and sorrow eased. We congratulate our tireless partners and supporters who have made the commitment to assist us as the leader in affordable housing production in Delaware.”
Thomas P. Gordon, New Castle County Executive, said, “We are delighted to receive this AHP grant, which is a wonderful example of public–private partnerships and the private sector commitment to affordable housing today. We thank Senator Carper for his help, and we thank Fulton Bank and the Federal Home Loan Bank of Pittsburgh for recognizing our commitment to restoring the Route 9 Corridor.”
AHP funds are made available by FHLBank Pittsburgh to member financial institutions such as Fulton Bank. They, in turn, work with project sponsors to prepare applications for the funds, which are awarded in competitive funding rounds.
Katie Wilkinson, Senior Vice President of Fulton Bank’s Delaware Division, said, “As a Federal Home Loan Bank member, it is a privilege for Fulton Bank to work with both Milford Housing Development and the Route 9 Corridor group to secure these grants. Partnering together, we can provide quality, affordable housing so that families can reap the benefits of homeownership, and neighborhoods can grow and thrive.”
Also speaking at today’s event were Peter Knight from FHLBank Pittsburgh, and Anas Ben Addi, Director of the Delaware State Housing Authority.
“Here in the First State, we have a true leader and advocate for affordable housing in Senator Carper,” said Ben Addi, who also serves on FHLBank Pittsburgh’s Affordable Housing Advisory Council. “And I know first-hand the crucial role of FHLBank member institutions such as Fulton Bank: they provide assistance with grant applications and deliver funding to project sponsors. Just as we’re seeing today, these are partnerships that work.”
About FHLBank Pittsburgh
FHLBank Pittsburgh is a congressionally chartered cooperative of local financial institutions operating across Delaware, Pennsylvania and West Virginia. The Bank uses private money, not taxpayer funds, to assure the flow of credit and services to local lenders and assists them in serving the affordable housing and community and economic development needs of the communities in which they operate. Each year, FHLBank sets aside 10 percent of its net income for AHP grants, which are awarded to project sponsors on a competitive basis.