Pittsburgh FHLB Awards funds to NJCDC’s Hawthorne Heights Project

FHLBank Pittsburgh Awards $8.625 Million in Grants; 31 Projects With More Than 1,100 Units of Affordable Housing Funded

PITTSBURGH, PA, June 26, 2007 – The Board of Directors of the Federal Home Loan Bank of Pittsburgh (FHLBank Pittsburgh) has approved more than $8.6 million in grants under its Affordable Housing Program (AHP). The grants will help finance 31 housing projects across New Jersey, Pennsylvania, West Virginia, Wisconsin and the District of Columbia, creating 1,106 units of housing with total development costs of more than $141 million. To read the full press release click here. To read the full list of awards click here.

Among these was one in New Jersey, NJCDC‘s Hawthorne Heights project.

Hawthorne Supportive Housing
Hawthorne, NJ

Lender:
PNC Bank

Sponsor:
New Jersey Community Development Corporation

Total units: 13
Total AHP grants: $130,000
Total development costs: $3,290,092

This three-story 13-unit apartment building will be located just across the border from the City of Paterson. It will house very-low-income individuals with developmental disabilities. The project will include a community room and outdoor area and feature ENERGY STAR® appliances. All units will be handicapped adaptable. The AHP funding will be used to finance construction expenses – the last needed source of funds to complete this project. Occupancy is expected to occur in October 2007.

[tag] Supportive-Housing [/tag]