CLARKSBURG, W.Va.–(BUSINESS WIRE)–U.S. Sen. Jim Justice joined the Federal Home Loan Bank of Pittsburgh (FHLBank), during a ceremony today at the Clarksburg-Harrison Regional Housing Authority, announcing $23.9 million in 2025 Affordable Housing Program (AHP) and voluntary housing grant initiative awards in West Virginia. These grants, made in partnership with seven FHLBank member institutions, will support more than 250 affordable homes. The funding will assist with home repairs for seniors, new home construction, adaptive reuse of historic buildings, and construction of tiny homes for youth aging out of foster care. Local organizations also leveraged more than $32 million from Historic Preservation Tax Credits, HOME funds, Low-Income Housing Tax Credits, the State of West Virginia, and other sources to support these 18 projects.
FHLBank is a cooperative whose members can access reliable liquidity and community products to support community partnerships that foster job growth, economic vitality and long-term stability in West Virginia and communities across the country. AHP was created by Congress as part of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, and operations began in 1990. On an annual basis, each Federal Home Loan Bank must set aside at least 10% of its prior year’s net income to fund AHP. AHP is funded entirely through FHLBank earnings, and grants are available only through FHLBank members. The voluntary housing grant initiative is an additional voluntary pool of funding which is separate and distinct from FHLBank’s required, statutory AHP, and is provided to address the critical housing needs within FHLBank’s district.
“Affordable and abundant housing is the foundation to the American Dream, and we are witnessing that today here in Clarksburg,” said U.S. Senator Jim Justice. “These grants represent what can happen when government and the private sector pull the rope together to make life better for West Virginia. I’m proud of this effort and everybody involved ought to be really excited for the goodness to come from investments like this.”
“It is encouraging to be here with so many people who are dedicated to providing safe, affordable housing in West Virginia,” said David G. Paulson, president and CEO, FHLBank Pittsburgh. “Every year, we work with our member financial institutions to provide funding that will help increase housing supply across the state. Thank you to Senator Justice for joining us and the entire West Virginia Congressional Delegation for the partnership that allows Federal Home Loan Banks to provide this support.”
Joining Sen. Justice and FHLBank President and CEO David G. Paulson were representatives from public, private and community partners. Several directors from FHLBank’s Board attended, including Nathaniel Bonnell, chairman, president and CEO, Citizens Bank of West Virginia; as well as FHLBank’s Affordable Housing Advisory Council member, Christal Crouso, executive director, The Fairmont-Morgantown Housing Authority.
A complete list of the AHP and voluntary housing grant initiative awards can be found at www.fhlb-pgh.com/ahp.
About FHLBank Pittsburgh
FHLBank Pittsburgh provides reliable funding and liquidity to its member financial institutions, which include commercial and savings banks, community development financial institutions, credit unions and insurance companies in Delaware, Pennsylvania and West Virginia. FHLBank products and resources help support community lending, housing and economic development. As one of 11 Federal Home Loan Banks established by Congress, FHLBank has been an integral and reliable part of the financial system since 1932. Learn more by visiting www.fhlb-pgh.com.
Contacts
Allison Karakis, FHLBank Pittsburgh, 412-660-8176, [email protected]
