 |
Housing
& Community « Community Lending Program »
Community Lending Program
FHLBank Pittsburgh’s Community Lending Program
(CLP) offers loans to member financial institutions
for community and economic development projects that
create housing, improve business districts and strengthen
neighborhoods. CLP is designed to help members meet
their community investment goals while maintaining and
enhancing their own profitability.
CLP features:
- An $825 million noncompetitive revolving loan pool.
When loans are repaid, that money is available to
be loaned to other projects.
- Loans are typically 20 to 40
basis points below the Bank's regular loan rates.
- With low-cost (priced at FHLBank's cost of funds)
and flexible financing with terms up to 30 years,
CLP is an alternative funding source for members.
- Members may also take advantage of CLP to match
fund mortgage and small-business loan portfolios.
What qualifies for CLP funding?
CLP is the melting pot of community investment projects.
Funds can be used to:
- Acquire real estate or equipment for a business
in a qualified income census tract
- Construct a community facility, such as a theater
or park, that serves a qualified rural county
- Improve infrastructure or a site in a lower-income
municipality to support a business park
- Renovate a manufacturing facility to create jobs
for low- to moderate-income persons
- Provide permanent financing for apartments for moderate-income
households
- Provide equity bridge financing for a Low Income
Housing Tax Credit project
- Construct office space for a nonprofit agency serving
the mentally handicapped
- Refinance the debt of a day care facility serving
predominantly lower-income families
CLP offers competitive pricing and access to multiple
financial structures. Member financial institutions
may tailor the terms to best fit the project. Financing
structures include:
- Lines of credit
- Fixed- or variable-rate loans
- Fixed rates up to 30 years
- Forward rate lock option
- Permanent, construction or bridge financing
What criteria are used?
For rural areas, targeted income levels are household
incomes equal to or less than 115 percent of the area
median income. For urban areas, targeted income levels
are household incomes less than or equal to 100 percent
of the area median income. For eligible areas and income
data, contact the Community Investment Department at
1-800-288-3400.
How do you apply?
- Click on the buttons at right to download a CLP
application and the appropriate portfolio, spreadsheet
and/or worksheet.
- Complete the application and all necessary supplemental
material.
- Submit the application.
Please make sure that the application is submitted
by a member financial institution of FHLBank. Send the
completed application to FHLBank Pittsburgh, Community
Investment, 601 Grant Street, Pittsburgh, PA 15219-4455.
Note: There is no deadline for submitting CLP funding
applications.
Application processing time is generally five to ten
working days from receipt of the application and all
supporting material. CLP funds must be drawn down from
FHLBank's Member Money Desk within 90 days of loan origination.
For more information or to take advantage of the program,
please contact Jim Gasperowich at 412-288-2864.
|
|
Real Life Stories
It had been a long time in the works. Identified several years ago by Hampshire County officials as a community health care need, a state-of-the-art wellness and fitness center was conceived, constructed and opened in the community of Romney, WV – helping area residents get in shape for a healthier future.
Resources
Related Documents
|
|
