FHLBank of Pittsburgh Awards HACM $750,000 Grant
HACM’s Westlawn Renaissance III project was recently awarded $750,000 in Affordable Housing Program (AHP) funding from the Federal Home Loan Bank of Pittsburgh. Westlawn Renaissance III is the latest phase underway in the transformation of Westlawn into Westlawn gardens. This phase consists of two new mid‐rises, The Walnut at Westlawn Gardens and The Oak at Westlawn Gardens (47 units/ midrise, total of 94 tax credit units). When completed in the projected date of 2022, the neighborhood will comprise nearly 1,000 mid-rise apartments, townhomes and single-family units to serve a diverse population that includes families and veterans.
The AHP was created by Congress in the Financial Institutions Reform, Recovery and Enforcement Act of 1989 and began operations in 1990. The AHP is designed to address local housing needs. It is administered regionally by each FHLBank, working through its financial institution members and those members' community-based partners. Since 1990, the FHLBanks have awarded more than $5.8 billion which have assisted in the purchase, construction or rehabilitation of more than 865,000 units of affordable housing. Now in its 28th year, the FHLBanks' AHP has become one of the most successful and valuable private sources of funding for the financing and building of affordable housing in the United States.
The Walnut at Westlawn Gardens Exterior
The Walnut at Westlawn Gardens Lobby
The Walnut at Westlawn Gardens Unit Kitchen