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The ""Federal Home Loan Bank of Pittsburgh"":http://www.fhlb-pgh.com/ (FHLBank Pittsburgh) recently announced that it is contributing $500,000 to the ""Pennsylvania Housing Finance Agency"":http://www.phfa.org/ (PHFA) to assist the agency in its foreclosure prevention efforts.
[IMAGE]""PNC Bank"":https://www.pnc.com/webapp/unsec/Homepage.do?siteArea=/PNCCorp/PNC/Home/Personal, a member of the private FHLBank Pittsburgh financial institutions cooperative, will facilitate delivery of the set-aside grant from the Affordable Housing Program (AHP). PNC Bank has been a regular user of
[COLUMN_BREAK]FHLBank Pittsburgh's AHP, sponsoring 156 affordable housing projects that have received AHP funding of nearly $39 million since the grants program started in 1989.
FHLBank Pittsburgh's $500,000 grant will allow PHFA to reach more homeowners under its Homeowners' Equity Recovery Opportunity (HERO) program, and it will compliment PNC Bank's $10 million commitment to HERO--the largest investment by a non-governmental organization.
The HERO program aims to help borrowers not eligible for a traditional mortgage refinance product, due to credit issues or owing more on their home that its current appraised value. FHLBank Pittsburgh's contribution to the program will be used to help homeowners defray closing costs and also for principal reduction.
""Our HERO program helps improve the financial situation of Pennsylvanians who are not able to afford their current mortgage payments,"" said Brian A. Hudson Sr., PHFA's executive director and CEO and a member of the FHLBank Pittsburgh board of directors. ""We thank FHLBank for its generous contribution, as it will allow us to reach additional at-risk homeowners during trying times.""
