Affordable housing in Philly gets surprise boost

Two national wholesale banks are contributing nearly $10 million for affordable housing in the Philadelphia region.

Two national wholesale banks are contributing nearly $10 million for affordable housing in the Philadelphia region.

Listen:
[audio: 090414tmhome.mp3]

Part of the stated mission of Federal Home Loan Banks is to help people find affordable housing.  Lawrence Parks is a Senior Vice President of the FHL Bank in San Francisco.

Parks: The reason why we gave grants here in Philadelphia for two amazing projects is largely because they were just amazing projects. When you’re the best, you’re the best. We don’t have an out-of-boundary exemption.  We will allow anyone around the country to compete.

The grants will go towards creating 861 units of affordable housing in the region.  Sister Mary Scullion is Executive Director of Project Home, one of the recipients.  She says the money is urgently needed.

Scullion: We can’t say thank you enough.  Because the gap that you fill in our projects make our projects possible.

The money will provide housing for the homeless, first-time homebuyers, the elderly and veterans of the Iraq and Afghanistan wars.