ELDI learned of an early neighborhood holiday present on December 14th—a $600,000 award from the Federal Home Loan Bank (FHLBank) of Pittsburgh!
This year, Pittsburgh’s FHLBank received 116 applications, but only was able to fund 40 of them, so we’re feeling especially fortunate to have been chosen. But we didn’t do it on our own; we had lots of help from our hard-working partners over at Full Quiver Consulting.
The grant funds will go towards our Mayflower Street Renewal project, assisting in fully rehabbing four severely blighted properties on Mayflower Street in Larimer, specifically 157, 163, 177, and 228 Mayflower. This means all new everything: roofs, walls, flooring, electric, heating and air conditioning, windows and on and on. These will basically be brand new houses by the time we’re done.
Our construction team estimates that each of these houses will require around $250,000.00 to repair and upgrade, but thanks to this grant and others, once their rehabs are complete, they will be sold for affordable homeownership to four qualifying families. “Affordable” can mean lots of things, but in this case, these houses can only be sold to families who make between 50-80% of Pittsburgh’s Area Median Income.
If all goes well, and with the assistance of our spin-off organization Catapult Greater Pittsburgh (which will provide homeownership training), four new homeowner families will be celebrating the holidays in these cozy new homes in 2024!
