Customers Bank secures final Affordable Housing Program grant for completion of Habitat for Humanity’s $3.7 million Diamond Park development
Philadelphia, Pa. – January 11, 2019 – Customers Bank announced it has secured an additional $555,293 Affordable Housing Program (AHP) grant from the Federal Home Loan Bank of Pittsburgh (FHLBank Pittsburgh) for the final phase of Habitat for Humanity Philadelphia’s $3.7 million Diamond Park development project in North Philadelphia.
On Saturday, January 12, 2019, at 3 p.m., Habitat for Humanity Philadelphia will host a home dedication ceremony with Niela Collins - homeowner, Congressman Dwight Evans and Varsovia Fernandez, Philadelphia Market Executive at Customers Bank, to celebrate the completion of the 21-home Diamond Park development.
The new grant on behalf of Habitat for Humanity Philadelphia raises the total contribution to the Diamond Park development from Customers Bank and FHLBank Pittsburgh to $1,577,293. These grants funded 17 of the 21 homes developed in the Diamond Park neighborhood.
The Diamond Park development provides the opportunity for families earning between 30 and 60 percent of the local median income to own a new, affordable and energy-efficient 1,150 square foot home. Each home features three bedrooms, 1.5 bathrooms and a yard. The development project finishes the renovation of a three-block streetscape that boasts a low rate of vacancy and improved homeowner engagement in the North Philadelphia neighborhood.
"We are pleased to help Habitat for Humanity Philadelphia celebrate this special occasion," said Fernandez. "Habitat for Humanity is a very important development partner for us, as both organizations are committed to improving our local communities and enriching residents’ lives."
As part of Habitat for Humanity Philadelphia’s programs, homeowners become vested in their property by completing 350 hours of sweat equity in place of a down payment. The new homeowners are also required to demonstrate a housing need and that they have the financial wellbeing to repay an affordable, 30-year mortgage.
"With increasing housing costs and interest rates rising, the hurdles to homeownership are becoming more challenging for families. At the same time, it is becoming increasingly difficult to secure the necessary funding needed to create and develop affordable housing projects," said Corinne O’Connell, CEO at Habitat for Humanity Philadelphia. "Customers Bank, FHLBank Pittsburgh and the City of Philadelphia have all helped us reach our goal for Diamond Park and continue to support our efforts to improve local communities and make homeownership affordable."
Habitat for Humanity Philadelphia is an independently-chartered affiliate of Habitat for Humanity International, the largest nonprofit homebuilder worldwide. FHLBank Pittsburgh is part of the Federal Home Loan Bank System, which was established by Congress in 1932 and serves as a reliable source of funds for housing, jobs and growth in all economic cycles.
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About Customers Bank
Customers Bank is a super-community bank with $10.6 billion in assets as of September 30, 2018, offering commercial and consumer banking services along the I-95 corridor from Washington, DC to Boston; and in Chicago. Commercial products include cash management; commercial and industrial loans; small business loans; SBA government-guaranteed loans; commercial and multi-family real estate loans; and financing for leasing businesses and residential developers.
Customers Bank provides consumer banking services including savings, checking, and money market accounts; certificates of deposit; residential mortgages; and consumer loans. Additional consumer products are marketed by BankMobile, BankMobile Vibe, and Ascent.
Customers Bank is a member of the Federal Reserve System with deposits insured by the Federal Deposit Insurance Corporation. Customers Bank is an equal opportunity lender. Customers Bank takes pride in delivering extremely high levels of customer service while charging comparatively very low fees; service that makes our clients say, "Wow."
Commercial clients enjoy Single Point of Contact service with one team to handle all banking needs. Some retail bank clients are afforded Concierge Banking® Services that brings banking to them, when and where they need it. Customers Bank is a subsidiary of Customers Bancorp, Inc., a bank holding company with its headquarters located in Phoenixville, Pennsylvania. The voting common shares of Customers Bancorp, Inc. are listed on the New York Stock Exchange under the symbol CUBI.
About Habitat for Humanity Philadelphia
Habitat for Humanity Philadelphia builds strength, stability, and self-reliance through shelter. Habitat transforms lives and our city by building and repairing quality homes in partnership with families in need and by uniting all Philadelphians around the cause of affordable housing. Since 1985, Habitat for Humanity Philadelphia has built and sold 217 energy-efficient homes to first-time homeowners, and strategically partnered with more than 500 homeowners and their families to provide critical home repairs. For more information, visit www.habitatphiladelphia.org.
Customers Bank
1015 Penn Avenue
Wyomissing, PA 19610
Contact:
Richard A. Ehst
President & COO
610-505-9190
David W. Patti
Communications & Marketing
610-451-9452