Today, the Federal Home Loan Bank of Pittsburgh (FHLBank) joined Rebuilding Together Pittsburgh (RTP) alongside U.S. Rep. Summer Lee (D-PA-12), First Commonwealth Bank and stakeholders at a ribbon cutting for two Rehab for Resale (R4R) properties, located at 205 and 207 Rankin Blvd., as part of the Mon Valley Phase IV initiative.

In 2024-2025, FHLBank awarded nearly $5.7 million in Affordable Housing Program (AHP) and Voluntary Housing Grant (VHG) funding through its member financial institution, First Commonwealth Bank, to support RTP’s important rehabilitation efforts providing affordable homeownership opportunities throughout Mon Valley communities.

R4R Mon Valley Phase IV is an installment of a collaborative initiative between RTP, the Tri-COG Land Bank and First Commonwealth Bank to expand access to affordable homeownership in a region facing significant housing challenges.

“Increased access to quality, affordable housing is a core outcome of FHLBank’s dual mission,” said David G. Paulson, FHLBank president and CEO. “We are proud to support this initiative through multiple funding rounds of our Community Investment Products and are encouraged by the strong regional partnerships formed to not only preserve the existing housing supply, but also to create long-term wealth building opportunities and brighter futures for the families that will live here.”

The townhomes toured by event attendees today were two among six formerly vacant and blighted structures that Rebuilding Together Pittsburgh identified as opportunities to be restored into safe, healthy and affordable homes designated for buyers earning equal to or less than 80% of the area median income.

“We’re deeply grateful to FHLBank and our member bank, First Commonwealth Bank, for this partnership,” said Travis Renville, CEO, Rebuilding Together Pittsburgh. “Their support helps homeowners remain safely in the homes and communities they know and love, while allowing us to bring vacant homes back into use as safe, stable, and affordable places for new homeowners. By reducing blight, returning homes to the tax rolls, and welcoming new neighbors, this work helps strengthen communities in lasting ways.”

“We’ve got families across the Mon Valley who want to own a home, raise their kids, and build a future right here, but too often, the cost of housing puts that dream out of reach. Meanwhile, we’ve got vacant houses sitting in neighborhoods that deserve investment and a chance to thrive,” said Rep. Summer Lee. “I love seeing partners come together to give these homes new life and help working families build stability and generational wealth. I’m grateful to RTP, FHLBank, First Commonwealth Bank and everyone who helped make this happen, and I’m excited to see more of our neighbors get the opportunity to become homeowners.”

About FHLBank Pittsburgh

FHLBank Pittsburgh provides reliable funding and liquidity to its member financial institutions, which include commercial and savings banks, community development financial institutions, credit unions and insurance companies in Delaware, Pennsylvania and West Virginia. FHLBank products and resources help support community lending, housing and economic development. As one of 11 Federal Home Loan Banks established by Congress, FHLBank has been an integral and reliable part of the financial system since 1932. Learn more by visiting www.fhlb-pgh.com.

About Rebuilding Together Pittsburgh

Rebuilding Together Pittsburgh works to ensure everyone can live in a safe, healthy home. Since 1993, RTP has provided critical repairs for low- and moderate-income homeowners across the Pittsburgh region, helping residents remain safely housed, preserving affordable homeownership, and preventing homes from becoming vacant or blighted. Through its Rehab for Resale program, RTP also rehabilitates vacant homes and makes them affordable for income-qualified buyers, returning neglected properties to productive use and strengthening neighborhoods.

About First Commonwealth Financial Corporation

First Commonwealth Financial Corporation (NYSE: FCF), headquartered in Indiana, Pennsylvania, is a community bank committed to its mission of improving the financial lives of its neighbors and their businesses. First Commonwealth operates 126 branches throughout Pennsylvania and Ohio and also has business banking centers in Pittsburgh and Harrisburg, Pennsylvania; and Cleveland, Canton, Cincinnati and Columbus, Ohio. First Commonwealth, through subsidiaries First Commonwealth Bank and First Commonwealth Insurance Agency, provides a full range of commercial and retail banking services, including mortgage, wealth management and insurance solutions, along with equipment financing and SBA and indirect lending. For more information about First Commonwealth, visit www.fcbanking.com.

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