Congressman Mike Fitzpatrick (PA-8) spent Wednesday morning in Bensalem at the Bucks County Visitor Center hosting a discussion on the economy and announcing of the return of a program designed to provide families with assistance to achieve home ownership.
The Home Loan Bank of Pittsburgh (FHLBank) announced the popular First Front Door program would be coming back to Pennsylvania after ceasing in 2009 in the wake of the recession. Now, a total of $2 million has been set aside for use this year to make more than 400 grants across Pennsylvania, as well as Delaware and West Virginia, to support home ownership for qualified families.
"While many of us enjoy the benefits of homeownership, some of our neighbors still dream of owning their own home," said Fitzpatrick. "They need a hand up to get them across the finish line after carrying the ball so far on their own."
"This program, run through our local banks, will make responsible home ownership possible for more families across Bucks and Montgomery Counties," said Fitzpatrick.
The roundtable discussion brought together a number of non-profit housing groups as well as several community banks and discussed the importance of rebuilding the housing market, getting first time homebuyers into homes, and the role housing plays in our nation's economy.
"Housing accounts for 15% of our GDP- a huge part of our economy, and a big part of that is due to our community bankers," said Fitzpatrick. "I, like everybody, want to make sure home loans are made responsibly and prudently by lenders."."
Joining Fitzpatrick in the discussion was Luke Tilley, Regional Economic Advisor for the Federal Reserve Bank of Philadelphia who gave an in depth presentation on the economic outlook of the region- both overall and as it related to the housing market.