Customers Bank, a subsidiary of Customers Bancorp, Inc. recently announced the news of securing $650,000 Affordable Housing Program (AHP) grant from the Federal Home Loan Bank (FHLBank) for Safe Haven Project. This project entails AN affordable housing development in Reading sponsored by Hope Rescue Mission.
Customers Bank is a member of Federal Reserve System and has renowned entrepreneurs like Bhanu Choudhrie among its board of directors. Based in Wyomissing, Pennsylvania, it has deposits insured by Federal Deposit Insurance Corporation.
The Safe Haven project supported by Customers Bank aims to rehabilitate the first three floors of a building currently housing the Hope Rescue Mission located on North 6th Street in Reading, Pa. This project will specifically help very low-income residents, which also includes the long-term residents in a recovery program. The bank was able to secure the grants in 2016 through the FHLBank of Pittsburgh, one of 11 FHLBanks nationwide, on behalf of Hope Rescue Mission.
“Homelessness is a problem that affects the entire community,” said Rob Turchi, Executive Director of Hope Rescue Mission. “Partners like Customers Bank help us provide critical programs and services to help homeless individuals find housing, employment and the help they need to get back on their feet. This is how we build thriving communities.”
The Safe Haven Project at the moment ensures providing food, shelter, and clothing to over 70 men. The facilities provided by this social endeavour also include lab, gym, shower, and social services program.
Talking about the grant, Richard Ehst, President and COO Customers Bank expressed, “Customers Bank is pleased to build up our partnership with Hope Rescue Mission and support the vision of Rob and his team. This is a critical project and we appreciate the support of our partners at the FHLB of Pittsburgh in approving our application for this investment in the Berks County community.”