On Thursday, October 12, 2023, Mission First Housing Group’s Chief Executive Officer Thomas Queenan and Director of Development Sue McPhedran joined more than 50 Federal Home Loan Bank (FHLBank) leaders, congressional staffers and guests for a bus tour of Mission First’s Parkside Neighborhood Preservation and New Market West developments to see first hand the positive impact our relationship has had on residents and the Philadelphia community.
FHLBank has been a long-term partner of Mission First. In 1999, Mission First was awarded its first Affordable Housing Program (AHP) grant from a FHLBank – receiving a $465,000 grant from FHLBank Atlanta to help build 78 affordable apartments in the Fox Chase neighborhood in Northeast Philadelphia.
In the nearly 25 years since, Mission First has established additional partnerships with FHLBanks of New York, Pittsburgh and San Francisco, successfully securing a total of more than $15 million in AHP grants to create and preserve more than 1,700 safe, sustainable, and affordable homes in Pennsylvania, New Jersey, Washington, DC and Maryland.
“Mission First is a prime example of the direct and long-term impact the FHLBanks are able to have through our commitment to housing and community development,” said Winthrop Watson, president and CEO of FHLBank Pittsburgh in FHLBank’s press release. “Since its implementation in 1990, AHP has grown to become a large and reliable source of grant funds for affordable housing. Each FHLBank funds its AHP directly from earnings and housing developers across the country have access to AHP in all economic cycles. We see that clearly in our partnership with Mission First, a relationship which spans four decades, crosses four FHLBank districts.”
FHLBank convened the day of activities to bring together congressional staffers and partners to showcase how FHLBanks helps organizations like Mission First, and the communities they serve. After the tour, FHLBank leaders congratulated Mission First on passing the $15 million AHP funding milestone and presented Thomas and Sue with a commemorative check. FHLBanks followed with an information program and panels to discuss affordable housing and policies in the community room at New Market West, Mission First’s mixed-use transit-oriented development at 59th and Market Streets in West Philadelphia.
This was a great opportunity for Mission First to showcase its great work and provide a direct connection between key funders and the projects they support.