FHLB Boston and Bike & Build Partner to Create Affordable Housing

BOSTON, June 13, 2012 /PRNewswire/ -- The Federal Home Loan Bank of Boston today announced its support of Bike & Build and the nonprofit organization's mission to create more affordable housing across the nation.

Bike & Build organizes cross-country bicycle trips that benefit affordable housing groups. The projects are planned and executed by young adults who then spend their summer biking one of the many routes across the U.S., raising funds for each mile they ride and making stops along the way to help build affordable housing.

"We enthusiastically share and support Bike & Build's goal of constructing additional affordable housing at home in New England and around the country," said Edward A. Hjerpe III, the Bank's president and CEO. "I applaud the young people who are dedicating their summers to such a worthy endeavor."

The 12 FHLBanks have joined together to donate a total of $60,000 to support Bike & Build's affordable housing mission.

FHLB Boston employees will pick up their hammers and join Bike & Build volunteer cyclists to work on two Habitat for Humanity homes. The first build will be on Friday, June 15, in Providence, Rhode Island. This Bike & Build team will cycle from Providence to Seattle, Washington. The second build will be in Andover, Massachusetts on Thursday, June 21. This team started their journey in Maine and will continue on to Santa Barbara, California.

"We are truly excited to be working with the Federal Home Loan Banks this summer. Their contribution to Bike & Build, on these build sites, and to the affordable housing cause is above and beyond anything we could have asked for from a community partner," said Bike & Build's Director of Operations and Outreach, Justin Villere. "They are further enabling our riders, young people with so much passion to make a positive difference, to do just that."

Bike & Build's eight cross-country routes engage over 250 riders each summer. These 18 to 25 year-olds must raise at least $4,500 to participate in the program, which is ultimately donated to affordable housing organizations through a variety of grant programs sponsored by Bike & Build. Riders also volunteer more than 80 hours on build sites, and they have inspired citizens in hundreds of U.S. communities to get involved in the affordable housing cause.

About Bike & Build
Bike & Build is a 501(c)(3) independent non-profit organization. Through service-oriented cycling trips, Bike & Build benefits affordable housing and empowers young adults ages 18-25 for a lifetime of service and civic engagement. Since its founding in 2002, Bike & Build has engaged over 1,700 riders in trips. These riders have pedaled over 6 million miles, contributed more than $3.3 million to housing groups to fund affordable housing projects, and build for over 100,000 hours. In 2011, Bike & Build donated over $605,000 to 335 housing organizations. www.bikeandbuild.org.

About the Bank
The Federal Home Loan Bank of Boston is a cooperatively owned wholesale bank for housing finance in the six New England states. Its mission is to support the residential-mortgage and community-development lending activities of its members, which include over 450 financial institutions across New England. To accomplish its mission, the Bank utilizes private-sector capital to provide members and other qualified customers with reliable access to low-cost wholesale funds, liquidity, a competitive outlet for the sale of loans, special lending programs, technical assistance, and other products and services. www.fhlbboston.com

CONTACTS:
Justin Villere, Bike & Build
267-331-8488
[email protected]

Mark S. Zelermyer, FHLB Boston
617-292-9750
[email protected]

SOURCE Federal Home Loan Bank of Boston