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FHLBank San Francisco Awards $56.6 Million in Grants for Affordable Housing in Nine States

Affordable Housing Program (AHP) grants to 94 projects will help create or preserve over 5,700 homes for low-income and moderate-income households

SAN FRANCISCO – August 6, 2013 – The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) awarded $56.6 million in Affordable Housing Program (AHP) grants in the Bank’s 2013 AHP funding competition. The grants were awarded through 26 Bank members to 94 projects that will produce or preserve 5,733 units of housing affordable to lower-income individuals and families in Arizona, California, Florida, Maine, Nevada, Ohio, Pennsylvania, Texas, and Washington.

The AHP is a flexible source of gap funding for projects that create an affordable place to call home for low-income and moderate-income families and individuals. Grants awarded in 2013, ranging from $15,000 to $1.5 million per project, will support a wide range of targeted projects, including:

  • New construction of rental housing for low-income families, seniors, the formerly homeless, or individuals and households with special needs 
  • Building of Habitat for Humanity homes
  • Sustainable developments that will be LEED Certified or GreenPoint Rated
  • Permanent supportive housing with services for veterans, young people aging out of the foster care system, or the developmentally disabled

“If past is prelude, there is a sense of excitement in knowing that several years from now the 94 projects receiving AHP funding this year will be vital anchors in the neighborhoods where they are built,” said Jim Yacenda, Vice President and Community Investment Officer at FHLBank San Francisco. “In our experience, these high quality housing developments lead to substantial improvements to the quality of life for whole communities.”

The communities that will benefit from AHP funds awarded in the 2013 funding competition are:

  • Arizona: Fort Apache, Mesa, Phoenix, Prescott, Sedona, Tucson, Williams
  • California: Arroyo Grande, Bakersfield, Bellflower, Berkeley, Calistoga, Compton, Dixon, Downey, Firebaugh, Fullerton, Half Moon Bay, Hayward, Imperial, Lamont, Lodi, Los Angeles, Marina, Modesto, Montclair, Mountain View, Oakland, Orange Cove, Oroville, Palo Alto, Piru, Reedley, Reseda, Sacramento, San Diego, San Francisco, San Jose, San Leandro, San Marcos, Santa Rosa, Selma, Shingle Springs, Simi Valley, Soledad, Stockton, Thousand Palms, Tujunga, Turlock, Riverside, Vallejo, Vernon, Walnut Creek, West Sacramento, Whittier, Wilmington, Woodlake, Yucca Valley
  • Florida: Tampa
  • Maine: Augusta
  • Nevada: Las Vegas, North Las Vegas, Reno, Sparks
  • Pennsylvania: Grove City, Philadelphia
  • Texas: Fort Worth
  • Washington: Bainbridge Island

Details about all the projects awarded AHP subsidies are available on the Bank’s website at fhlbsf.com.

Affordable Housing Program

Since 1990, with 10% of the Bank’s annual earnings set aside to support the program, the Bank has awarded more than $740 million in competitive AHP subsidies to produce over 100,000 units of quality affordable housing targeted to low- and moderate-income households. AHP grants are awarded through a competitive application process. The Bank’s member financial institutions, working in partnership with community-based housing sponsors or developers, submit applications for specific projects and programs and the AHP provides funds to assist in the purchase, construction, or rehabilitation of affordable housing units. Funded projects cover a wide range of strategies and solutions, from historic preservation and adaptive reuse to new construction and rehabilitation and resale of foreclosed homes. Where AHP projects are developed, local economies are also given a real boost, as these projects create jobs, increase construction and consumer spending, and generate new tax revenues.

Federal Home Loan Bank of San Francisco

The Federal Home Loan Bank of San Francisco delivers low-cost funding and other services that help member financial institutions make home mortgages to people of all income levels and provide credit that supports neighborhoods and communities. The Bank also funds community programs that help members create affordable housing and promote community economic development. The Bank’s members are headquartered in Arizona, California, and Nevada and include commercial banks, credit unions, industrial loan companies, savings institutions, insurance companies, and community development financial institutions.