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FHLBank San Francisco's Affordable Housing Program Boosts Jobs, Labor Income, Tax Revenues, and Economic Activity Across the Nation

Analysis published today cites $76.5 billion in economic activity linked to AHP grants

SAN FRANCISCO, December 8, 2017 – A recent analysis commissioned by the Federal Home Loan Bank of San Francisco (FHLBank San Francisco) shows the significant ripple effect on local economies of its Affordable Housing Program (AHP), which extends far beyond the immediate production of quality affordable housing for low- and moderate-income individuals and families.

The analysis, “Beyond Housing: Economic Impact of the Federal Home Loan Bank of San Francisco’s Affordable Housing Program 1990-2016,” was conducted by Smart Cities Prevail in May 2017. It examines the direct, indirect, and induced economic effects of FHLBank San Francisco’s AHP from 1990 through 2016 using the IMPLAN input-output model.

From 1990 through 2016, FHLBank San Francisco awarded $884 million in AHP grants through a competitive application process to projects in 32 states and the District of Columbia. The analysis shows that these grants, combined with leveraged funding of $21.5 billion, contributed to the creation of:

  • Nearly 120,000 new and rehabilitated housing units in 32 states and Washington, D.C.
  • Over 500,000 full-time equivalent jobs
  • Over $26.6 billion in labor income
  • Over $3.2 billion in additional local and state taxes and fee revenue
  • Over $76.5 billion in total economic activity

“At a time when our nation needs more quality jobs, the AHP is helping to create jobs and increase labor income while boosting local economies in our western region and other parts of the country,” said Greg Seibly, President and CEO of FHLBank San Francisco. “Building affordable housing makes a difference on so many levels, not only meeting the housing needs of a variety of populations, but also generating economic activity that benefits everyone in the community. The AHP is an important economic engine for the regions served by our member financial institutions.”

Each of the 11 Federal Home Loan Banks in the United States allocates 10% of its net earnings annually to its AHP. Most of the Bank’s AHP is distributed based on a rigorous competitive application process, while a smaller portion is set aside for two first-time homebuyer programs, WISH and IDEA. 

In June 2017, with the announcement of the results of the latest AHP grant competition, FHLBank San Francisco achieved a new milestone: over $1 billion in AHP grants awarded through the AHP competitive and set-aside programs to help create nearly 132,000 affordable rental and homeownership opportunities for low- to moderate-income families and individuals in communities served by the Bank’s member financial institutions.

“The AHP is a great example of how to bring people together with a common purpose and mobilize public and private resources to increase the supply of affordable housing in our communities,” said Jim Yacenda, Vice President and Community Investment Officer for FHLBank San Francisco. “Since 1990, the program has benefited from the expertise and guidance of the Bank’s Affordable Housing Advisory Council and has fostered critical partnerships among our member financial institutions, affordable housing developers, local government agencies, and other organizations that are active in the field of affordable housing and community economic development.”  

Laura Archuleta, Chair of FHLBank San Francisco’s Affordable Housing Advisory Council and President of Jamboree Housing Corporation, said, “The Advisory Council is proud that the AHP has improved living conditions for so many people, especially the most vulnerable, and enriched their lives.” She added, “Understanding the impressive ripple effect of the $1 billion in AHP grants awarded by the Bank allows us to look at the beneficial effects of the AHP from another angle, reinforcing the value of this work in creating jobs, increasing incomes, and growing local economies.”

For more information about the impact of FHLBank San Francisco’s Affordable Housing Program on individuals and communities, please view this short video, which features members, community partners, and people who have benefited from the AHP.

Affordable Housing Program
The Bank sets aside 10% of its earnings each year to fund the AHP, with a portion of that funding allocated to two first-time homebuyer downpayment assistance programs. Since 1990, the Bank has awarded more than $1 billion in AHP grants to support the construction, rehabilitation, or purchase of nearly 132,000 units of quality affordable housing for lower-income households. The Bank’s member financial institutions, working in partnership with community-based housing sponsors or developers, compete for AHP grants by submitting applications for specific projects. AHP-funded projects represent a wide range of strategies and solutions, from historic preservation and adaptive reuse to new construction and rehabilitation. Where AHP projects are developed, local economies also get a 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.

Smart Cities Prevail
Smart Cities Prevail is a non-partisan, national nonprofit research and education organization focused on construction industry wage and contracting standards. Learn more at


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Kevin Blackburn, 510-377-8999