LAS VEGAS, NV – November 25, 2019 – Senator Catherine Cortez Masto and the Federal Home Loan Bank of San Francisco welcomed more than 50 attendees – including local lenders, affordable housing developers, and nonprofits with expertise in economic development – to the East Las Vegas Library today for a half-day workshop on accessing FHLBank San Francisco grants and discounted credit products to finance affordable housing and community development.
“Nevada is in the midst of an affordable housing crisis, and we need all hands on deck,” said Senator Cortez Masto. “Today’s workshop connected Nevadans working to address this crisis with a critical partner in the Federal Home Loan Bank of San Francisco. I’m grateful to the leadership of FHLBank of San Francisco for organizing this event, and I urge them to do more to support Nevada’s stakeholders to ensure that Nevada is getting its fair share of grant funding.”
Representatives of FHLBank San Francisco provided an overview of the valuable community investment financing resources that its member financial institutions, including many of the local lenders in attendance at the workshop, can deliver to support affordable housing and economic development initiatives in Las Vegas and throughout the State of Nevada.
The Bank’s Affordable Housing Program (AHP) is its largest grant program. Since 1990, the Bank’s AHP has delivered over $1.1 billion dollars in funding for projects that create affordable rental and homeownership opportunities in places where the Bank’s members do business.
In Nevada, AHP grants totaling over $37 million have subsidized the construction or purchase of nearly 60,000 units of quality affordable housing. These AHP dollars have helped more than 50,000 low-income families and individuals – including many representing the state’s most vulnerable populations – secure a safe, stable place to call home.
The Bank contributes 10% of its net income to fund the AHP. Grants for building or preserving affordable housing are awarded annually through a competitive application process. Workshop attendees learned how affordable housing developers and providers can partner with Bank members to apply for this critical gap financing.
FHLBank members can also tap the Bank’s first-time homebuyer programs to deliver matching grants of up to $22,000 to eligible homebuyers. These grants help lower-income households overcome what are often the biggest barrier to homeownership – downpayment and closing costs – and also help them build wealth. Since 2000, members have disbursed over $100 million in subsidies to open the door to homeownership for more than 7,400 hard-working families and individuals.
The workshop also provided the Bank members and nonprofit organizations in attendance with information about how they can work together to access the Bank’s AHEAD economic development grants. The AHEAD Program is designed to give a critical boost to innovative projects and programs aimed at bringing greater economic opportunity and other benefits to underserved populations and neighborhoods.
In addition to its targeted grant programs, the Bank offers discounted loans and letters of credit that members can use to finance affordable housing projects, mortgages for lower-income borrowers, and small business lending in underserved communities.
“Our member financial institutions and the products and services they provide to their customers are essential to the health and prosperity of our communities,” FHLBank San Francisco Senior Vice President Dwight Alexander told the workshop audience. “We are proud to be able to offer them additional resources that help create more affordable housing and greater economic opportunity for those in need.”
FEDERAL HOME LOAN BANK OF SAN FRANCISCO
The Federal Home Loan Bank of San Francisco is a member-driven cooperative helping local lenders in Arizona, California, and Nevada build strong communities, create opportunity, and change lives for the better. The resources and tools we provide to our member financial institutions–commercial banks, credit unions, industrial loan companies, savings institutions, insurance companies, and community development financial institutions–foster homeownership, expand access to quality housing, seed or sustain small businesses, and revitalize whole neighborhoods. Together with our members and other partners, we are making the communities we serve more vibrant and resilient.
Kevin Blackburn, 510-377-8999