SAN FRANCISCO – June 19, 2015 – The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) awarded $44.7 million in Affordable Housing Program (AHP) grants, including significant funds for four Northern California cities: San Jose ($2.6 million), San Francisco ($2.4 million), Sacramento ($900,000), and Oakland ($468,000).
The 2015 grants were announced at the U.S. Conference of Mayors annual meeting in San Francisco. The AHP, which is celebrating its 25th anniversary this year, is a flexible source of gap funding for projects that create affordable housing for low-income and moderate-income families and individuals.
“The Affordable Housing Program benefits cities around the nation that are working to provide safe and quality affordable housing for families and individuals,” said Sacramento Mayor Kevin Johnson, who is President of the U.S. Conference of Mayors. “This critical source of funding has made a difference in the lives of thousands of families. We look forward to turning this year’s grants into rental and homeownership opportunities that will improve the quality of life for people who need it most.”
The 2015 grants were awarded through 22 FHLBank San Francisco members to 64 projects that will construct or rehabilitate 4,187 units of housing affordable to lower-income individuals and families in Arizona, California, Florida, Georgia, Hawaii, Illinois, Maryland, Montana, Nevada, Oregon, Texas, and Washington.
“The public-private partnerships forged by the AHP program will help families and individuals find safe places to live,” said Lawrence H. Parks, FHLBank San Francisco Senior Vice President, External and Legislative Affairs. “The cost of housing continues to increase in many parts of California and around the country, putting pressure on many family budgets. We are proud that AHP is helping to address the housing concerns of those who need it most.”
Since 1990, with 10 percent of the Bank’s annual earnings set aside to support the program, FHLBank has awarded $823 million in competitive AHP grants, producing nearly 116,000 units of quality affordable housing. The Bank’s member financial institutions, working in partnership with community-based housing sponsors or developers, submit applications for specific projects to assist in the purchase, construction, or rehabilitation of affordable housing units. Information about the program and details about all the projects awarded AHP subsidies are available at fhlbsf.com.
“Our AHP reflects the Bank’s long-standing commitment to providing resources that help build strong, stable, and sustainable communities,” said Dean Schultz, FHLBank San Francisco President and Chief Executive Officer. “The AHP is a valuable and unique benefit of membership, and an important tool that members use to make a difference in the communities they serve.”
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.