DUBLIN, CA – May 17, 2013 – With community leaders and public officials, the Federal Home Loan Bank of San Francisco (FHLBank San Francisco) celebrated the grand opening of Dublin's Emerald Vista development on Monday. Rep. Eric Swalwell (CA-15) was a featured speaker.
FHLBank San Francisco contributed $1,290,000 in Affordable Housing Program grants to this initial phase of the project being developed by Eden Housing, which created 178 affordable housing units and two manager units. Silicon Valley Bank, a member of FHLBank San Francisco, applied for the AHP financing.
Dwight Alexander, Vice President and Director of Legislative Affairs at FHLBank San Francisco, said the project is a prime example of what can be accomplished with public-private partnerships.
"The Federal Home Loan Bank of San Francisco is proud to have played a role in financing this development," Alexander said. "With all the challenges that communities and developers face today in creating affordable housing, we are pleased to participate in a project that brought so many public and private entities together for a common cause to benefit working families and seniors."
Rep. Swalwell noted, "I am looking forward to working with the Federal Home Loan Bank of San Francisco, Eden Housing, and other partners to help increase and preserve affordable housing opportunities for residents of the Tri-Valley."
In addition to the grants from FHLBank San Francisco, the project also received state financing, as well as support from the U.S. Department of Housing and Urban Development and a low-income tax credit program.
Emerald Vista is on the site of the former Arroyo Vista public housing project. It is located on a 24-acre parcel in the 6700 block of Dougherty Road. There will be 378 homes built, with 198 offered at market rates and 180 as affordable rentals, including 50 that will be designated for low-income seniors. When completed, the development will also have a community center, a child care center, and access to a regional trail along Alamo Creek.
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 mortgage loans to people of all income levels and provide credit that supports neighborhoods and communities. The Bank also funds community investment 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.