SAN FRANCISCO–November 30, 2016–Seven winners of Affordable Housing Finance magazine's 2016 Readers' Choice Awards competition for the nation's Best Affordable Housing Developments received Affordable Housing Program (AHP) grants from the Federal Home Loan Bank of San Francisco (FHLBank San Francisco).
"This industry recognition illustrates how effective our members and their community partners are in producing high quality housing," said Greg Seibly, President and Chief Executive Officer at FHLBank San Francisco. "We are pleased to see so much creativity and innovation applied to developing affordable housing for their communities.”
Affordable Housing Finance magazine’s 2016 Readers' Choice Awards went to the following projects, all of which received AHP grants through FHLBank San Francisco member financial institutions:
Mercy Housing’s 1100 Ocean Avenue Apartments project combines permanent supportive housing for extremely low-income and formerly homeless young adults with family housing. The project was awarded a $700,000 AHP grant through Bank member Bank of America, NA.
Satellite Affordable Housing Associates’ Lakeside Senior Apartments will provide 92 units of housing affordable to vulnerable seniors in a rapidly gentrifying part of Oakland. The project was awarded an $890,000 AHP grant through Wells Fargo Financial National Bank.
Skid Row Housing Trust’s The Six offers 100% supportive housing to formerly homeless individuals, with 35% of its units reserved for formerly homeless veterans. The project was awarded a $500,000 AHP grant through Wells Fargo Financial National Bank.
Nogales Community Development replaced two 100-year-old former motel properties with service-enriched housing for low-income seniors just steps from the border between the United States and Mexico. The project was awarded an $800,000 AHP grant through Raza Development Fund.
Public Housing Redevelopment Winners: San Francisco’s RAD Phases 1 and 2 redevelopment of distressed public housing units includes three projects that received AHP funding through member Bank of the West: TNDC’s 350 Ellis ($1.32 million), Community Housing Partnership’s 1750 McAllister ($970,000), and Mercy Housing California’s 1880 Pine ($1.12 million).
Earlier this year, Affordable Housing Finance magazine’s readers submitted nominations in eight different categories for the nation's best affordable housing developments. Editors asked readers to vote for their favorite projects based on profiles that ran in the July/August issue. Out of those 34 finalists, readers voted for the best development in eight categories and voted one development the overall winner. For more information, visit www.housingfinance.com.
Affordable Housing Program
Since 1990, the Bank has awarded more than $880 million in AHP subsidies through a competitive application process. These AHP grants have helped produce over 120,000 units of quality affordable housing targeted to very low-, low-, and moderate-income households. Both the competitive AHP and the Bank’s WISH and IDEA programs are funded with 10% of the Bank’s annual earnings. The Bank’s member financial institutions, working in partnership with community-based affordable housing developers, submit applications for AHP 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. 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.
About the 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. FHLBank San Francisco also funds community programs that help members create affordable housing and promote community economic development. FHLBank San Francisco 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.