SAN FRANCISCO – October 1, 2013 – Two winners of Affordable Housing Finance magazine's 2013 Readers' Choice Awards 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). Four additional projects that received funding from FHLBank San Francisco’s AHP were among the 34 finalists selected by magazine readers.
"These awards illustrate how effective our members and their community partners are in producing quality affordable housing," said Dean Schultz, President and Chief Executive Officer at FHLBank of San Francisco. "We are pleased that our members and sponsors continue to tap our AHP to create innovative solutions to many different affordable housing challenges in the communities they serve."
Affordable Housing Finance magazine’s 2013 Readers' Choice Awards went to the following projects, both of which received an AHP grant through a member of FHLBank San Francisco:
- Best Family Project: Hunters View Phase I, San Francisco. Phase I of a larger revitalization of a distressed public housing site, Hunters View was awarded a $1 million AHP grant in 2010 through FHLBank San Francisco member Silicon Valley Bank. Sponsor: Hunters Point Affordable Housing, Inc.
- Best Historic Rehab Project: Kelly Cullen Community, San Francisco. The extensive renovation of a downtown YMCA to create permanent supportive housing for the homeless was awarded a $1.5 million AHP grant in 2010 through FHLBank San Francisco member Silicon Valley Bank. Sponsor: Tenderloin Neighborhood Development Corp.
Readers of Affordable Housing Finance magazine also selected the following recipients of FHLBank San Francisco AHP grants as finalists for the 2013 Readers’ Choice awards:
- Encanto Point, Special Needs Finalist, serves the chronically homeless in Phoenix, AZ. Member: RepublicBankAz. Sponsor: Native American Connections.
- Long Beach Senior Arts Colony, Seniors Finalist, is designed for creative and healthy aging in Long Beach, CA. Member: City National Bank. Sponsor: Century Affordable Development, Inc.
- Merritt Crossing, Seniors Finalist, serves low-income and formerly homeless seniors in Oakland, CA. Member: Union Bank. Sponsor: Satellite Affordable Housing Associates.
- Step Up on Vine, Green Finalist, transformed a rundown hotel into LEED-Platinum permanent supportive housing in Hollywood, CA. Member: Wells Fargo Financial National Bank. Sponsor: Step Up on Second Street.
Earlier this year, Affordable Housing Finance magazine’s readers submitted nominations for the nation's best affordable housing developments in eight categories. Then, 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 chose winners in eight categories and an overall winner. For more information about the survey, visit www.housingfinance.com.
Affordable Housing Program
The AHP is a flexible source of gap funding for projects that create an affordable place to call home for low-income and moderate-income families and individuals. Grants are awarded through a competitive application process to Bank members working in partnership with community-based housing sponsors or developers and can be used 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 and resale of foreclosed homes. Since 1990, with 10% of the Bank’s annual earnings set aside to support the program, the Bank has awarded more than $740 million in competitive AHP subsidies to produce over 100,000 units of quality affordable housing in Arizona, California, Nevada, and other states served by its members.
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.