LAKELAND, Florida - Rep. Dennis Ross (FL-15) and the Federal Home Loan Bank of San Francisco (FHLBank San Francisco) announced today that a $1.2 million Affordable Housing Program (AHP) grant has been awarded to help finance one Lakeland, Fla., project.
In total, FHLBank San Francisco awarded $73.6 million through 20 Bank members in its 2017 funding competition to support 89 affordable housing projects in seven states – Arizona, Alabama, California, Florida, Nevada, Texas, and Wisconsin – served by the Bank’s member financial institutions. The funds will construct and rehabilitate 6,280 affordable housing units. In the 15th Congressional District, the $1.2 million in funding will help to generate 100 affordable rental units for individuals and families.
“I am very excited Florida’s 15th Congressional District is partnering with FHLBank San Francisco to create more affordable housing opportunities in our community,” said Congressman Ross. “The West Lake Apartments project will greatly help our disadvantaged and low-income neighbors who might not have a place to live otherwise. The private investment capital provided by FHLBank will stimulate much needed growth throughout Florida’s communities by revitalizing neighborhoods, creating jobs, and facilitating economic development. I look forward to seeing the positive and substantial impact this new housing development will have in District 15, and to future public-private partnerships with FHLBank that support those in need.”
The project receiving AHP funding in the 15th Congressional District is:
West Lake Apartments in Lakeland, Fla., creates 100 units of affordable rental housing for extremely low- and very low-income seniors in the City of Lakeland. Located on a Brownfield site, the project will help stabilize the neighborhood by replacing blighted public housing. Residents will be offered empowerment services focused on basic financial planning, online banking, understanding credit, and steps to repair credit. Mississippi Valley Company is the member institution supporting the project, which is sponsored by the Housing Authority of the City of Lakeland.
“Rep. Ross understands that affordable housing is a pathway to dignity in the community. He has been a champion for policies that ensure low-income families can live in conditions that are safe, clean, and secure,” said Lawrence H. Parks, Senior Vice President, Legislative and External Affairs, at FHLBank San Francisco. “FHLBank San Francisco is proud to team up with housing leaders in his district, as well as in other parts of California, Arizona, and Nevada, to bring high quality living conditions to low-income residents. Together, FHLBank San Francisco, our member institutions, and community organizations are helping families and individuals access affordable housing that is up-to-code and dignified.’’
Since the inception of the Affordable Housing Program in 1990, FHLBank San Francisco has awarded more than $1 billion in grants to help create much-needed affordable rental and homeownership opportunities in communities served by the Bank’s member financial institutions. The program develops and rehabilitates single-family and multifamily projects targeting very low- to moderate-income households. Member financial institutions, in partnership with community-based housing sponsors, submit applications for specific projects and programs.
“We are very proud to be the first in the FHLBank System to reach this $1 billion milestone,” said Greg Seibly, President and CEO of FHLBank San Francisco. “Year after year, our AHP dollars, delivered through our members to their nonprofit development partners and to first-time homebuyers, are effectively expanding access to quality, affordable housing and helping build strong, stable, and sustainable communities.”
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.