Federal Home Loan Bank of San Francisco Grants More Than $5.8 Million to Build Affordable Housing in San Francisco and Oakland, Calif.
San Francisco Mayor London Breed and Oakland Mayor Libby Schaaf join the Bank in announcing 473 new housing units for lower-income households in the Bay Area
SAN FRANCISCO – Aug. 26, 2021 –– The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) announced $36.8 million in Affordable Housing Program (AHP) grants throughout California, including $5.8 million in grants for six Bay Area projects. San Francisco Mayor London Breed and Oakland Mayor Libby Schaaf applauded the funding for four San Francisco and two Oakland projects that will provide 473 units of affordable housing for low-income families and individuals.
Designed as a flexible funding source, AHP grants help develop and rehabilitate single-family and multifamily projects targeting very low-income households. FHLBank San Francisco member financial institutions, in partnership with community-based housing sponsors, submit applications for specific projects in an annual funding competition.
“As we recover from the pandemic, it’s critical that we continue to build more housing of all kinds, including affordable housing for low- and middle-income San Franciscans and permanent supportive housing for formerly homeless residents,” said Mayor Breed. “To do that, we not only need funding from federal, state and local sources, but also the partnership and financial support of our private sector partners. I want to thank FHLBank San Francisco for their commitment and support of these important projects, and I look forward to seeing them make a positive impact in our city.”
“Oakland’s priority is to bring more deeply affordable housing to our most vulnerable residents,” Oakland Mayor Schaaf said. “Our partnership with Federal Home Loan Bank of San Francisco helps us achieve those goals, reduce homelessness and support more families. I am grateful for these investments in Oakland to develop more affordable housing, and the commitment from our partners to lift up all families.”
Since the AHP’s inception in 1990, FHLBank San Francisco has awarded over $1 billion to more than 1,700 projects, which have assisted in the development of nearly 137,000 units of quality affordable housing in the Bank’s three-state district of Arizona, California and Nevada and other areas served by member institutions. AHP grants help increase the supply of affordable housing, including units that serve families and individuals with special needs.
“Access to affordable housing is essential to the economic recovery and revitalization of our communities and neighborhoods,” said Teresa Bryce Bazemore, president and chief executive officer at FHLBank San Francisco. “FHLBank San Francisco and our members have been on the front lines of providing essential funding to affordable housing projects in our communities. While the demand can seem overwhelming, creating even one affordable home at a time helps to provide safety, security and stability to members of our communities.”
“The affordable housing crisis impacts all aspects of our communities. By participating in FHLBank San Francisco’s AHP, we are investing in the long-term health and vitality of the Bay Area,” said Fiona Hsu, head of community development finance at Silicon Valley Bank, which submitted three successful applications in the 2021 funding competition. “We are honored to be awarded these AHP grants and grateful for the opportunity to help create homes for people in need.”
2021 Bay Area AHP Grant Recipients:
- Eliza: This $1.25 million AHP award will help fund the new construction of an eight-story, 97-unit affordable housing complex in the heart of downtown Oakland. FHLBank San Francisco member institution, Silicon Valley Bank, secured the grant for partner Mercy Housing California. Building amenities include a ground-floor landscaped courtyard, a roof terrace, a community room and secure bicycle storage.
- West Grand & Brush: East Bay Local Asia Development Corporation’s West Grand & Brush Phase 1 project will transform a former bus storage site into 59 affordable housing units for extremely low- and low-income households, with units reserved for homeless households and individuals with a mental or physical disability. The project was awarded $870,000 in AHP funds through member Silicon Valley Bank.
- 36 Amber Drive: City National Bank secured a $200,000 AHP grant to support Habitat for Humanity Greater San Francisco’s new construction of 36 Amber Drive. The project, built in partnership with eight partner families of owner-occupied condominiums in the Diamond Heights neighborhood of San Francisco, will add eight units of affordable housing.
- 53 Colton: Non-depository community development financial institution member Century Housing Corporation secured a $1.25 million AHP grant to fund Community Housing Partnership’s new 100% permanently affordable supportive housing project in San Francisco. The 96-unit building includes 53 studio apartments targeted to formerly homeless individuals and 30 units reserved to rehouse tenants from the Civic Center Hotel.
- Maceo May Apartments: A $1.04 million AHP grant was awarded through Silicon Valley Bank for Chinatown Community Development’s Maceo May Apartments. The project will be the first affordable housing parcel developed as part of the multi-phase Treasure Island/Yerba Buena Island Redevelopment Plan. Named in honor of an African American Vietnam War veteran who played a vital role in ensuring homeless veterans would be recognized and served on Treasure Island, the project will create 105 affordable housing units for unhoused and low-income veteran households.
- South Park Scattered Sites: Mission Housing Development Corporation was awarded $1.25 million in AHP grant funds through non-depository CDFI member Community Vision Capital & Consulting to help fund the rehabilitation of two hotels built in the 1910s and a historic boardinghouse and community gathering center built in 1907 in San Francisco’s South of Market neighborhood. This project will create 108 affordable units, with 83 reserved for homeless households.
Visit FHLBank San Francisco’s website for the full list of California AHP grant recipients and to learn more about the Bank’s AHP. Information is also available about the Bank’s other housing and economic development grant and discounted credit programs and the people who benefit from them.
About the Affordable Housing Program
FHLBank San Francisco sets aside 10% of its earnings each year to fund its AHP, with a portion of that funding allocated to two first-time homebuyer downpayment assistance programs. Since 1990, the Bank has awarded more than $1.1 billion in AHP funds to support the construction, rehabilitation, or purchase of nearly 146,000 units of quality affordable housing for lower-income households. The Bank’s member financial institutions, working in partnership with community-based housing sponsors or developers, compete for AHP grants by submitting applications for specific projects. AHP-funded projects represent 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 is a member-driven cooperative helping local lenders in Arizona, California and Nevada build strong communities, create opportunity, and change lives for the better. The tools and resources we provide to our member financial institutions—commercial banks, credit unions, industrial loan companies, savings institutions, insurance companies and community development financial institutions—foster homeownership, expand access to quality housing, seed or sustain small businesses and revitalize whole neighborhoods. Together with our members and other partners, we are making the communities we serve more vibrant, equitable and resilient.