Federal Home Loan Bank of San Francisco Grants More Than $9.2 Million to Build Affordable Housing in Los Angeles
L.A. Mayor Eric Garcetti joins the Bank in announcing 619 new housing units for lower-income households in Los Angeles
LOS ANGELES – Aug. 26, 2021 – The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) has awarded $36.8 million in Affordable Housing Program (AHP) funding throughout California, including more than $9.2 million in AHP grants awarded to 11 projects in Los Angeles. Los Angeles Mayor Eric Garcetti applauded the announcement, noting that the funding will provide 619 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 for low-to very low-income households, including the homeless, seniors and those living with disabilities. FHLBank San Francisco member financial institutions, in partnership with community-based housing sponsors, submit applications for specific projects in an annual funding competition.
“Ending the homelessness crisis means making sure that every Angeleno — no matter their zip code, income, or immigration status — has a home they can afford,” said Mayor Garcetti. “This donation from the Federal Home Loan Bank of San Francisco will help unlock that possibility for every Angeleno by providing housing to our most vulnerable residents, including our unhoused neighbors suffering from mental illness, veterans with special needs and low-income seniors.”
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 our 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 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.”
FHLBank San Francisco CDFI member institution Century Housing Corporation submitted three successful applications in 2021. “Affordable housing is a critical need in California, and it is one that is our mission to support in partnership with FHLBank San Francisco,” said Alan Hoffman, SVP and chief financial officer at Century Housing Corporation. “With the assistance of the AHP grants, we are able to bring more affordable housing options to the market, options that will get families in homes and help our community thrive.”
2021 Los Angeles AHP Grant Recipients:
East Los Angeles
- Lorena Plaza: A Community of Friends' Lorena Plaza is a new mixed-use development providing 49 affordable and supportive housing units on the upper floors of one four-story structure. The project, which was awarded a $720,000 AHP grant through Wells Fargo National Bank West, aims to improve and revitalize the local neighborhood and includes access to a major transportation route next to the project site.
- Hollywood Montecito II Senior Housing: Montecito II Senior Housing creates 64 units of housing for low-income and homeless seniors by building on the parking lot of an existing historic building, the Montecito. The Housing Corporation of America project was awarded a $945,000 AHP grant through member CIT Bank. Services will be provided onsite.
- 11604 Vanowen: This 49-unit supportive housing community, developed by Decro Corporation, is located at 11604 Vanowen and will serve homeless individuals in L.A. The project, awarded $720,000 in AHP funds through member CIT bank, will also have full-time supportive service staff, including a caseworker and a social worker, to assist tenants with recovery and re-entry into everyday life.
- The Wilcox: A $915,000 AHP award will help fund 62 units of permanent supportive housing for formerly homeless individuals with mental illnesses in L.A.’s East Hollywood community. Residents will have access to medical, behavioral health, and supportive services, including case management, mental health services, crisis intervention, therapeutic groups, substance abuse services, and referrals to other services. FHLBank San Francisco member Century Housing Corp. secured the grant for partner Wakeland Housing and Development Corp.
- Reseda Theater Senior Housing: This new four-story project will provide 26 affordable housing units to serve low-income and homeless seniors in Reseda's historic downtown. Developed by Housing Corporation of America, Reseda Theater Senior Housing amenities include 1,990-square-feet of common space, with a community room, a media room, a gym, and seating areas within a central courtyard. The project was awarded $375,000 in AHP funds through Pacific Premier Bank.
- Towne I: This new eight-story permanent supportive housing complex is targeted to individuals experiencing chronic homelessness in L.A.’s Skid Row district. Secured by CIT Bank for partner Skid Row Housing Trust, a $900,000 AHP grant will help fund 51 units of quality affordable housing.
- Isla de Los Angeles: Isla de Los Angeles is the new construction of a 54-unit development built with shipping containers. The project, located in South Los Angeles, will serve individuals and small families that have experienced homelessness, with half of the one-bedroom units reserved for chronically homeless households. A $795,000 AHP grant, secured by CIT Bank for partner Clifford Beer Housing, will help fund this innovative project.
- West LA VA – Building 156 and 157: A $1.25 million AHP grant secured by Wells Fargo National Bank West for partner Century Affordable Development, will support the substantial renovation of two buildings previously used as office space at the historic West Los Angeles Veterans Affairs (VA) Campus. The project will create 112 units of permanent supportive housing for homeless veterans and veterans with special needs. As part of the West LA VA Campus master plan, this project will help bring to life the service-rich veterans' community envisioned for the site.
- West LA VA – Building 207: A $1.25 million AHP grant secured by Wells Fargo National Bank West for partner Housing Corporation of America, will substantially rehabilitate an additional historic building to provide 60 units of affordable housing for homeless senior veterans as part of the master plan development at the West Los Angeles VA Campus.
- West LA VA – Building 404: CIT Bank secured a $1.08 million AHP grant for partner Century Affordable Development, to create 73 units of affordable housing for homeless veterans and veterans with special needs as part of the master plan development at the West Los Angeles VA Campus.
- Westlake Apartments: This project, funded by a $342,000 AHP grant secured by Genesis LA Economic Growth Corp. for partner Restore Neighborhood LA, Inc., will create 19 permanent supportive housing studio units in the Westlake neighborhood of L.A. for homeless adults. Westlake Apartments is part of a new L.A.-based financing model that facilitates cost-effective and timely development of small-sized affordable housing projects.
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.