FHLBank San Francisco Awards $76 Million in Grants for Affordable Housing
Affordable Housing Program grants awarded to 85 projects will help produce or preserve affordable homes for over 6,000 lower-income families and individuals
SAN FRANCISCO – June 28, 2016 – The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) awarded $76 million in Affordable Housing Program (AHP) grants for targeted affordable housing projects. The grants were awarded through 19 Bank members to 85 projects that will construct or rehabilitate 6,318 units of housing affordable to lower-income families and individuals in 11 states – Arizona, California, Colorado, Florida, Montana, Nevada, New York, North Carolina, Texas, Washington, Wisconsin – and in the District of Columbia.
“In many markets, the need for affordable housing is rising to crisis levels while resources for development remain scarce,” said Jim Yacenda, Vice President and Community Investment Officer at FHLBank San Francisco. “This year’s AHP grants support a wide range of targeted solutions and demonstrate that the AHP can work effectively with other sources of funding that are prioritizing efforts to serve critically affected populations and to promote community health and sustainability.”
The AHP is a flexible source of gap funding for projects that create an affordable place to call home for very low-, low-, and moderate-income families and individuals. Grants awarded in 2016 range from $35,000 to $2 million each and will support a wide range of projects aimed at meeting specific needs, including:
- Permanent supportive housing for veterans and their families and for homeless vets 55 or older
- Senior-friendly housing targeted to the LGBT community and seniors living with HIV/AIDS
- Transitional and permanent supportive housing for chronically or at-risk homeless individuals and families and emancipated youth
- Rental housing for very low-income individuals with developmental disabilities, mental illness, or long-term chronic illness
“For more than 25 years, the Bank’s Affordable Housing Program has been central to our mission of expanding access to housing for people of all income levels,” said Greg Seibly, President and Chief Executive Officer of FHLBank San Francisco. “A stable, affordable home helps families and individuals build a better future, and the AHP is an opportunity to partner with our members to provide resources that shape strong communities.”
The communities that will benefit from the AHP grants awarded through our members in the 2016 funding competition are:
- Arizona: Glendale, Phoenix, Sells
- California: American Canyon, Calistoga, Cloverdale, El Cerrito / San Pablo, El Monte, Escondido, Eureka, Fowler, Huntington Park, Jackson, Loma Linda, Long Beach, Los Angeles, Marina, Martinez, Midway City, North Hollywood, Oakland, Oceanside, Palmdale, Pleasanton, Pomona, Redlands, Richmond, Riverside, Sacramento, San Diego, San Francisco, San Jose, Sanger, Santa Ana, Santa Rosa, Shasta Lake, Sonoma, South San Francisco, Stockton, Temecula, Tracy, Ventura, Walnut Creek, Yorba Linda
- Colorado: Denver
- District of Columbia: Washington, D.C.
- Florida: Melbourne, Miami, Tampa
- Montana: Helena
- Nevada: Carson City, Las Vegas, Winnemucca
- New York: New York
- North Carolina: Lumberton
- Texas: Houston
- Washington: Seattle
- Wisconsin: Eau Claire
Details about all the 2016 AHP grant winners are available on the Bank’s website at fhlbsf.com.
Affordable Housing Program
Since 1990, with 10% of the Bank’s annual earnings set aside to support the program, the Bank has awarded more than $880 million in competitive AHP subsidies to produce over 120,000 units of quality affordable housing targeted to very low-, low-, and moderate-income households. AHP grants are awarded through a competitive application process. The Bank’s member financial institutions, working in partnership with community-based housing sponsors or developers, submit applications for specific projects and programs and the AHP provides 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.
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.