More Than 3,500 New Housing Units to Be Created with Grants from FHLBank San Francisco’s Affordable Housing Program
$37.7 Million in Affordable Housing Program Grants Awarded to 50 Affordable Housing Projects Serving Lower-Income Households in Arizona, California, and Nevada
SAN FRANCISCO — June 30, 2020 — The Federal Home Loan Bank of San Francisco awarded $37.7 million in Affordable Housing Program (AHP) grants to 50 projects that will construct or rehabilitate 3,514 units of housing that is affordable to lower-income families and individuals in Arizona, California, and Nevada.
Awarded to twenty of the Bank’s member financial institutions who will deliver the funding to affordable housing developers, these grants will give a vital boost to regional efforts to address an existing affordable housing shortage that has been greatly exacerbated by the COVID-19 pandemic and its economic aftershocks.
“Thanks to the combined efforts of our member financial institutions and their affordable housing partners, 30 years of our AHP has helped increase the supply of affordable housing in the urban, suburban, and rural areas our members serve,” said Stephen P. Traynor, Acting President and CEO, FHLBank San Francisco. “We are pleased to be able to play the role that we do in providing resources that strengthen communities and change lives for the better.”
The AHP is a flexible source of funding for projects that are designed to serve very low -, low-, and moderate-income families and individuals, many with special needs. All of the 2020 grant winners will provide social services to support residents, ranging from financial literacy and job placement assistance to onsite childcare and health and wellness services.
Projects supported by this year’s AHP funding will support the different needs of diverse communities, families, and individuals, including:
- Lower-income working families struggling to maintain housing near centers of employment
- Low-income seniors who want to age-in-place in the big cities or small towns where they feel at home
- Vulnerable unhoused women with children in need of safe transitional housing
- Youth in need of both shelter and supportive services to help them transition to self-sufficiency
- Chronically unhoused veterans and veterans with other special needs and their families
- Individuals on the path to recovery from drug and alcohol addiction
Communities that will benefit from this year’s AHP grants are:
California: Bakersfield, Corning, Huntington Park, Long Beach, Los Angeles, Marina, Midway City, Modesto, Oakdale, Oakland, Oxnard, Petaluma, Richmond, Riverside, Sacramento, San Diego, San Francisco, San Jose, Santa Ana, Santa Rosa, Wheatland, Willowbrook, Windsor
Nevada: Ely, Las Vegas, Reno
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 over $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 and resilient.
Mary Long (415) 616-2556