Rep. Karen Bass, Rep. Jimmy Gomez, and FHLBank San Francisco Announce $7.6 Million in Grants for Affordable Housing
Funding Will Build or Preserve 729 Homes Affordable to Lower-Income Households in Los Angeles
SAN FRANCISCO, June 26, 2018 — The Federal Home Loan Bank of San Francisco (FHLBank San Francisco), along with Congressmembers Karen Bass (CA-37) and Jimmy Gomez (CA-34), announced that $7.6 million* in Affordable Housing Program (AHP) grants have been awarded to nine projects that will increase the supply of affordable housing for lower-income families and individuals in the representatives’ districts.
“Right now, Los Angeles is undergoing a homelessness epidemic,” said Rep. Karen Bass. “We need to take a holistic approach and build affordable housing units, temporary shelter beds, and permanent supportive housing. It’s going to take the government, the private sector, and every single neighborhood in our city working hand in hand, together, to make this work.”
The Los Angeles grants are part of a total $51.2 million in AHP grants to 60 projects that will construct or rehabilitate 5,134 units of housing affordable for lower-income families and individuals in six states – Arizona, California, Maryland, Michigan, Nevada, and Texas.
“These grants and the local projects they support symbolize an unwavering and ongoing commitment to addressing the affordable housing crisis in Los Angeles and across the United States,” said Congressman Jimmy Gomez. “In the face of stagnant wages and skyrocketing rent hikes, the development of 592 new affordable housing units in California’s 34th Congressional District will give our community’s working families the vital assistance they need to care for their loved ones, while giving them the capacity to build for their future. As we continue to work to end this unprecedented housing emergency, both the public and private sectors must remain steadfast in leveraging every tool at our disposal to provide effective and swift economic relief to those who need it most.”
Twenty-one FHLBank San Francisco member financial institutions, working in partnership with community-based housing developers, submitted successful applications for AHP funds in the 2019 competition, with grants ranging from $96,000 to $1.5 million. This funding will help provide targeted housing solutions for low-income seniors, people who’ve experienced homelessness, veterans and their families, at-risk youth, autistic adults, and individuals with other special needs, including addiction, developmental disabilities, mental illness, or long-term chronic illnesses.
“The AHP is central to our mission of expanding access to quality housing for people of all income levels,” said Greg Seibly, President and CEO, FHLBank San Francisco. “The grants are delivered through our members to nonprofit development partners to address local needs. As so many families and individuals struggle to afford a place to call home, we are pleased that our AHP dollars can help address an affordable housing crisis that hits the regions our members serve especially hard.”
In Rep. Bass’ 37th District, AHP funds will help produce 137 new units of permanent supportive housing.
- RISE Apartments: Single Room Occupancy Housing Corp. partnered with City National Bank to receive a $1 million AHP grant for a permanent supportive housing development in South L.A. that will serve homeless individuals and veterans with mental illness.
- Missouri Place: Housing Corporation of America partnered with Bank member Wells Fargo National Bank West and received a $1.095 million grant to provide new permanent supportive housing for families and individuals, including chronically homeless people who are frequent users of Los Angeles County Department of Mental Health services.
- Greater Cornerstone Homes: Greater Cornerstone Baptist Church partnered with member Genesis LA Economic Growth Corporation to secure $120,000 in AHP funding for an 8-unit affordable housing project that is part of a new-L.A. based financing model designed to facilitate cost-effective and timely development of small supportive housing projects.
In Rep. Gomez’ 34th District, AHP funds will help produce 592 new affordable units:
- Rampart Mint: West Hollywood Community Housing partnered with member Century Housing Corporation to secure $330,000 in AHP funds for a 5-story development in the Westlake neighborhood with 23 permanent supportive rental units for formerly homeless individuals or those with special needs.
- Elden Elms: West Hollywood Community Housing partnered with Union Bank to secure $920,000 in AHP funding to construct 93 one-, two-, and three-bedroom units for low-income individuals and families in the Pico Union neighborhood.
- Ingraham Apartments: Single Room Occupancy Housing Corp. partnered with Union Bank and received $1.5 million to provide 120 studio apartments with supportive services for formerly homeless individuals, including veterans with mental or physical disabilities.
- 7th & Witmer Apartments: Deep Green Housing and Development partnered with City National Bank to secure a $1 million AHP grant to provide 76 permanent supportive housing units for chronically homeless individuals and others with special needs, in conjunction with the Los Angeles County Department of Health Services.
- Jovenes 4th Street: Jovenes, Inc., partnered with Genesis LA Economic Growth Corp. Corporation to secure $110,000 in AHP funding for another 8-unit affordable housing project that is part of a new L.A.-based financing model designed to facilitate cost-effective and timely development of small supportive housing projects.
- Weingart Tower 1A: The Weingart Center partnered with City National Bank to secure a $1.5 million AHP grant to build an 18-story permanent supportive housing complex with 278 one-bedroom and studio units to serve individuals who have been homeless or have special needs.
The AHP is a flexible source of gap funding for affordable housing projects for very low-, low-, and moderate-income households. Details about the 2019 AHP grant winners are available on fhlbsf.com.
*Amount corrected from $5.6 million to $7.6 million
Affordable Housing Program
The Bank sets aside 10% of its earnings each year to fund the 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 142,000 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.
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.
Contact: Mary Long, (415) 572-6717