2022 Affordable Housing Advisory Council Annual Report

REPORT FROM THE CHAIR

Officially, the unprecedented COVID-19 pandemic that cast a dark shadow over the whole world in March of 2020 is largely over. But in our world, the world where too many of our neighbors are struggling day in and day out to find a safe and stable place to call home, some kind of shelter for the night, a quality job, or the means to buy a home, the long shadow of the pandemic is still with us.

As affordable housing and community development professionals who come to work each day dedicated to enriching the lives of underserved people and boosting the economic vitality of the places where they live, we witness daily how the aftermath of the pandemic continues to beleaguer lower-income residents throughout the Federal Home Loan Bank of San Francisco’s three-state district of Arizona, California, and Nevada.

Too many households have not been able to rebound to their pre-pandemic income levels, and this is especially true for workers in the service industry. Rent relief funding has largely been exhausted and expiring emergency tenant protections are putting those households at continued, if not greater, risk of housing instability. Rental costs keep rising, and the rate of eviction filings has returned to or exceeded pre-pandemic levels in many cities.

Affordable housing developers and operators are likewise struggling with post-pandemic financial challenges. Many multifamily developments that earlier had access to federal, state, and local rent relief funds are finding it difficult to maintain break-even operations now that those supports have been withdrawn. This leaves owners to cope with growing balances of uncollected rents and insufficient revenue to maintain healthy operations. An already difficult situation is further aggravated by unprecedented spikes in other operating costs, such as insurance and utilities. Depleted reserves are causing many operators to contend with unplanned out-of-pocket expenses just to maintain operations, which is particularly burdensome for mission-driven nonprofit owners lacking income from alternative business lines to offset these losses.

In the current economic environment, developers with projects in predevelopment or under construction are experiencing a multitude of pressures that are making production challenging. These pressures include perpetually rising construction costs for both labor and materials, spiking interest rates on construction and permanent loans, and a severe oversubscription to local funds that result in project delays.

On the homeownership front, increasingly rent-burdened households are unable to save for a downpayment and the sharp increases in home prices during the pandemic, now coupled with higher mortgage interest rates, has made purchasing a home an even steeper hill to climb for low- to moderate-income first-time buyers across the Bank’s region. In a hot housing market, large institutional investors have exacerbated the pre-existing home inventory shortage by buying up many of the most affordable properties and renting them out, making it even harder for individuals and families, especially first-time homebuyers, to reach their dream of ownership and benefit from the wealth-building benefits that homeownership brings to them and their communities.

The Federal Home Loan Bank of San Francisco’s Affordable Housing Program (AHP) and the other community and economic development tools and resources that the Bank provides are designed to help finance affordable housing, propel homeownership, drive economic growth, and revitalize communities in Arizona, California, Nevada, and other states where the Bank’s member financial institutions do business.

The Bank’s Affordable Housing Advisory Council (Advisory Council) is pleased to present this 2022 Annual Report, which describes how the Bank’s Community Programs and proactive initiatives for advancing racial equity are expanding access to affordable and equitable housing and economic opportunities for the people in our communities.

On the Ground in the Bank’s District

While the challenges of solving for scarcity and inequity are perpetual and persistent in the work that we do to increase the supply of affordable housing and advance community development through all economic cycles, discussion around FHLBank San Francisco’s virtual Affordable Housing Advisory Council table in 2022 focused on both familiar and unexpected challenges, including:

  • Economic volatility, inflation, and a rapidly rising interest rate environment are impacting household budgets especially for low- and moderate-income households and individuals.
  • Severe inflation, supply chain issues, and rising cost of construction materials and labor shortages are causing persistent delays in affordable housing projects.
  • Nonprofit housing developers are resource constrained in their ability to offer onsite social- and wraparound-services.
  • Across the Bank’s district, homelessness and sheltering the unhoused continue to be pervasive issues that have been exacerbated by steep rent increases.
The La Mesita emergency shelter is the only facility in the Phoenix area's East Valley that accepts families with children.

Arizona

In Arizona, there is a growing homeless population that increasingly includes seniors living solely on just social security income, with insufficient resources to give them a home of any kind. In Maricopa County, the most recent homeless count tallied nearly 10,000 people, a 37% increase from the previous year, with half of those people living unsheltered. A high percentage of this population are Black, Indigenous, and People of Color (BIPOC). Extreme rent increases are leading to evictions and leaving more people living in cars and parking lots.

As the desperate need for affordable housing in Arizona grows, the cost of building new housing soars. The disparity of income-to-expense is widening to the point that developers can no longer build homes that are within $100,000 of being affordable to a typical family of four earning 80% of area median income (AMI) or less. In addition, some supply chain issues have yet to abate. One example: certain electrical equipment is taking 18 months from order to shipment arrival, which means that buildings are completed but cannot be powered up until that essential equipment arrives.

The current estimate of overall need for affordable housing in Arizona is for an additional 180,000 – 200,000

In Arizona, there is a growing homeless population that increasingly includes seniors living solely on just social security income, with insufficient resources to give them a home of any kind. In Maricopa County, the most recent homeless count tallied nearly 10,000 people, a 37% increase from the previous year, with half of those people living unsheltered. A high percentage of this population are Black, Indigenous, and People of Color (BIPOC). Extreme rent increases are leading to evictions and leaving more people living in cars and parking lots.

As the desperate need for affordable housing in Arizona grows, the cost of building new housing soars. The disparity of income-to-expense is widening to the point that developers can no longer build homes that are within $100,000 of being affordable to a typical family of four earning 80% of area median income (AMI) or less. In addition, some supply chain issues have yet to abate. One example: certain electrical equipment is taking 18 months from order to shipment arrival, which means that buildings are completed but cannot be powered up until that essential equipment arrives.

The current estimate of overall need for affordable housing in Arizona is for an additional 180,000 – 200,000 units. The need for very affordable units for those earning 50% of AMI and less is estimated to be 136,000 units. New production around the state can be measured in the thousands and the net production is even less. Arizona produces about 16 new Low Income Housing Tax Credit (LIHTC) projects per year, but as older affordable projects enter year 15, they are at-risk of being converted to market rate apartments. As of this writing, in April 2023, there are 10 LIHTC apartment complexes in or about to enter into year 15 that are requesting release from the program. Although all the details are not available, those 10 properties collectively supply at least 400 housing units, and their loss will have a dramatic effect on the overall supply of affordable housing.

The supply problem is further exacerbated by the fact that the developers who built most of the state’s U.S. Department of Agriculture (USDA) Rural Development housing stock are now retiring.

These developers can command millions of dollars more in sale price if their properties are sold as market rate units, and they are testing the system to see what USDA Rural Development will allow and what the for-profit market will offer them. In some communities, these at-risk units are the most affordable units, if not the only units available serving residents at 50% of AMI and less. There is no new money from USDA Rural Development approved by Congress being offered to replace these lost units. Arizona has 102 rural development complexes and over 15% have been offered on the market for sale.

Another separate but equally critical issue is that nonprofit agencies are suffering from a long-running healthcare and caregiver staffing crisis. New buildings cannot open while operators wait for months while Human Resource departments scramble to hire and train enough qualified applicants for healthcare and caregiver jobs. Of those who are hired, an unusual number quit after just a few weeks in search of better pay and less demanding work. The ongoing scenario is that for every 120 applications, 10 are hired and only three or four stay beyond the 90-day probation period. One 45-year-old agency has just announced that they will be closing the longest continuously operating adult daycare healthcare center in America this year because of the unrelenting toll staffing shortages take on the remaining staff.

Just as Arizona needs to be expanding its inventory of elder and disabled services, developers are pulling back from existing and future plans in a wait-and-see approach in hopes conditions improve, and who can blame them?

Arizona’s current state government has vowed to tackle the housing crisis with an ambitious plan of encouraging local zoning changes, providing legal aid to families facing eviction, and investing in the Housing Trust Fund, which funds affordable housing development and assistance programs, among other strategies. Housing experts and advocates across the state are eager to see these plans move forward.

California

California needs at least 2.5 million new housing units, including 1 million for low-income residents, over the next eight years. It is still the most expensive state in the country for renters at all income levels. According to the Low Income Housing Coalition, across California there is a shortage of rental homes affordable and available to extremely low-income households, with incomes that are at or below the poverty guideline or 30% of AMI. Many of these households are severely cost burdened, spending more than half of their income on housing. In Los Angeles County, overcrowding, measured as more than one person per room, peaked in 2020 at four times the national rate. And when the inflated cost of both owner-occupied and rental housing is figured into the equation, California has the highest poverty rate in the country, at 13.2%, according to U.S. Census Bureau data. The state accounted for 30% of the country’s unhoused population in 2022, despite making up less than 12% of the total population, according to federal data. It was also home to 50% of the country’s unsheltered people, or those living in places such as streets, cars, or parks.

Affordable housing advocates in the state are

California needs at least 2.5 million new housing units, including 1 million for low-income residents, over the next eight years. It is still the most expensive state in the country for renters at all income levels. According to the Low Income Housing Coalition, across California there is a shortage of rental homes affordable and available to extremely low-income households, with incomes that are at or below the poverty guideline or 30% of AMI. Many of these households are severely cost burdened, spending more than half of their income on housing. In Los Angeles County, overcrowding, measured as more than one person per room, peaked in 2020 at four times the national rate. And when the inflated cost of both owner-occupied and rental housing is figured into the equation, California has the highest poverty rate in the country, at 13.2%, according to U.S. Census Bureau data. The state accounted for 30% of the country’s unhoused population in 2022, despite making up less than 12% of the total population, according to federal data. It was also home to 50% of the country’s unsheltered people, or those living in places such as streets, cars, or parks.

Affordable housing advocates in the state are encouraged by some recent legislative and policy wins, including: passage of state legislation to assist in streamlining production (CA AB 2011); passage of a local measure to increase funding for production (City of LA Measure ULA); innovative new programs that, while not perfect, are making a dent in supply (e.g. State Accelerator Program); heightened attention from elected officials at all levels of government on the urgent need to address the housing crisis in substantive ways, e.g. the City of Los Angeles has invoked emergency orders to help move things along, leveraging executive authority to make meaningful change.

CA Senate Bill 35, passed into law in 2017, allowed qualifying development projects with certain minimum affordable housing guarantees to move more quickly through the local government review process and restricted the ability of local governments to reject these proposals. It pushed through development of thousands of units but is scheduled to sunset in 2025. Recently introduced SB 423 would permanently extend and expand the provisions of SB 35 permanent.

Worryingly, however, the state’s budget has quickly gone from surplus to deficit. Meanwhile, as is true across the district, California developers with projects in predevelopment and/or under construction are experiencing a multitude of pressures that are making production challenging. These pressures include ever rising construction costs for both labor and materials, spiking interest rates affecting construction and permanent loans, and a severe oversubscription to local funds, all resulting in project delays.

Looking ahead, the industry is concerned about capital funders’ focus on providing permanent supportive housing in the absence of the essential rental subsidy and services dollars available to ensure the feasibility and success of these projects. Affordable housing practitioners are also concerned about the backed-up pipeline of thousands of units that are unable to break ground because of resource constraints, the aging portfolios of existing affordable housing units, and the related lack of tools available to reposition those properties to extend their useful life and ensure their preservation as affordable homes for those who need them.

In San Francisco, and also regionally, there is a great deal of conversation regarding Project Labor Agreements and cities are dealing with discord over building techniques, such as modular construction versus the demands of building and construction trade unions, which could have a dramatic impact on affordable housing projects going forward.

neighborhoods

Nevada

Nevada’s housing shortage continues to be one of the most severe in the country, and the state continues to be last when it comes to availability of housing for those earning 30% or less of AMI. Nevada also tops the list for highest percentage of extremely low-income households earning 0% to 30% of AMI who are severely cost burdened, meaning the household spends more than 50% of its income on housing costs, including utilities, while 20% of Nevada renter households are classified as extremely low-income.

Nevada made an historic investment to support development of affordable housing by allocating $500 million in American Rescue Plan Act (ARPA) funds for a variety of affordable housing initiatives. This created a one-time only opportunity to preserve aging public and affordable housing developments and brought support for new multifamily projects and single-family homes. Also on the supply side, Clark County committed significant funding from its general fund to develop new affordable housing. Most stalled affordable housing developments have received federal or local funding to cover gaps created by increased construction cost. And several permanent supportive housing developments received funding in 2022.

In a challenging economic environment, sustaining the momentum built in 2022 and working to

Nevada’s housing shortage continues to be one of the most severe in the country, and the state continues to be last when it comes to availability of housing for those earning 30% or less of AMI. Nevada also tops the list for highest percentage of extremely low-income households earning 0% to 30% of AMI who are severely cost burdened, meaning the household spends more than 50% of its income on housing costs, including utilities, while 20% of Nevada renter households are classified as extremely low-income.

Nevada made an historic investment to support development of affordable housing by allocating $500 million in American Rescue Plan Act (ARPA) funds for a variety of affordable housing initiatives. This created a one-time only opportunity to preserve aging public and affordable housing developments and brought support for new multifamily projects and single-family homes. Also on the supply side, Clark County committed significant funding from its general fund to develop new affordable housing. Most stalled affordable housing developments have received federal or local funding to cover gaps created by increased construction cost. And several permanent supportive housing developments received funding in 2022.

In a challenging economic environment, sustaining the momentum built in 2022 and working to move projects forward to meet ARPA deadlines will be critical to success. Additional regional initiatives may be needed to maximize limited resources for gap funding, donated land, and more.

Several new bills that may affect the affordable housing industry were introduced in the State of Nevada’s 82nd Legislative Session in February 2023, and advocates are eager for more to be done at the state level to advance solutions to the dire need for affordable housing options in Nevada.

Based on research conducted by the Bank for its 2022 Targeted Community Lending Plan (TCLP), and in response to the challenges that grant applicants submitting Nevada-based projects have faced in the AHP General Fund competition, the Bank created the AHP Targeted Fund for Nevada (Nevada Targeted Fund) to address the exceptional housing needs in the state. The Bank launched the Nevada Targeted Fund in March 2023.

Given the unique housing challenges in Nevada, the Advisory Council also applauds the Bank’s commitment to supporting the work of the Nevada Housing Coalition (NHC), first with an AHEAD start-up grant in 2019, another grant in 2020 to further build up NHC’s capacity, and then, in 2022, with a $500,000 investment that NHC is using to build up development resources in the state, grow its affordable housing ecosystem, and better position Nevada to secure and deploy affordable housing dollars from a variety of existing and new sources. Capacity building efforts include delivering critical training to practitioners on the nuances of securing and applying for affordable housing dollars, increasing the state’s affordable housing project pipeline, and ultimately ensuring more housing options for all Nevadans.

NHC’s capacity building initiative is an important complement to the Nevada Targeted Fund. The effort helps to expand outreach and training beyond traditional affordable housing developers in Nevada to include emerging developers, nonprofits, and tribal communities. In addition, the Coalition’s education and outreach work is aimed at identifying new Bank members in Nevada that can sponsor affordable housing project applications. The Bank believes that these combined efforts will enhance the ability of more experienced developers and begin to feed a robust pipeline of affordable housing projects that are ready to participate in the AHP.

2022 Community Programs and Outreach Activities

The Bank’s Affordable Housing Advisory Council annual report describes how the Bank’s Community Programs and related activities continue to be a vital resource for creating new affordable housing, propelling homeownership, and driving economic opportunity to meet the chronic or newly urgent needs of the communities the Bank and its member financial institutions serve.

Targeted Community Lending Plan

The Bank conducts market research annually to identify housing and economic development needs, community lending credit needs, and market opportunities across the Bank’s district of Arizona, California, and Nevada. The Bank consults the Advisory Council, Bank members, housing associates, and economic development organizations in the district to conduct this research and uses it to develop and implement a Targeted Community Lending Plan that includes performance goals for the Bank.

Despite the economic challenges in 2022, the Bank met or exceeded all the goals set in its 2022 Targeted Community Lending Plan.

  • 58 unique members used the Bank’s Community Investment Program (CIP) and Advances for Community Enterprise (ACE) Advances or Letters of Credit or received AHEAD Program grants.
  • The Bank participated in and/or convened 72 conferences, meetings, workshops, and other project-related events.
  • 73 unique members participated in the Bank’s AHP workshops or received technical

The Bank’s Affordable Housing Advisory Council annual report describes how the Bank’s Community Programs and related activities continue to be a vital resource for creating new affordable housing, propelling homeownership, and driving economic opportunity to meet the chronic or newly urgent needs of the communities the Bank and its member financial institutions serve.

Targeted Community Lending Plan

The Bank conducts market research annually to identify housing and economic development needs, community lending credit needs, and market opportunities across the Bank’s district of Arizona, California, and Nevada. The Bank consults the Advisory Council, Bank members, housing associates, and economic development organizations in the district to conduct this research and uses it to develop and implement a Targeted Community Lending Plan that includes performance goals for the Bank.

Despite the economic challenges in 2022, the Bank met or exceeded all the goals set in its 2022 Targeted Community Lending Plan.

  • 58 unique members used the Bank’s Community Investment Program (CIP) and Advances for Community Enterprise (ACE) Advances or Letters of Credit or received AHEAD Program grants.
  • The Bank participated in and/or convened 72 conferences, meetings, workshops, and other project-related events.
  • 73 unique members participated in the Bank’s AHP workshops or received technical assistance.

The 2023 TCLP demonstrated that in the Bank’s district the greatest needs are for permanent affordable housing solutions to serve families and the unhoused, by creating new construction permanent rental housing. These district priorities are similar to or greater than those of the U.S. overall, especially in the areas of income and homelessness. The Bank’s three-state district has the greatest shortage of affordable rental housing for extremely low-income households in the U.S. and is in need for new construction of more affordable housing projects to create more supply to address the need.

The Bank’s TCLP survey once again found significant racial and gender disparity in income, greater demand for affordable housing and social services across the district, and challenges from reduced occupancy in affordable housing developments with associated reductions in rental income for the housing providers.

The Bank's TCLP goals for 2023 are intended to strengthen the impact of its community programs and build on past milestones.

In 2023, the Bank continues to administer and manage the AHP General Fund and Set-Aside program, the voluntary AHEAD Program and Quality Jobs Fund, as well as the Community Investment advances and letters of credit products, CIP and ACE.

In addition, the Bank launched the Nevada Targeted Fund to address the state’s exceptional affordable housing needs. The Bank continues to promote its community investment programs to Native American/American Indian and Alaskan Native (AIAN) communities. Finally, the Bank will continue to actively participate in and/or convene conferences, meetings, workshops, and other project-related events, and encourage member participation in its programs

2022 AHP: Crucial Gap Funding for Increasing Supply

The Affordable Housing Program plays a critical role in supplying resources that strengthen communities and change lives for the better. Thanks to the combined efforts of the Bank’s member financial institutions and their affordable housing partners, AHP grants awarded over the past three decades have helped increase the supply of affordable housing in urban, suburban, and rural areas served by the Bank’s membership.

Across the Bank’s district, development and labor costs that have been rising in recent years, further exacerbated by the lingering aftereffects of the pandemic. Construction delays continued to be common, driven by staffing and materials shortages, site maintenance issues, global supply chain disruptions, and lengthy timelines for utility installations and permit approvals. Inflation and rising interest rates have added new layers of complexity to the financing picture.

AHP Implementation Plan Changes:

Taking into consideration the needs and opportunities the TCLP has identified in the Bank’s district, and with valuable input from the Advisory Council, the Bank made changes to the AHP Implementation Plan for the 2022 application cycle, the most significant of which were.

  • Maximum Subsidy: In anticipation of a reduction in available funds and hence in the number of awarded projects, the maximum AHP subsidy

The Affordable Housing Program plays a critical role in supplying resources that strengthen communities and change lives for the better. Thanks to the combined efforts of the Bank’s member financial institutions and their affordable housing partners, AHP grants awarded over the past three decades have helped increase the supply of affordable housing in urban, suburban, and rural areas served by the Bank’s membership.

Across the Bank’s district, development and labor costs that have been rising in recent years, further exacerbated by the lingering aftereffects of the pandemic. Construction delays continued to be common, driven by staffing and materials shortages, site maintenance issues, global supply chain disruptions, and lengthy timelines for utility installations and permit approvals. Inflation and rising interest rates have added new layers of complexity to the financing picture.

AHP Implementation Plan Changes:

Taking into consideration the needs and opportunities the TCLP has identified in the Bank’s district, and with valuable input from the Advisory Council, the Bank made changes to the AHP Implementation Plan for the 2022 application cycle, the most significant of which were.

  • Maximum Subsidy: In anticipation of a reduction in available funds and hence in the number of awarded projects, the maximum AHP subsidy request per project was decreased from $1.25 million to $1 million. This change was intended to broaden the program's reach to a diverse array of project types and locations.
  • Homeless/Special Needs Category: Historically, the vast majority of AHP funds have been awarded to projects reserving units for homeless households, with 83% of projects awarded in 2021 and 86% of projects awarded in 2020 receiving points in this category. In 2021, about 73% of recommended projects had Special Needs units with a substantial number of applications for projects serving homeless households coming from California.
  • The Bank, to create a more balanced scoring criteria for the ability of the AHP to equitably meet other housing needs and fund projects located in Arizona and Nevada, made a change to scoring that removed the ability for projects to score points in both the Housing for Homeless Households and Housing for Special Needs Populations scoring categories, because a majority of projects receiving points for homeless households also received special needs points for the same household, effectively giving these projects an additional scoring advantage over projects that do not serve homeless households.
  • This adjustment means an acceptable number of homeless and special needs projects might be awarded while better serving the overall housing needs in the district.
  • Native Housing Scoring Category: As a new district priority, the Bank created a new Native Housing category for the AHP applications.
  • Financial Benchmarks: Considering the current economic environment, the Bank:
    • Revised the Construction Cost per Square Foot benchmark, to allow the Bank to use its own portfolio and other construction cost data, in addition to RS Means estimates, in determining reasonable costs.
    • Increased the Developer Fee benchmark to 15% of total residential development costs and removed developer fee and capitalized reserves from the calculation of total residential development costs.
    • Adjusted the Operating Cost Per Unit Per Year benchmark limit for projects in the San Francisco Bay Area and Los Angeles Metro Area to between $5,000 and $10,000 per unit per year.
    • Removed the Partnership Management Fee benchmark.

More details about the most recent Implementation Plan revisions are available at fhlbsf.com.

image of multifamily affordable housing development

AHP 2022 Results

The AHP is a flexible source of gap funding for projects that are designed to serve very low -, low-, and moderate-income families and individuals, many with special needs. Through the AHP, FHLBank San Francisco, its members, and their community partners are on the front lines of supplying essential resources for affordable housing projects in our communities. While the demand can seem overwhelming, every project able to move forward with this gap funding helps supply safety, security, and stability for our neighbors in need.

AHP grants contribute to the development, preservation, and rehabilitation of single-family and multifamily housing that serves people in need, including the chronically unhoused, families, seniors, veterans, at-risk youth, people living with disabilities and mental health challenges, and those overcoming a history of substance abuse.

AHP-funded projects are 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. Since 1990, the Bank has awarded more than $1.1 billion in AHP General Fund grants to support the construction, rehabilitation, or purchase of more than

The AHP is a flexible source of gap funding for projects that are designed to serve very low -, low-, and moderate-income families and individuals, many with special needs. Through the AHP, FHLBank San Francisco, its members, and their community partners are on the front lines of supplying essential resources for affordable housing projects in our communities. While the demand can seem overwhelming, every project able to move forward with this gap funding helps supply safety, security, and stability for our neighbors in need.

AHP grants contribute to the development, preservation, and rehabilitation of single-family and multifamily housing that serves people in need, including the chronically unhoused, families, seniors, veterans, at-risk youth, people living with disabilities and mental health challenges, and those overcoming a history of substance abuse.

AHP-funded projects are 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. Since 1990, the Bank has awarded more than $1.1 billion in AHP General Fund grants to support the construction, rehabilitation, or purchase of more than 140,000 units of quality affordable housing for lower-income households.

In 2022, FHLBank San Francisco awarded $31.9 million in AHP grants to 39 projects that will construct or rehabilitate 2,712 units of housing affordable for lower-income families and individuals in the Bank's district. Sixteen member financial institutions,

working in partnership with community-based housing developers, submitted successful applications in the 2022 funding competition, with grants ranging from $100,000 to $1 million. Members participating included 13 large, regional, and community banks, one credit union, and three Community Development Financial Institutions.

Access to quality affordable housing in a safe and healthy neighborhood is the foundation for a brighter future. All 2022 grant winners will deliver a mix of valuable social services to support residents, ranging from financial literacy education and job coaching and placement assistance to onsite afterschool care and medical and behavioral health services to serve:

  • Lower-income working families struggling to keep 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
  • Low- to moderate-income families and individuals aspiring to homeownership

In the 2022 funding competition, the Bank saw an increase in demand from projects serving rural communities and rural projects received 26% of the grants, a significant increase over prior years.

Among the 10 rural winners are housing for farmworkers in Petaluma and Watsonville, California, where wildfires, flooding, and the effects of the pandemic have further strained the local supply of affordable housing. In Petaluma, 44 much-needed affordable homes and supportive housing are being constructed for farmworkers, with AHP funding delivered by member Bank of America to MidPen Housing Corporation. In Watsonville, the 1482 Freedom Apartments project, with AHP funding delivered by member Union Bank to Eden Housing, will create 52 affordable homes for farmworkers and previously unhoused people in the agricultural community.

Hafen Village I in Mesquite, Nevada, will create 96 energy efficient, affordable homes. Green features include solar panels, water conservation enhancements, and environmentally sensitive xeriscaping. The development offers residents amenities including a clubhouse, gym, computer lab, children’s playground, dog park, and community barbeques with covered patios.

In rural Riverside, California, Vista de la Sierra is a multifamily project that will create affordable housing for 80 low- and moderate-income families and individuals as part of the mayor’s Love Your Neighbor Program, which aims to end veteran homelessness. As a result of this innovative partnership between the faith-based community and developer, the project will create an anchor for the neighborhood and employ staff to deliver supportive services that meet resident needs.

All 2022 AHP grants were awarded to in-district projects: 32 in California, five in Arizona, and two in Nevada. Within the district, these projects will serve diverse geographical regions. In California there are projects from Yreka and Redding in the northern part of the state to Imperial County in the southern region. Arizona projects are located in Flagstaff, Tempe, Tucson, and Phoenix. In Nevada, one of two awarded projects is in Mesquite, north of Las Vegas, and the other in Paradise, Clark County.

2022 Competitive Affordable Housing Program Results

  2022 2022 2022 1990-2022     
(Dollars in millions, except subsidy per unit) Rental Ownership Total  
Applications Received        
    Number of Applications 108 7 115 6,775
    Subsidy Requested $88.3 $1.3 $89.6 $3,221.0
Approved Applications        
     Number of Applications 37 2 39 2,499
     Subsidy Awarded $31.6 $0.3 $31.9 $1,115.9
     Number of Affordable Units 2,698 14 2,712 138,276
Effectiveness        
     Average Subsidy per Unit $11,703 $24,071 $11,766 $8,070.0

These results reflect adjustments, cancellations, and modifications to projects as of December 31, 2022.

Selected Projects from the 2022 AHP Competition

Projects awarded funding in the 2022 funding competition feature a wide variety of valuable characteristics, for example:

Osborn Pointe (Phoenix, Arizona) will create 48 units of permanent housing primarily for veterans and provide services designed to improve stability, self-sufficiency, life skills, and wellness for residents. The Native American Connections-sponsored project was awarded a $720,000 AHP grant in partnership with the Raza Development Fund.

Trellis at Mission (Phoenix, Arizona) will create affordable housing for 43 low-income families and offer residents the opportunity to take part in a rent-to-own homeownership conversion plan supported by a $645,000 AHP grant in partnership with Raza Development Fund, Inc., and nonprofit Trellis. Built on vacant and blighted infill land, the new development will be conveniently located near supportive services, healthcare facilities, and bus transit. Nearby recreational centers include the Phoenix Mountain Preserve system, canal paths, and neighborhood parks.

Gateway Apartments (Tucson, Arizona) will create 119 affordable homes for seniors earning between 40% and 60% of the area median income. Bank of West secured the $1 million AHP grant for the La Frontera Partners project, which will also provide resident access to social workers along with veteran, adult, child, and family services.

Aspen Lofts Apartments (Flagstaff, Arizona)

Projects awarded funding in the 2022 funding competition feature a wide variety of valuable characteristics, for example:

Osborn Pointe (Phoenix, Arizona) will create 48 units of permanent housing primarily for veterans and provide services designed to improve stability, self-sufficiency, life skills, and wellness for residents. The Native American Connections-sponsored project was awarded a $720,000 AHP grant in partnership with the Raza Development Fund.

Trellis at Mission (Phoenix, Arizona) will create affordable housing for 43 low-income families and offer residents the opportunity to take part in a rent-to-own homeownership conversion plan supported by a $645,000 AHP grant in partnership with Raza Development Fund, Inc., and nonprofit Trellis. Built on vacant and blighted infill land, the new development will be conveniently located near supportive services, healthcare facilities, and bus transit. Nearby recreational centers include the Phoenix Mountain Preserve system, canal paths, and neighborhood parks.

Gateway Apartments (Tucson, Arizona) will create 119 affordable homes for seniors earning between 40% and 60% of the area median income. Bank of West secured the $1 million AHP grant for the La Frontera Partners project, which will also provide resident access to social workers along with veteran, adult, child, and family services.

Aspen Lofts Apartments (Flagstaff, Arizona) will create affordable housing for 76 families and individuals by converting a former elementary school into affordable rental housing as part of a larger redevelopment effort. Foundation for Senior Living was awarded a $1 million AHP grant through Arizona Bank & Trust and will feature both larger units for families and environmentally sustainable amenities. 

North Housing Phase I (Alameda, California) which will create affordable housing for low- and moderate-income residents who previously were unhoused. Bank of Marin secured $660,000 in AHP grant funding for the Housing Authority of the City of Alameda to support the urban redevelopment project on a former Naval base. 

Siskiyou Crossroads (Yreka, California) will create affordable housing for 49 low-income individuals and families, including 24 homes for previously unhoused residents. Rural Communities Housing Development Corp. was awarded a $717,497 AHP grant through Tri Counties Bank to fund the multifamily development that will offer mental and behavioral health services onsite. 

Washington View (Los Angeles, California) will create 121 affordable homes, including 91 reserved for unhoused seniors. The development, which was awarded a $1 million AHP grant through Clearinghouse Community Development Financial Institution in partnership with Las Palmas Housing and Development Corporation, will allow residents access to space reserved for support services, three recreation rooms, open community space, adult education classes, and case management.

The Alex Trebek Center (Northridge, California) will create affordable housing for 107 previously unhoused, very low-income residents by rehabilitating a former roller-skating rink as part of Los Angeles County’s "Bridge Home" initiative. The Hope of the Valley Rescue Mission was awarded a $1 million AHP grant through member First Republic Bank to develop this center, where residents will have access to job training, mental health, and substance abuse counseling onsite.

Vermont Manchester Family (Los Angeles, California) was awarded a $1 million AHP grant to transform a vacant blighted lot into a new 118-unit affordable housing development serving low-income, formerly unhoused families and individuals. Member Century Housing Corporation and housing developer BRIDGE Housing Corporation are collaborating on this project. 

Pebble and Eastern Senior Apartments (Paradise, Nevada) will develop five acres of federal government land to create affordable housing for 195 seniors. The $1 million AHP Grant was secured by Wells Fargo National Bank West for Coordinated Living of Southern Nevada and will include 20 units of permanent supportive housing reserved for unhoused seniors with disabilities and unhoused veterans.

Homeownership Matters: Giving Aspiring Homebuyers a Boost and Advancing Racial Equity

WISH First-Time Homebuyer Grants

WISH grants do more than just help someone secure a roof over their head. Homeownership is the primary way families can build wealth in America. The downpayment assistance our WISH first-time homebuyer program helps aspiring homeowners overcome the biggest barriers to achieving sustainable homeownership – downpayment and closing costs – to help families build intergenerational wealth.

In 2022, the Bank allocated $11.1 million to fund WISH and matching grants for low- and moderate-income individuals and families aspiring to homeownership. With this funding, 43 unique members, including 15 members taking part for the first time, helped homebuyers in Arizona, California, Nevada, and other states where Bank members do business, to invest in the future of their families and communities. During the year, the maximum WISH program grant amount was up to $22,000.

The WISH program offers eligible low- to moderate-income households 4-to-1 matching grants. WISH program grants can be applied to downpayment and closing costs for the home purchase. WISH grants are targeted to working families and individuals who are ready to make the transition from renting to owning, and the grants can be paired with local, state, and federal mortgage loan programs, such as Fannie Mae HomeReady and Federal Housing

WISH grants do more than just help someone secure a roof over their head. Homeownership is the primary way families can build wealth in America. The downpayment assistance our WISH first-time homebuyer program helps aspiring homeowners overcome the biggest barriers to achieving sustainable homeownership – downpayment and closing costs – to help families build intergenerational wealth.

In 2022, the Bank allocated $11.1 million to fund WISH and matching grants for low- and moderate-income individuals and families aspiring to homeownership. With this funding, 43 unique members, including 15 members taking part for the first time, helped homebuyers in Arizona, California, Nevada, and other states where Bank members do business, to invest in the future of their families and communities. During the year, the maximum WISH program grant amount was up to $22,000.

The WISH program offers eligible low- to moderate-income households 4-to-1 matching grants. WISH program grants can be applied to downpayment and closing costs for the home purchase. WISH grants are targeted to working families and individuals who are ready to make the transition from renting to owning, and the grants can be paired with local, state, and federal mortgage loan programs, such as Fannie Mae HomeReady and Federal Housing Administration-insured mortgages. 

Bank First Time Homebuyer program bar chart from 2016-2022

Since 2000, when the first homebuyer received a matching grant through the Bank’s homeownership programs, over $141 million in WISH matching grants have been funded, helping over 9,500 families and individuals, like Doris Ealy of Long Beach, California, realize the dream of owning an affordable home of their own. 

 

Photo of Doris Ealy
Image of Urban Institute report Student Loan Debt and Access to Homeownership for Borrowers of Color

Racial Equity Accelerator Collaboration with Urban Institute

In October 2021, the Bank announced a $1.5 million collaboration with the Urban Institute to advance racial equity, and the partnership launched the Racial Equity Accelerator for Homeownership. 

The Racial Equity Accelerator collaboration with Urban Institute will spur mortgage finance research and development in areas that can facilitate and sustain more equitable homeownership, including alternatives to credit scoring models and use of new technologies to overcome historical biases. It will also address the burden of student loan debt, which has a disproportionate effect on the Black community, and product structures that can better support homeowners who experience temporary financial hardship. In the process, the initiative will recognize some of the most promising innovators in each of these areas.

In 2022, the Accelerator published two papers:

Using Rental Payment History in Mortgage Underwriting Is a Promising Strategy to Close the Black-White Homeownership Gap examines the current mortgage lending landscape and analyzes how Black households could benefit from the adoption of alternative data, specifically rental payment history, without increasing the amount of risk lenders take on. Communities of color face structural and systemic barriers that exclude many from homeownership in America, and a better understanding of these barriers is essential to determine

In October 2021, the Bank announced a $1.5 million collaboration with the Urban Institute to advance racial equity, and the partnership launched the Racial Equity Accelerator for Homeownership. 

The Racial Equity Accelerator collaboration with Urban Institute will spur mortgage finance research and development in areas that can facilitate and sustain more equitable homeownership, including alternatives to credit scoring models and use of new technologies to overcome historical biases. It will also address the burden of student loan debt, which has a disproportionate effect on the Black community, and product structures that can better support homeowners who experience temporary financial hardship. In the process, the initiative will recognize some of the most promising innovators in each of these areas.

In 2022, the Accelerator published two papers:

Using Rental Payment History in Mortgage Underwriting Is a Promising Strategy to Close the Black-White Homeownership Gap examines the current mortgage lending landscape and analyzes how Black households could benefit from the adoption of alternative data, specifically rental payment history, without increasing the amount of risk lenders take on. Communities of color face structural and systemic barriers that exclude many from homeownership in America, and a better understanding of these barriers is essential to determine how they can be removed. This research from Urban Institute represents a roadmap for addressing the knowledge gap while pushing the mortgage finance industry to enact tangible solutions that ensure equity in homebuying.

A second study, New Policy Interventions Can Put Homeownership Within Reach for Black Households with Student Loan Debt, examines how student loan debt affects homeownership among young Black adults and explores ways to diminish the interference of such debt on homeownership. Increased awareness of how student loans could affect access to homeownership is paramount, and creating a pathway to a mortgage, especially for Black student loan borrowers, is likely to require new kinds of interventions. This report notes that these could include simplification of federal student loan repayment programs; better counseling for students before, during, and after college; special purpose credit programs that target specific disadvantaged groups; and programs that aim to remedy the underlying multigenerational racial wealth gap.

The Advisory Council values the Bank’s investment in this research, which is critical to leveling the playing field for all aspiring homeowners, and looks forward to publication of two more Racial Equity Accelerator papers in 2023, one addressing bias in automated mortgage finance tools and the other looking at solutions to the short-term payment issues that put too many lower- to moderate-income homeowners at risk of losing a home they have worked so hard to buy.  

Empowering Black Homeownership

Knowledge is power and ensuring that Black homebuyers and homeowners have equal access to all the information they need to feel confident in their own ability to purchase a home or sustain homeownership is a priority for the Bank. 

In March of 2022, as another component of its commitment to advancing racial equity in homeownership, the Bank announced our $1 million Empowering Black Homeownership matching grant program. Through this initiative, the Bank partnered with its members to advance racial equity by providing financial support to HUD-certified Housing Counseling Agencies (HCAs) that directly serve populations that have been historically disadvantaged when it comes to building wealth through homeownership. 

In 2022, the $1 million matching program leveraged an additional $1.2 million in member contributions that resulted in a total donated amount of $2.2 million, which was distributed to 22 HUD-approved local HCAs so that they can better serve homebuyers and homeowners in communities of color.

Photo of Black family in front of their home
photo of FHLBank President and CEO Teresa Bryce Bazemore (center) with Bank board members Simone Lagomarsino and Gary Trujillo and the Bank's Homeownership Solutions Summit in Phoenix.

Homeownership Solutions Summits

FHLBank San Francisco’s four-city Homeownership Solutions Summit series brought together more than 150 community leaders, mortgage and finance executives, Bank members, entrepreneurs, builders, and local, state, and federal policymakers to share ideas, explore best practices, and coordinate public and private collaboration to address the urgent demand for access to affordable housing and equitable access to sustainable homeownership. Members of the Advisory Council also participated in the summits held in Los Angeles, Sacramento, Reno, and Phoenix.   

These important community conversations provided an opportunity for frank discussions on breaking down structural barriers to racial equity in homeownership and explored potential solutions to:

  • lack of housing supply 
  • alternative underwriting for credit invisibles 
  • financial literacy
  • downpayment assistance 
  • short-term mortgage payment issues 
  • access to quality jobs 
  • greater diversity in the mortgage finance industry

The Bank will publish a report with key takeaways and calls to action from this initiative in the spring of 2023.

Credit Products for Economic Development, Affordable Multifamily Housing, Homeownership, and Community Revitalization 

The Bank’s Community Investment Cash Advance (CICA) programs offer Bank members a lower-cost source of funds that members can lend for affordable housing, neighborhood revitalization, and economic development activities that benefit low- to moderate-income communities. 

In 2022, members took advantage of these lower cost funds to respond to the fallout from the pandemic, boost local economies, create new affordable housing, and facilitate homeownership for lower-income households, using:

  • $1.02 billion in Community Investment Program (CIP) advances. Eight different members used 15 CIP advances to fund mortgages for households earning up to 115% of the median income for the area in which they live, to finance first-time homebuyer programs, to create and maintain affordable housing, or to support other eligible lending activities related to housing for low- and moderate-income families. These advances helped fund or support nearly 3,800 of owners-occupied and rental housing units.

The Bank issued an Advance for Community Enterprise Letter of Credit on behalf of one member to credit-enhance refinancing for a mixed-use project in California with over 188 housing units.

In addition, the Bank issued 15 CIP Standby Letters of Credit on behalf of four members to credit-enhance refinancing for the construction or acquisition of 13 multifamily rental

The Bank’s Community Investment Cash Advance (CICA) programs offer Bank members a lower-cost source of funds that members can lend for affordable housing, neighborhood revitalization, and economic development activities that benefit low- to moderate-income communities. 

In 2022, members took advantage of these lower cost funds to respond to the fallout from the pandemic, boost local economies, create new affordable housing, and facilitate homeownership for lower-income households, using:

  • $1.02 billion in Community Investment Program (CIP) advances. Eight different members used 15 CIP advances to fund mortgages for households earning up to 115% of the median income for the area in which they live, to finance first-time homebuyer programs, to create and maintain affordable housing, or to support other eligible lending activities related to housing for low- and moderate-income families. These advances helped fund or support nearly 3,800 of owners-occupied and rental housing units.

The Bank issued an Advance for Community Enterprise Letter of Credit on behalf of one member to credit-enhance refinancing for a mixed-use project in California with over 188 housing units.

In addition, the Bank issued 15 CIP Standby Letters of Credit on behalf of four members to credit-enhance refinancing for the construction or acquisition of 13 multifamily rental projects, including a mixed-use project, in Arizona, California, Colorado, Texas, and Washington, for a total of over 2,700 housing units. 

Photo of house under construction

AHEAD Grants: Creating Opportunity and Contributing to Economic Vitality Across the District

The Bank’s board of directors allocated $1.5 million for the 2022 AHEAD Program. Post-pandemic economic conditions have had disproportionate negative consequences for lower-income communities. Addressing the complex challenges many are facing requires creative solutions and strong relationships between the Bank’s members and the local nonprofits that know their communities best. One of the ways the Bank fosters these productive relationships is by inviting its members to partner with local nonprofits, government agencies, and tribal organizations to apply for grants to fund innovative initiatives that bring greater opportunity to underserved and low-income communities in Arizona, California, and Nevada. 

In 2022, $1.5 million in grants were awarded to 55 projects to boost economic development activity and create greater opportunity in underserved and low-income communities by: 

  • Creating or preserving jobs
  • Delivering job training or education programs
  • Supporting small business, microlending, and microenterprise incubation for low-income entrepreneurs
  • Addressing the special economic development needs of at-risk youth, veterans, persons with disabilities, and the formerly incarcerated among others

From creating jobs to workforce training, from supporting small businesses to providing lifelines for underserved populations, 2022 grantees exemplify the intent of the AHEAD Program by developing innovative, targeted initiatives that use proven development models or pilot new

The Bank’s board of directors allocated $1.5 million for the 2022 AHEAD Program. Post-pandemic economic conditions have had disproportionate negative consequences for lower-income communities. Addressing the complex challenges many are facing requires creative solutions and strong relationships between the Bank’s members and the local nonprofits that know their communities best. One of the ways the Bank fosters these productive relationships is by inviting its members to partner with local nonprofits, government agencies, and tribal organizations to apply for grants to fund innovative initiatives that bring greater opportunity to underserved and low-income communities in Arizona, California, and Nevada. 

In 2022, $1.5 million in grants were awarded to 55 projects to boost economic development activity and create greater opportunity in underserved and low-income communities by: 

  • Creating or preserving jobs
  • Delivering job training or education programs
  • Supporting small business, microlending, and microenterprise incubation for low-income entrepreneurs
  • Addressing the special economic development needs of at-risk youth, veterans, persons with disabilities, and the formerly incarcerated among others

From creating jobs to workforce training, from supporting small businesses to providing lifelines for underserved populations, 2022 grantees exemplify the intent of the AHEAD Program by developing innovative, targeted initiatives that use proven development models or pilot new interventions to create economic opportunity and change lives. 

Pie chart graphic showing % of AHEAD funded project types

The Bank reviewed 180 applications submitted in 2022 before selecting 55 AHEAD grant winners. Forty-six participating Bank members, including five that sponsored winning applications for the first time, delivered grants, ranging from $25,000 to $27,500, to 55 nonprofits in Arizona, California, and Nevada. Among the 2022 AHEAD grant winners are:

  • Community Resource for Children (sponsored by Bank of Marin) connects Napa County families to childcare and supports childcare professionals during and beyond the licensing and small business start-up process. The grant will enable the nonprofit to offer professional development opportunities to empower care providers, primarily bilingual women who run a business out of their home, to reach their full educational potential while increasing their knowledge of early learning and child development.
  • TMC Community Capital (sponsored by First Republic Bank) is a nonprofit online microlender focused on empowering underserved entrepreneurs in California that will pilot a new risk evaluation model for more inclusive underwriting to increase access to capital for underserved small businesses. The AHEAD grant will help the nonprofit expand staff to be able to implement the pilot program.
  • Nevada Business Opportunity Fund (sponsored by First Foundation Bank) provides entrepreneurial training, technical assistance, and access to lending for new and expanding businesses throughout the state of Nevada. The grant will support a revolving loan fund to supply access to affordable microloans and small business capital for primarily low-income and minority communities in Clark County.
  • Family Housing Resources, Inc. (sponsored by Vantage West Credit Union) focuses on helping people reach financial freedom through housing support, education, and partnership. The grant will support the FHR Financial Pathways Fundaciones Financieras program in the delivery of financial foundation courses and financial mentorship to 100 low-income individuals, primarily Spanish-speaking women.
  • Rise Up Industries (sponsored by Western Alliance Bank) focuses on minimizing gang involvement by offering integrated gang prevention, gang intervention, and post-detention reentry services in San Diego County. The grant will support classroom instruction and on-the-job training for a career as a machinery operator.
  • Crossroads Mission (sponsored by A.E.A. Federal Credit Union) is a faith-based homeless shelter and drug and addiction recovery facility that has been serving the Yuma community since 1959. The grant will be used to buy 10 new computers to help 500 adult students apply for jobs and have access to computer literacy courses and individualized tutoring.

Since 2004, the Bank has awarded over $20 million in AHEAD Program grants to support over 700 nonprofit projects and programs in Arizona, California, and Nevada.
 

Photo of nonprofit Becoming Independent client displaying a thumb's up

Sharing Knowledge and Exploring Solutions

The annual FHLBank Affordable Housing Advisory Council Leadership Meeting, hosted in collaboration with the Federal Housing Finance Agency during the Fall, was an insightful information exchange with thought leaders presenting on a variety of critical issues for local communities across the U.S.

  • Danielle Safran, senior economist of the Office of Housing and Community Investment, Federal Housing Finance Agency Division of Housing Mission and Goals, presented on the low-income housing and community development activities of the Federal Home Loan Banks.
  • Brenda M. Breaux, executive director of the New Orleans Redevelopment Authority, brought a local perspective to a panel discussion on climate resiliency in affordable housing.
  • Chandra Broadnax, senior examination specialist with the Office of Fair Lending Oversight, was part of a panel discussion of special purchase credit programs and equity-based engagement by FHLBanks.
  • Michael Fratantoni, Ph.D., chief economist with the Mortgage Bankers Association, shared an economic and mortgage finance industry update as the country grappled with inflation and a rapidly rising interest rate environment.
People shaking hands

Reaching Out to Engage with Diverse Stakeholders

Effective outreach is part of what helps the Bank further its mission and achieve its TCLP goals. The Bank pursues and nurtures relationships with policymakers and public officials, government agencies, affordable housing advocates and experts, and a variety of community and economic development organizations and stakeholders. 

In 2022, the Bank continued engagement with stakeholders and partners both virtually and in person. Affordable housing and community development organizations the Bank sponsored in 2022 included:

  • Arizona Housing Coalition
  • California Association of Local Housing Agencies (CAL-ALHFA)
  • California Coalition of Rural Housing (CCRH)
  • California Community Economic Development Association
  • California Reinvestment Coalition (CRC)
  • Chicanos Por La Causa, Inc. (CPLC)
  • Housing California
  • Local Initiatives Support Corporation (LISC) Phoenix
  • National American Indian Housing Council (NAIHC)
  • Nevada Housing Coalition
  • Nonprofit Housing Association of Northern California (NPH)
  • San Diego Housing Federation
  • Southern California Association of Nonprofit Housing (SCANPH)
  • Southern Nevada Regional Housing Authority (SNRHA)

Training for Community Program Users

In 2022, Community Investment team members conducted all informational work sessions virtually:

  • Five webinars on the AHP competitive application process 
  • Six AHP compliance webinars 
  • Three WISH webinars 
  • Two AHEAD webinars on the application, disbursement, and monitoring processes 

 

virtual meeting
Photo of Advisory Council Chair David Paull

In Closing

On behalf of the Advisory Council, I would like to thank the Bank’s board of directors, Bank management, Community Investment department team members, and the Bank’s member financial institutions and their community partners for their dedication to the challenging work of changing lives for the better and enriching our communities.

I’m pleased to accept the chair's gavel from former chair Carol Ornelas,  CEO of Visionary Home Builders. On behalf of the Advisory Council, we thank Carol for her leadership and many years of service to the Advisory Council. Holly Benson, president and CEO of Abode Communities, succeeds me as vice chair and we look forward to the opportunity to lead the Advisory Council into 2023.

Following an extensive search process to identify nominees for four open seats on the Advisory Council, we are delighted to welcome to the table Cesar Covarrubias, executive director at The Kennedy Commission; Patricia Garcia Duarte, executive vice president at Chicanos Por La Causa; Elizabeth Elliott, executive director at Northern Circle Indian Housing Authority; and Maurilio León, CEO at Tenderloin Neighborhood Development Corporation.

While we will miss her many contributions to our work, extraordinary knowledge, and extensive experience and expertise in the affordable housing and community

On behalf of the Advisory Council, I would like to thank the Bank’s board of directors, Bank management, Community Investment department team members, and the Bank’s member financial institutions and their community partners for their dedication to the challenging work of changing lives for the better and enriching our communities.

I’m pleased to accept the chair's gavel from former chair Carol Ornelas,  CEO of Visionary Home Builders. On behalf of the Advisory Council, we thank Carol for her leadership and many years of service to the Advisory Council. Holly Benson, president and CEO of Abode Communities, succeeds me as vice chair and we look forward to the opportunity to lead the Advisory Council into 2023.

Following an extensive search process to identify nominees for four open seats on the Advisory Council, we are delighted to welcome to the table Cesar Covarrubias, executive director at The Kennedy Commission; Patricia Garcia Duarte, executive vice president at Chicanos Por La Causa; Elizabeth Elliott, executive director at Northern Circle Indian Housing Authority; and Maurilio León, CEO at Tenderloin Neighborhood Development Corporation.

While we will miss her many contributions to our work, extraordinary knowledge, and extensive experience and expertise in the affordable housing and community investment sector we are delighted to extend our heartfelt congratulations to Marietta Núñez, former community investment officer, who retired at the end of 2022. We look forward to working even more closely with Eric Cicourel who is succeeding Marietta in the role of community investment officer. He has served in a number of leadership roles with the Bank’s Community Investment Department since 1999 and brings a wealth of experience and expertise to his new role.

I am pleased to report that in 2023 the Bank is making available $28.5 million in new funding for the annual AHP General Fund competition, with $4.5 million allocated to the AHP Nevada Targeted Fund and $12.5 million allocated to the Bank’s WISH first-time homebuyer program. The Bank intends to launch a new pilot program in 2023 to further expand access to homeownership. These are critical resources that will be more valuable than ever as we continue our mutual efforts to meet both emerging and existing challenges and ensure that all our neighbors have a place to call home and economic opportunity.

Respectfully submitted,

David Paull
Current Chair
Affordable Housing Advisory Council