SAN FRANCISCO and GLENDALE, California – January 16, 2025 – Community Reinvestment Corporation (CCRC) is excited to announce a crucial financing partnership with the Federal Home Loan Bank of San Francisco (FHLBank San Francisco) to ensure the long-term stability of Creekside Trails affordable housing in San Diego.

Originally funded in 2006 with CCRC financing, Creekside Trails has provided vulnerable residents in San Diego with support for well over a decade. Still, deliberate financing strategies are necessary to mitigate the risk of these units becoming market rate during the tax credit resyndication process.

Supportive financing from FHLBank San Francisco allows CCRC to refinance the development using CCRC’s bridge loan lending product, which bridges the re-syndication of tax credits to guarantee the units remain affordable. As these units serve a population earning up to 60% of the Area Median Income (AMI), this partnership decisively assures that the valued current residents of Creekside Trails will not be displaced or forced into extreme rent burden.

FHLBank San Francisco is committed to supporting affordable housing and partnering with the diverse and wide range of coalitions necessary to combat the housing crisis. As a certified Community Development Financial Institution (CDFI) and member of FHLBank San Francisco, CCRC is looking forward to leaning in with fellow housing-committed partners and building an equitable future for housing in California.

About California Community Reinvestment Corporation

CCRC is a trusted leader in multifamily affordable housing finance, providing term financing for multifamily rental housing in California through a taxable mortgage pool and direct purchase of tax-exempt bonds. CCRC’s innovative products and partnerships offer CRA-eligible lending opportunities that have resulted in the creation of over 48,000 affordable housing units statewide. For more information, visit https://www.e-ccrc.org.