Affordable Housing Program (AHP) Funds Help Deliver Low-income Housing Solutions in Seven States
San Francisco, CA – June 8, 2011 – (RealEstateRama) — The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) awarded $28.4 million in Affordable Housing Program (AHP) grants in the first round of its 2011 funding competition. The grants approved by the Bank’s Board of Directors in AHP Round A were awarded to 45 projects that address the diverse housing needs of communities in Arizona, California, Illinois, Nevada, Pennsylvania, Texas, and Washington, and will produce or preserve 2,787 housing units that are affordable to lower-income individuals and families.
“Once again, our members and their partners have turned to our AHP to expand access to housing and improve the quality of life for multitudes in their communities,” said Jim Yacenda, Vice President and Community Investment Officer at FHLBank San Francisco. “We are pleased that such a diverse group of Bank members, large and small, continues to make use of the valuable resource our AHP has become for their communities, especially in light of current threats to other sources of funding.”
Results of the AHP 2011 Round A Competition
The following cities and towns, located throughout the Bank’s three-state district of Arizona, California, and Nevada, and in four other states served by members of the Bank, will benefit from AHP funds awarded in the 2011 Round A grant competition:
Chino Valley, Payson, Phoenix
Carpinteria, Cloverdale, Daly City, Emeryville, Escondido, Fresno, Los Angeles, Marina, Modesto, Novato, Oakland, Panorama City, Pinole, San Bernardino, San Francisco, San Jose, Santa Ana, Santa Cruz, Santa Paula, Selma, Shasta Lake City, Turlock, Ukiah, Woodlake
Details about the projects awarded AHP subsidies are available on the Bank’s website at fhlbsf.com.
About the AHP
AHP-funded projects create an affordable place to live for lower-income families, seniors, persons with disabilities, veterans, young people transitioning out of the foster care system and other at-risk youth, people with disabilities or those struggling to overcome addiction, and homeless men, women, and children.
The Bank’s AHP awards grants to assist in the purchase, construction, or rehabilitation of housing for lower-income households 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 twice a year. The program is known for its flexibility and AHP subsidies can be used in combination with funding from a wide variety of other sources, including Low-Income Housing Tax Credits and Community Development Block Grants. AHP-funded projects run the gamut of affordable housing strategies and solutions, from historic preservation and adaptive reuse to new construction and rehabilitation and resale of foreclosed homes.
“Our AHP reflects the Bank’s long-standing commitment to providing resources that help build strong, stable, and sustainable communities and is a valuable benefit of membership in the Bank,” said Dean Schultz, FHLBank San Francisco President and Chief Executive Officer. “Generated directly by our core business—lending to our members—AHP funds continue to be an important tool that members use to make a difference in the communities they serve.” Since 1990, with 10% of the Bank’s annual net income set aside to support the program, the Bank has awarded more than $680 million in AHP subsidies to produce over 100,000 units of quality affordable housing targeted to low- and moderate-income households.
The 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 investment programs that help members create affordable housing and promote community economic development. The Bank’s members— its shareholders and customers—are headquartered in Arizona, California, and Nevada. Members may include federally insured depositories—commercial banks, credit unions, industrial loan companies, and savings institutions—as well as insurance companies and community development financial institutions, including privately insured, state-chartered credit unions.