FHLBank San Francisco Awards $36.6 Million in Affordable Housing Grants in Eight States
Affordable Housing Program (AHP) Funds Help Deliver Wide Range of Low-income Housing Solutions
February 22, 2011 – (RealEstateRama) — The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) awarded $36.6 million in Affordable Housing Program (AHP) grants in the second round of its 2010 funding competition. The grants approved by the Bank’s Board of Directors in AHP Round B were awarded to 60 projects that address the affordable housing needs of communities in Arizona, California, Colorado, Illinois, Michigan, Nevada, New Jersey, and Washington, and will produce or preserve 3,213 housing units that are affordable to lower-income individuals and families. The total amount of AHP funds awarded in 2010 is $69.1 million.
AHP-funded projects create an affordable place to live for families with children, seniors, persons with disabilities, young adults transitioning out of the foster care system and other at-risk youth, people who are in need of supportive services or are homeless, and other lower-income individuals and households.
“Despite the grinding challenges of the current economic environment—and especially in our troubled housing market—a diverse group of Bank members, large and small, continues to make use of the valuable resource our AHP has become for their communities,” said Jim Yacenda, Vice President and Community Investment Officer at FHLBank San Francisco. “The Bank is gratified to be able to support members that are working with their community partners to invent and realize an array of affordable housing solutions.”
Results of the AHP 2010 Round B Competition
The following cities and towns, located throughout the Bank’s three-state district of Arizona, California, and Nevada, and in five other states served by members of the Bank, will benefit from AHP funds awarded in the 2010 Round B grant competition:
Flagstaff, Nogales, Phoenix, Tempe, Tucson, Yuma
Arvin, Auburn, Bakersfield, Bell Gardens, Carlsbad, Cathedral City, Chowchilla, Escondido, Folsom, Fresno, Goshen, Indio, Laytonville, Live Oak, Loma Linda, Long Beach, Los Angeles, Oakland, Oxnard, Reseda, San Diego, San Francisco, San Jose, San Leandro, Santa Paula, Santa Rosa, Stockton, Ukiah, Union City, Woodland
Country Club Hills
Details about the projects awarded AHP subsidies are available on the Bank’s website at fhlbsf.com.
About the AHP
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.
“AHP funds, which are generated directly by our core business—lending to our members—are a valuable tool that members use to make a difference in the communities they serve,” said Dean Schultz, FHLBank San Francisco President and Chief Executive Officer. “The program is a valuable benefit of membership in the Bank, as well as an integral part of ongoing efforts to build and sustain strong communities.” Since 1990, with 10% of the Bank’s annual net income set aside to support the program, the Bank has awarded over $660 million in AHP subsidies to produce over 99,000 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—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. The Bank’s members are headquartered in Arizona, California, and Nevada.