MESQUITE, Nev., April 24, 2024 (GLOBE NEWSWIRE) -- U.S. Rep. Horsford (NV-04) and the Federal Home Loan Bank of San Francisco (FHLBank San Francisco) proudly celebrated the grand opening of the Hafen Village Apartments in northeast Nevada. Advancing initiatives that uplift marginalized communities throughout Nevada is central to Congressman Horsford’s work, a commitment he reinforces in his role as chair of the Congressional Black Caucus. The new housing development, located at 850 W. Hafen Lane in Mesquite, Nevada, is providing 96 new affordable residences that lower-income individuals and families can call home.
“The grand opening of Hafen Village Apartments shows what we can achieve through strong partnerships among local government, community groups, and innovative housing developers,” said Congressman Horsford. “These new affordable homes represent more than infrastructure; they are the cornerstone of stability and prosperity for vulnerable Nevada families. As we celebrate this step forward, I’m reaffirming my commitment to making projects like Hafen Village the norm and ensuring all Nevadans have access to dignified and affordable housing.”
In 2022, FHLBank San Francisco awarded a $900,000 Affordable Housing Program (AHP) grant to support the Hafen Village project, amplifying the Bank and its members’ other ongoing community development efforts in rural Nevada. Grant funding was awarded through a partnership with FHLBank San Francisco’s member institution, Pacific Premier Bank, and Nevada Rural Housing Authority, the mission-driven housing finance agency that developed Hafen Village Apartments.
“We are delighted to celebrate the successful grand opening of Hafen Village, a project that exemplifies our shared commitment to community development and supporting the often-overlooked rural population living and working in Nevada,” said Teresa Bryce Bazemore, president and CEO of FHLBank San Francisco. “This project is a prime example of the positive impact that can come to a community through years of hard work and thoughtful dedication. We are grateful to Congressman Horsford, Nevada Rural Housing Authority, Pacific Premier Bank, and all involved in making this project come to fruition.”
According to the National Low Income Housing Coalition, the state of Nevada has the highest number —86%— of severely cost-burdened households in the U.S. Recognizing the urgency of this statewide issue, FHLBank San Francisco launched the Nevada Targeted Fund in 2023 to deliver more affordable housing funding directly to Nevada nonprofit housing developers. In the inaugural year of its AHP Nevada Targeted Fund, FHLBank San Francisco awarded $4.8 million to Nevada-based affordable housing groups to create or rehabilitate more than 260 affordable housing units. In addition to the Nevada Targeted Fund, FHLBank San Francisco has allocated $850,000 to help the Nevada Housing Coalition build capacity for affordable housing development through enhanced training and technical assistance programs aimed at expanding housing options for Nevadans.
“We are grateful for the opportunity to collaborate with Nevada Rural Housing Authority (NRHA) on the project Hafen Village. Nevada Rural Housing Authority’s dedication to creating and maintaining affordable housing is a testament to the power of community-driven change,” said Sherri Scott, senior executive vice president, chief ESG & Corporate Social Responsibility officer at Pacific Premier Bank. “Partnerships with FHLBank San Francisco and Nevada Rural Housing Authority are integral to our Bank’s commitment to addressing daily challenges within our communities.”
Hafen Village, managed by Blue Bird Property LLC, joins Nevada Rural Housing Authority’s portfolio of 13 affordable housing communities located throughout the rural and frontier parts of the state. Hafen Village offers a diverse group of households a variety of unit options, with rents starting at $812 for a one-bedroom with all utilities included. Unit are generously sized: a one-bedroom, one-bathroom is 688 square feet; a two -bedroom, one-bathroom is 912 square feet; and a three-bedroom, two-bathroom is 1,176 square feet. All units have a patio or balcony, air conditioning, and extra storage. The community also provides residents access to a fitness room, computer lab, library, dog park, playground, and free laundry on site.
“As an organization committed to providing affordable housing opportunities to all rural Nevadans, we are proud to stand alongside our partners in celebrating the grand opening of Hafen Village Apartments,” said Bill Brewer, executive director at Nevada Rural Housing Authority. “It’s encouraging to see a project like this come to life because it means 96 more rural Nevadans now have a secure and safe place to call home.”
For more information about the Bank’s dedication to expanding access to affordable housing opportunities, visit www.fhlbsf.com/community-programs.
About 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 strengthen 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 — promote homeownership, expand access to quality housing and boost economic development. Together with our members and other partners, we are making the communities we serve more vibrant, equitable and resilient.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/48fb9078-84e4-4ead-991a-6f7d5b05bed3
