2022 Affordable Housing Program Funding for 39 Developments Will Help Lower-Income Families in Arizona, California, and Nevada Have an Affordable Place to Call Home
SAN FRANCISCO, July 26, 2022 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) today announced $31.9 million in Affordable Housing Program (AHP) grants for 39 projects that will help preserve and facilitate the development of 2,712 affordable housing units for lower-income families and individuals throughout the Bank’s three-state district of Arizona, California, and Nevada.
“The lack of affordable housing has been a growing concern in our region and recent economic challenges have only exacerbated the issue for individuals and families who struggle to make ends meet and have an affordable place to call home,” said Teresa Bryce Bazemore, president and chief executive officer at FHLBank San Francisco. “We are honored to support our communities with these awards. We are grateful to our member institutions for making our AHP grants possible.”
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, mental health challenges, and those overcoming substance abuse. Grants are facilitated through FHLBank San Francisco member institutions partnering with nonprofits and affordable housing developers to submit applications for grants for specific projects in an annual funding competition. In the 2022 program cycle, the Bank’s AHP awarded funding for 32 affordable housing projects in California, five in Arizona, and two in Nevada.
“Rural residents are oftentimes left behind when it comes to affordable housing opportunities. I am pleased that Federal Home Loan Bank of San Francisco is providing this funding to rebuild after fires and improve housing options,” said U.S. Rep. Doug LaMalfa (R-1ST), whose district in the northeastern part of California received $1.6 million in funding for two projects that will create 108 units of affordable housing. “Funds are channeled to projects with local support and with enormous potential to improve the lives of those who have been harmed by catastrophic fires.”
FHLBank San Francisco sets aside 10% of its earnings each year to fund its AHP, with a portion of that funding allocated to two first-time homebuyer downpayment assistance programs. 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. The Bank’s member financial institutions, working in partnership with community-based housing sponsors or developers, compete for AHP General Fund grants by submitting applications for specific projects. Any rental housing must reserve at least 20% of units for households at or below 50% of the HUD area median income (AMI), while owner-occupied housing must serve households at or below 80% AMI. Details on the application guidelines are available on the Bank’s website.
“The Federal Home Loan Banks have a responsibility to meet the housing and community development needs of the regions they serve. These Affordable Housing Program grants provide critical financing to increase the supply of affordable housing in the San Francisco Bank’s three-state region. I’ve advocated for increased investment in Nevada, and I am glad to see nearly two million dollars in grants to support 255 new affordable units in my state,” said U.S. Senator Catherine Cortez Masto of Nevada. “I’ll continue to work with the Federal Home Loan Bank of San Francisco to ensure we can meet the urgent needs for both affordable housing and community development in Nevada.”
AHP-funded projects represent 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. Learn more about the communities, families, and individuals that have benefited from access to AHP-funded housing on the Bank’s website.
About the 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 build strong 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—foster homeownership, expand access to quality housing, seed or sustain small businesses, and revitalize whole neighborhoods. Together with our members and other partners, we are making the communities we serve more vibrant, equitable, and resilient.
Media Contact:
Mary Long
Senior Director, Marketing Communications
longm@fhlbsf.com
415.616.2556
