LOS ANGELES, July 1, 2016 /PRNewswire/ -- Rep. Xavier Becerra (CA-34) and the Federal Home Loan Bank of San Francisco (FHLBank San Francisco) announced today that $7.8 million in Affordable Housing Program (AHP) grants have been awarded to help finance five Los Angeles housing projects.
In total, $76 million was awarded in the 2016 funding competition to projects in Arizona, California, and Nevada and other areas served by the Bank's member financial institutions, to produce or preserve 6,318 affordable housing units. The funding includes $7.8 million to support development of five projects in the 34th congressional district, which will generate 427 affordable rental units for individuals and families.
"Los Angeles is in desperate need of more affordable housing so I'm pleased that this significant investment will help Angelenos who need it most," said Rep. Becerra. "The nearly $8 million from the Federal Home Loan Bank of San Francisco will support five housing projects in my district for our low-income families, homeless population, and individuals with disabilities. Let's continue these partnerships to ensure that more Americans have access to affordable housing."
Projects receiving AHP funding in the 34th District are:
- Simone Apartments ($2 million) at 520 San Julian Street. This project will rehabilitate 114 existing affordable housing units to provide permanent supportive housing and services to very low-income individuals, the homeless, and people with physical and developmental disabilities. Century Housing Corporation is the member institution supporting the project, which is sponsored by the Skid Row Housing Trust.
- Flor 401 Lofts ($2 million) at 401 E Seventh Avenue. This project will add 99 units in a densely populated urban community to create affordable housing for very low-income homeless individuals and people with physical and developmental disabilities. Through integrative design, an existing industrial warehouse will be adaptively reused as a ground floor, and an additional five stories will be added above. Mississippi Valley Company is the member institution supporting the project, which is sponsored by the Skid Row Housing Trust.
- Six Four Nine Lofts ($1.34 million) at 649 Wall Street. This project will create 55 units of new permanent supportive affordable housing for very low-income individuals with special needs. A portion of the units will be reserved for homeless households. The housing will be constructed above a three-story health clinic and is designed to achieve LEED Gold certification. MUFG Union Bank is the member institution supporting the project, which is sponsored by the Skid Row Housing Trust.
- T. Bailey Manor ($450,000) at 4121 Eagle Rock Blvd. This project is new construction of a 46-unit development consisting primarily of one-bedroom apartments targeted to extremely low- and low-income households with special needs. The project is designed to achieve LEED Gold certification, and features elevators, semi-subterranean parking, organic edible landscaping, and large open spaces. City National Bank is the member institution supporting the project, which is sponsored by Women Organizing Resources, Knowledge, and Service.
- Skid Row Central 1 ($2 million) at 905 East 6th Street and 507 Maple Avenue. This project will rehabilitate two existing affordable housing developments, Rossmore Apartments and Weldon Apartments, for very low-income individuals who are homeless or living with physical and developmental disabilities. Century Housing Corporation is the member institution supporting the project, which is sponsored by the Skid Row Housing Trust.
"Rep. Becerra is a strong supporter of affordable housing," said Lawrence H. Parks, Senior Vice President, Legislative and External Affairs, at FHLBank San Francisco. "FHLBank San Francisco is working with organizations in his district, as well as in other parts of California, Arizona, and Nevada, to help provide more housing options for low-income residents. Together, FHLBank San Francisco, our member institutions, and community organizations are helping families and individuals of all income levels access affordable housing.''
Designed as a flexible, competitive funding source, the AHP provides grants and below-market loans to develop and rehabilitate single-family and multifamily projects targeting very low- to moderate-income households. Member financial institutions, in partnership with community-based housing sponsors, submit applications for specific projects and programs. Since the program's inception in 1990, FHLBank San Francisco has awarded approximately $882 million, which has assisted in the development of more than 120,000 units of quality affordable housing in our three- state district, and other areas served by member institutions.
About 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. FHLBank San Francisco also funds community programs that help members create affordable housing and promote community economic development. FHLBank San Francisco members are headquartered in Arizona, California, and Nevada and include commercial banks, credit unions, industrial loan companies, savings institutions, insurance companies, and community development financial institutions.
Kevin Blackburn 510-377-8999
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SOURCE FHLBank San Francisco