FHLBank San Francisco Awards $49.4 Million in Grants for Affordable Housing in Nine States

SAN FRANCISCO, June 27, 2014 /PRNewswire-USNewswire/ -- The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) awarded $49.4 million in Affordable Housing Program (AHP) grants in the Bank's 2014 AHP funding competition. The grants were awarded through 22 Bank members to 76 projects that will construct or rehabilitate 5,055 units of housing affordable to lower-income individuals and families in Arizona, California, Florida, Illinois, Nevada, Ohio, Pennsylvania, Texas, and Washington.

"The Affordable Housing Program has a long history of forging public-private partnerships that help families and individuals find affordable housing," said Lawrence Parks, FHLBank San Francisco Senior Vice President, External and Legislative Affairs. "As housing costs increase, the AHP continues to fulfill its purpose of providing affordable housing options for working families. We are proud of what this program is able to accomplish."

Now in its 25^th year, the AHP is a flexible source of gap funding for projects that create an affordable place to call home for low-income and moderate-income families and individuals. Grants awarded in 2014, ranging from $25,000 to $1.5 million each, will support a wide range of targeted projects, including:

• New construction of rental housing for low-income families, seniors, veterans, or individuals and households with special needs 
• Building of owner-occupied homes using the self-help sweat equity model
• Sustainable developments that will be LEED Certified or GreenPoint Rated
• Transitional or permanent housing with supportive services for veterans, the chronically homeless, the developmentally disabled, and  others

"Our AHP reflects the Bank's long-standing commitment to providing resources that help build strong, stable, and sustainable communities," said Dean Schultz, FHLBank San Francisco President and Chief Executive Officer. "The AHP is a valuable and unique benefit of membership, and an important tool that members use to make a difference in the communities they serve."

The communities that will benefit from AHP funds awarded in the 2014 funding competition are:

Arizona: Flagstaff, Phoenix, Somerton, Tucson

California:  American Canyon, Berkeley, Desert Hot Springs, El Cerrito, Fetters Hot Springs, Hayward, Highgrove, Kingsburg, Live Oak, Long Beach, Los Angeles, Los Banos, Menlo Park, Oakland, Orange Cove, Porterville, Redding, Richmond, San Diego, San Francisco, San Jose, San Leandro, San Mateo, San Pedro, Santa Cruz, Santa Rosa, Stockton, Temecula, Ventura

Florida: Miami Gardens, Tampa

Illinois: Aurora

Nevada: Henderson, Las Vegas, Winnemucca

Pennsylvania: Chambersburg

Texas: Austin, Houston

Washington: Yakima

Details about all the projects awarded AHP subsidies are available on the Bank's website at fhlbsf.com.

Affordable Housing Program
Since 1990, with 10% of the Bank's annual earnings set aside to support the program, the Bank has awarded $784 million in competitive AHP subsidies to produce nearly 112,000 units of quality affordable housing targeted to low- and moderate-income households. AHP grants are awarded 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 and the AHP provides funds to assist in the purchase, construction, or rehabilitation of affordable housing units. Funded projects cover a wide range of strategies and solutions, from historic preservation and adaptive reuse to new construction and rehabilitation and resale of foreclosed homes. Where AHP projects are developed, local economies are also given a meaningful boost, as these projects create jobs, increase construction and consumer spending, and generate new tax revenues.

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 programs that help members create affordable housing and promote community economic development. The Bank's 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.

Contact:
Mary Long, 415-572-6717
[email protected]

SOURCE FHLBank San Francisco