PHOENIX, Dec. 18, 2013 /PRNewswire-USNewswire/ -- The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) joined community, civic, and elected leaders yesterday to celebrate the grand opening of Urban Living 2, a new, 70-unit development on Second Avenue in Phoenix that includes 63 units for low-income families and seven market-rate units.
The project received a $629,630 Affordable Housing Program (AHP) grant from the FHLBank San Francisco, with participation from Wells Fargo Financial National Bank, a member of the FHLBank San Francisco. Developed by Native American Connections, Inc, the service-enriched development was constructed on a redeveloped infill site in downtown Phoenix.
"I'm so proud to see this type of collaboration in the heart of my district," said Rep. Ed Pastor, (D – AZ), who attended the event. "It addresses the strong desire for attractive, affordable housing in the urban center, while providing services our residents need. I congratulate all the partners involved in this redevelopment effort."
Also attending the event were Phoenix Mayor Greg Stanton, Councilman Michael Nowakowski, Michael Trailor of the Arizona Department of Housing, Don Keuth of Phoenix Community Alliance, Diane Yazzie-Devine, President/ CEO of Native American Connections, and Kevin Blackburn, Assistant Vice President, Legislative Affairs at FHLBank San Francisco.
Blackburn said that Urban Living will be a tremendous resource for the community, while increasing the supply of affordable places to live. "Communities and developers face many challenges in creating affordable housing," he said. "The Federal Home Loan Bank of San Francisco is pleased to participate in a project that has brought public and private entities together to benefit low-income families."
Blackburn noted that FHLBank San Francisco has a strong relationship with Native American Connections, Inc., and has provided $7.2 million in AHP grants to 14 of the organization's housing developments, supporting the creation of 565 affordable homes.
"The affordable housing landscape has changed over the last few years," said Diane Yazzie-Devine. "One thing has become clear: we cannot develop a mixed-use project like this alone. We value all of the partners that have worked to make UL2 a reality, and that includes the Federal Home Loan Bank San Francisco."
Since the inception of the AHP, FHLBank San Francisco has awarded over $790 million in grants to support the purchase, development, or rehabilitation of more than 110,000 affordable homes in Arizona, California, Nevada, and other states served by its members. In the 7th Congressional District, which is represented by Rep. Pastor, FHLBank San Francisco has awarded $15.7 million in AHP grants to 37 projects that have created 1,966 rental and 318 ownership units.
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. The Bank also funds community programs that help members create affordable housing and promote economic development. The Bank's members are headquartered in Arizona, California, and Nevada and may include commercial banks, credit unions, industrial loan companies, savings institutions, insurance companies, and community development financial institutions.
Contact: Kevin Blackburn, 415.616.2572, email@example.com
SOURCE FHLBank San Francisco