Rep. French Hill and Federal Home Loan Bank of San Francisco Announce $2 Million Affordable Housing Grant for Little Rock Housing Project

LITTLE ROCK, Ark., June 26, 2018 /PRNewswire-USNewswire/ -- The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) and Congressman French Hill (AR-2) announced today that the Fred Parris Towers project in Little Rock has received a $2 million grant from the Bank's Affordable Housing Program (AHP). The project will rehabilitate and preserve a 250-unit senior housing community in a historic 14-story building in downtown Little Rock.

The Little Rock AHP grant is part of total of $65.9 million in AHP grants awarded to 70 housing developments that will produce over 6,000 affordable units in Arizona, California, Nevada, and other states for lower-income families and individuals. FHLBank San Francisco member financial institutions work in partnership with community-based housing sponsors or developers to apply for funding through a competitive application process.

"Our members and their nonprofit partners are using the AHP to expand access to quality affordable housing for those who need it most," said Greg Seibly, President and CEO of FHLBank San Francisco. "Everyone deserves a place to call home."

Through the U.S. Department of Housing and Urban Development's Rental Assistance Demonstration (RAD) Program, the Fred Paris Towers development will be converted from public housing to private ownership. The rehabilitation will update flooring, kitchen cabinetry, and countertops and install new energy efficient appliances. Residents will be able to participate in the ConnectHome USA program, which offers seniors free tablets, deeply-discounted internet service, and classes for digital literacy.

"I want to thank the Federal Home Loan Bank of San Francisco for their grant support in rehabilitating the Parris Towers in Little Rock," said Congressman French Hill. "This project will immensely benefit the seniors living in central Arkansas as there are new unit improvements at Parris Towers and residents will now be able to participate in the ConnectHome USA Program."

Member Raza Development Fund, Inc., partnered with the Central Arkansas Housing Corporation on the grant application. Raza Development Fund, based in Phoenix, AZ, is a community development financial institution that invests capital and creates financing solutions to increase opportunities for Latino communities and low-income families nationwide. More details about this project and other 2018 AHP grant winners are available on fhlbsf.com.

Since 1990, the Bank's competitive AHP has provided more than $1 billion in grants, helping to produce over 131,000 affordable housing units. This video celebrates the $1 billion milestone and showcases the value of the AHP to individuals and communities.

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 sets aside 10% of its earnings each year to fund the Affordable Housing Program, with a portion of that funding allocated to two first-time homebuyer downpayment assistance programs.

Contact:
Kevin Blackburn 510-377-8999
Mary Long 415-616-2556

SOURCE FHLBank San Francisco