NAPA COUNTY, Calif., June 30, 2016 /PRNewswire-USNewswire/ -- Rep. Mike Thompson (CA-5) and the Federal Home Loan Bank of San Francisco (FHLBank San Francisco) announced today that $3.9 million in Affordable Housing Program (AHP) grants have been awarded to help finance five Napa County housing projects.
In total, $76 million was awarded to projects in Arizona, California, Nevada, and other areas served by the Bank's member financial institutions to produce or preserve 6,318 affordable housing units. The funding includes $3.9 million to support development of five projects in the 5th congressional district, which will generate 221 affordable rental and ownership units for individuals and families.
"I am thrilled to announce the $3.9 million made available through Affordable Housing Program grants for our Congressional District, which will help hundreds of families and seniors across our communities find a place to call home," said Rep. Mike Thompson.
Projects receiving AHP funding in the 5th District are:
Muir Ridge ($35,000) at Heron and Ranchita Lanes in Martinez, will construct two affordable single-family homes for low-income first-time homebuyers using the self-help sweat equity model. Meriwest Credit Union is the member institution supporting the project, which is sponsored by Habitat for Humanity - East Bay/Silicon Valley.
Calistoga Senior Apartments ($950,000) at 611 Washington Street in Calistoga will construct 30 units of senior housing in the second phase of an affordable family housing development. Pacific Western Bank is the member institution supporting the project, which is sponsored by the Corporation For Better Housing.
Crossroads ($780,000) at 1990 - 2030 Burbank Avenue in Santa Rosa will provide 79 one, two, and three-bedroom units for families earning between 30% and 60% of the area median income. Silicon Valley Bank is the member institution supporting the project, which is sponsored by the Burbank Housing Development Corporation.
Valley View Senior Homes ($1.3 million) at 31 Theresa Ave. in American Canyon will construct 70 affordable housing units for extremely low- to very low-income seniors. Silicon Valley Bank is the member institution supporting the project, and which is sponsored by Satellite Affordable Housing Associates.
Celestina Garden ($800,000) at 17310 Sonoma Highway in Sonoma will provide 40 housing units for very low- and low-income seniors. Wells Fargo Financial National Bank is the member institution supporting the project, which is sponsored by MidPen Housing Corp.
"Rep. Thompson is a strong supporter of affordable housing," said Lawrence H. Parks, Senior Vice President, Legislative and External Affairs, for 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 $880 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.
Contact: Kevin Blackburn, 510-377-8999
SOURCE FHLBank San Francisco