LOS ANGELES, June 26, 2018 /PRNewswire-USNewswire/ -- The Federal Home Loan Bank of San Francisco (FHLBank San Francisco), along with Congresswoman Lucille Roybal-Allard (CA-40), Congresswoman Nanette Diaz Barragán (CA-44), and Congressman Jimmy Gomez (CA-34), announced today that Los Angeles has received $10.5 million in Affordable Housing Program (AHP) grants. The funding was awarded to nine projects that will increase the supply of affordable housing for lower-income families and individuals.
The Los Angeles grants are 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. FHLBank San Francisco member 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."
Since 1990, the Federal Home Loan Bank of San Francisco's 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.
This year, AHP grants totaling $10.5 million will support one project in Rep. Roybal-Allard's District, two projects in Rep. Barragán's District, and six projects in Rep. Gomez's District, all together producing 762 affordable housing units.
In the Rep. Roybal-Allard's 40th District, a $1.2 million AHP grant was awarded to Residences on Main, a new 50-unit permanent supportive housing development for homeless families and chronically homeless transition-age youth. Member City National Bank partnered with Coalition for Responsible Community Development on the grant application.
"The housing crisis in Los Angeles County has reached epic proportions, with lower income families finding themselves priced out of our costly real estate market," said Rep. Roybal-Allard. "Many chronically homeless people need more than just a roof over their heads, they require supportive services to help them transition into a stable housing situation. I'm happy to see that the FHLBank San Francisco has awarded Affordable Housing Program funding to bring 50 new units of permanent supportive housing to my district to help families and chronically homeless transition-aged youth move out of homelessness and build independent, healthy lives."
In Rep. Barragán's 44th District, the two projects receiving AHP funding are:
- Jordan Downs Phase 1A ($1.2 million AHP grant) will transform a distressed public housing project into 12 two-story and three-story garden-style buildings with a total of 115 units serving low-income families. Member Bank of America California, NA, partnered with BRIDGE Housing Corporation on the grant application.
- Willowbrook 2 ($990,000 AHP grant) will create 100 new units to provide permanent supportive housing serving low-income and homeless individuals who are frequent users of the Los Angeles County Department of Health Services. Member Pacific Western Bank partnered with LINC Housing Corporation on the grant application.
"These projects will help people struggling with homelessness by providing them with stable, safe homes," said Rep. Barragán. "The key though will be the wraparound services to help these fellow Angelenos put their lives back on track."
In Rep. Gomez's 34th District, the six projects receiving AHP funding are:
- 433 Vermont Apartments ($816,500 AHP grant) will transform a half-acre vacant lot in the Wilshire Center neighborhood into a four-story mixed-use property with 72 units for low-income and formerly homeless seniors and will include a YMCA facility open to the community. Member City National Bank partnered with Western Community Housing, Inc., on the grant application.
- Adams Terrace ($2 million AHP grant) will create 86 new units for low-income and formerly homeless seniors in the West Adams neighborhood of Los Angeles, with case management and mental health services provided by the St. Joseph's Center. Member MUFG Union Bank, NA, partnered with Abode Communities.
- Gramercy Place Apartments ($930,000 AHP grant) will provide 64 new supportive housing units for adults aged 55 and older, with 31 units targeted to formerly homeless individuals. Member Wells Fargo Financial National Bank partnered with the Hollywood Community Housing Corporation on the grant application.
- LAMP Lodge ($810,000 AHP grant) will offer 82 new studio and one-bedroom units for low-income individuals who are formerly or have special needs, with the L.A. Department of Health Services providing rental subsidies and intensive case management services. Member Clearinghouse CDFI partnered with LAMP, Inc., on the grant application.
- SP7 ($1.1 million AHP grant) will develop two neighboring sites in downtown Los Angeles, one with 81 newly-constructed units and the other with 19 rehabilitated units to provide permanent supportive housing for very low-income individuals experiencing homelessness and/or with special needs. Member MUFG Union Bank, NA, partnered with Skid Row Housing Trust on the grant application.
- Westmore Linden ($1,420,000 AHP grant) will construct a new 93-unit affordable housing project for seniors, with 15 units reserved for homeless seniors who are clients of the Los Angeles County Department of Mental Health. Member Wells Fargo National Bank partnered with West Hollywood Community Housing Corporation on the grant application.
"It's fantastic to see the City of Los Angeles receive millions of dollars in funding toward building more affordable housing," said Rep. Gomez. "It's no secret that our city is facing a host of pressing housing challenges, and every unit we build will make a real difference in the life of someone in our community. As a member of Congress, I'll continue to support efforts that help put a roof over the head of every Angeleno, particularly the most vulnerable among us."
More details about these and other 2018 AHP grant winners are available on fhlbsf.com.
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.
Kevin Blackburn 510-377-8999
Mary Long 415-616-2556
SOURCE FHLBank San Francisco