PHOENIX, June 26, 2018 /PRNewswire-USNewswire/ -- The Federal Home Loan Bank of San Francisco (FHLBank San Francisco), along with Congressman Ruben Gallego (AZ-7), announced today that Phoenix has received $3.2 million in Affordable Housing Program (AHP) grants. The funding was awarded to five projects that will increase the supply of affordable housing in the area for lower-income families and individuals.
The Phoenix 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 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."
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.
This year in Phoenix, grants totaling $2.3 million will support three projects in Congressman Gallego's District, while $943,735 will support two other projects in Phoenix, all together producing 311 affordable housing units for the metropolitan area.
"These three projects will not only provide new affordable housing opportunities, but will contribute to the revitalization of downtown Phoenix, where our neighborhoods are becoming a better place to live, work, and raise a family," said Congressman Gallego. "The Federal Home Loan Bank of San Francisco's investment in Arizona's 7th District will also help create new jobs and facilitate economic development in our community. I want to congratulate Stepping Stone Place, FSL Village on Roeser, and Urban Living on Fillmore on receiving these significant awards."
Projects receiving AHP funding in the 7th District are:
- Stepping Stone Phase III ($448,477 AHP grant) will construct a 42-unit permanent supportive affordable housing community serving very low-income, chronically homeless households, with priority given to homeless veterans. Member Raza Development Fund partnered with Native American Connections, Inc., on the grant application.
- FSL Village on Roeser ($1,040,000 AHP grant) will rehabilitate 104 apartment homes and construct a new community building for low-income seniors. Member Mohave State Bank partnered with Foundation for Senior Living on the grant application.
- Urban Living on Fillmore ($823,590 AHP grant) will build new affordable housing in the Central City Village planning district for low-income families who are employed by businesses in downtown Phoenix. Member Western Alliance Bank partnered with Native American Connections, Inc., on the grant application.
Two other projects in Phoenix were awarded funding:
- Patina Mountain Preserve ($480,000 AHP grant) will construct a 48-bed congregate living community offering holistic wellness programming and supportive housing for individuals recovering from alcohol and substance abuse. Member Raza Development Fund partnered with Native American Connections, Inc., on the grant application.
- Dunlap Housing ($463,735 AHP grant) is a new 54-unit permanent supportive housing community serving chronically homeless individuals, located adjacent to the new Patina Mountain Preserve congregate living community. Member Raza Development Fund partnered with Native American Connections, Inc., on the grant application.
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