FHLBank San Francisco Awards Extraordinary $61.8 Million in Affordable Housing Program Grants to Address Affordability Crisis in Region
09 Julio 2024 - 10:58AM
The Federal Home Loan Bank of San Francisco (FHLBank San Francisco)
today announced $61.8 million in Affordable Housing Program (AHP)
grants have been awarded to fund 59 projects that will create
nearly 4,000 units of affordable housing throughout Arizona,
California, and Nevada. Since 1990, FHLBank San Francisco has
awarded $1.3 billion in AHP grants for the construction,
preservation, or purchase of 154,000 units of housing. Collectively
the Federal Home Loan Bank System is one of the largest private
sources of affordable housing funding in the nation.
This amount of FHLBank San Francisco’s funding for this year's
AHP grant cycle represents an extraordinary 88% increase over last
year’s funding and underscores FHLBank San Francisco’s continued
commitment to fulfilling its mission to support affordable housing
throughout its region. Each year, FHLBank San Francisco allocates
up to 15% of its net profits from the prior year to fund affordable
housing, homeownership, and economic development grant
programs.
"I am proud of the crucial investments FHLBank San Francisco is
making in affordable housing across Arizona, California and Nevada
– some of the most economically, geographically and culturally
diverse states in America,” said Alanna McCargo, president and CEO
of FHLBank San Francisco. “The affordable housing crisis affects
countless families and individuals living in urban, populous
cities, rural, tribal communities, and many places in between. We
are pleased to be able to nearly double the amount of grant funding
this year, in partnership with our members, to 59 critically needed
projects across the region. They will have a meaningful impact on
mitigating the affordable housing crisis, increasing the housing
supply and providing much needed help for those in need.”
According to The Gap 2024, a yearly report compiled by the
National Low Income Housing Coalition’s, the U.S. is experiencing a
significant affordable housing shortfall, with only 34 affordable
rental homes available for every 100 extremely low-income
households nationwide. Within the FHLBank San Francisco’s region of
Arizona, California, and Nevada, this shortfall is exacerbated.
Arizona and California have only 24 affordable and available homes,
per 100 households. Nevada is even more challenged with just 14
affordable homes per 100 households. To address the dire need in
Nevada, FHLBank San Francisco launched the Nevada Targeted Fund, a
first-of-its-kind program in 2023, in collaboration with U.S.
Senator Catherine Cortez Masto (Nev.). Last month, the Bank
announced that the Nevada Targeted Fund grants nearly doubled in
the program’s second year.
AHP General Fund and Nevada Targeted Fund grants help finance
the development, preservation, and purchase of multifamily and
single-family housing for people in need, including the chronically
unhoused, low-income families, seniors, veterans, at-risk youth,
and people living with disabilities and mental health challenges or
overcoming substance abuse. Grants are delivered through FHLBank
San Francisco member institutions partnering with nonprofits and
affordable housing developers to submit applications for grants for
specific projects in an annual funding competition. This year’s
grants will be delivered by 25 different members, including six
community development financial institutions. AHP-funded projects
represent a wide range of strategies and solutions, from historic
preservation and adaptive reuse to new construction and
rehabilitation. A few notable examples of projects awarded grants
in the 2024 funding competition include:
- This year, over $3 million has been awarded to four projects
that construct affordable units on properties held in Community
Land Trusts. These dwellings will ensure the units remain
affordable not just for their initial residents, but for future
generations, through the stewardship of Community Land Trusts.
- In an effort to reduce use of new materials, five projects will
repurpose existing structures, transforming a historic YWCA
recreational center, a community health center, two motels, a
medical facility, and a school into new affordable housing.
- Three tribal projects, two in Nevada and one in Arizona,
received AHP awards totaling $3.5 million create 87 units of
affordable housing. Residents of these affordable housing
developments will include seniors and low-income families who can
receive supportive services onsite.
Where AHP projects are developed, local economies also get a
boost, as these projects create jobs, increase construction and
consumer spending, and generate new tax revenues. Learn more about
the communities, families, and individuals that have benefited from
access to AHP-funded housing on the Bank’s website. The complete
list of 2024 AHP grant winners is available on fhlbsf.com.
About the Federal Home Loan Bank of San
Francisco
The Federal Home Loan Bank of San Francisco is a member-driven
cooperative helping local lenders in Arizona, California, and
Nevada build strong communities, create opportunity, and change
lives for the better. The tools and resources we provide to our
member financial institutions — commercial banks, credit unions,
industrial loan companies, savings institutions, insurance
companies, and community development financial institutions —
propel homeownership, finance quality affordable housing, drive
economic vitality, and revitalize whole neighborhoods. Together
with our members and other partners, we are making the communities
we serve more vibrant, equitable, and resilient.
Contact:Chris Hammondhammondc@fhlbsf.com415-521-0255