FHLBank San Francisco Awards $49.3 Million in Grants to California-Based Affordable Housing Groups
10 Julio 2024 - 11:57AM
The Federal Home Loan Bank of San Francisco (FHLBank San Francisco)
today announced $49.3 million in affordable housing grants to
California-based housing developers through its Affordable Housing
Program (AHP) General Fund. FHLBank San Francisco is the largest
privately-owned source of affordable housing funding in its
three-state area and collectively with the other Federal Home Loan
Banks is one of the largest privately-owned grant providers in the
nation.
This year's significant grant cycle represents an 89% increase
in California funding over last year, demonstrating the Bank’s
commitment to deliver on its mission to solve the critical shortage
of affordable housing in the state. The 2024 selected grants are
being awarded to 47 important projects within California and will
create 3,105 units of affordable housing throughout the state.
"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 National Low Income Housing Coalition,
California is the state with the highest number of extremely low
income rental households, with over 1.2 million California
residents in need of an affordable place to live. Currently, the
state has roughly just over 300,000 affordable housing units
available for this population, marking a notable shortage in need
of addressing.
AHP grants help finance the development, preservation, and
rehabilitation of single-family and multifamily housing for people
in need, including the chronically unhoused, families, seniors,
veterans, at-risk youth, 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. AHP-funded projects represent a wide range of
strategies and solutions, from historic preservation and adaptive
reuse to new construction and rehabilitation.
U.S. Senator Alex Padilla weighed in on the impact the AHP
funding will have on the state of California:
“Housing is a human right and partners like FHLBank San
Francisco understand that,” said Senator Alex Padilla
(D-Calif.). “While more investments are needed to increase housing
supply, this new round of funding is a step in the right
direction to address the affordable housing and homelessness crisis
that affects millions of Californians every day.”
The 2024 AHP California-based General Fund grants will fund a
variety of projects including Community Land Trusts, commercial to
residential property conversions, rehabilitation and new
construction that will benefit thousands of California residents.
Notable projects include:
- National City, Calif., new construction of Union Tower, built
in collaboration with Century Housing Corporation and Wakeland
Housing and Development Corporation, will create 93 units for
previously unhoused veterans and lower-income families and
individuals.
- Hayward, Calif., new construction of Hayward Senior Housing, in
collaboration with Wells Fargo National Bank West and Christian
Church Homes of Northern California, will create 79 units of
affordable housing for seniors.
- Glendale, Calif., a former laboratory, medical office, and
school will be transformed into Harrower Village, a
commercial-to-residential conversion property developed in
collaboration with Wells Fargo National Bank West and Abode
Communities, which will create 40 units of affordable housing for
seniors.
- Bolinas, Calif., new construction of 31 Wharf Road, in
collaboration with Bank of San Francisco and Habitat for Humanity
Greater San Francisco, will create eight affordable condominiums
for low-income families.
- Fillmore, Calif., new construction of Fillmore Terrace
multifamily rental housing community, in collaboration with
Montecito Bank & Trust and People's Self-Help Housing
Corporation, will create 50 units of affordable rental housing
serving lower-income families, farmworker households, and the
formerly unhoused.
- Los Angeles, Calif., a former oil production facility will be
transformed into The Arlington, a collaboration with Wells Fargo
National Bank West and Kingdom Development Inc., which will create
84 units of affordable housing for extremely low-income, unhoused
individuals.
- Anderson, Calif., new construction of Sunrise Cottages housing,
in collaboration with Tri Counties Bank and Rural Communities
Housing Development Corp., will create 45 units for low-income
seniors, including previously unhoused seniors.
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. To see the
complete list of 2024 AHP grant winners, visit the Bank’s
website.
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 Hammond
hammondc@fhlbsf.com
415-521-0255