Since 1990, FHLBank San Francisco Has Provided Over $1 Billion in Grants to Support Affordable Rental and Homeownership Opportunities for Lower-Income Households
SAN FRANCISCO, June 26, 2018 – The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) today awarded $65.9 million in Affordable Housing Program (AHP) grants to 70 projects that will construct or rehabilitate 6,067 units of housing affordable for lower-income families and individuals in seven states – Arizona, Arkansas, California, Nevada, Oregon, Texas, and Washington.
In the Western Region, Los Angeles ($10.5 million), San Francisco ($7 million), Phoenix ($3.2 million) and Oakland ($2.27 million) are among the locations where AHP will expand affordable housing. Grants will help provide housing for homeless veterans and their families, LGBT seniors, at-risk homeless and youths, and people with developmental disabilities, mental illness, or long-term chronic illnesses.
“Everyone deserves a place to call home,” said Greg Seibly, President and CEO of FHLBank San Francisco. “Our members and their nonprofit partners are using the AHP to expand access to quality affordable housing for those who need it most.”
The 2018 AHP grants were awarded through 29 FHLBank San Francisco member financial institutions working in partnership with community-based housing sponsors or developers to apply for funding through a competitive application process. The grants will be used to expand affordable rental and homeownership opportunities for low-and moderate-income residents of their communities.
Since 1990, the FHLBank 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 communities in Arizona, California, Nevada, and other states served by members of FHLBank San Francisco. “FHLBank San Francisco was the first FHLBank to reach the $1 billion mark in AHP grants,” said Marietta Núñez, Vice President and Community Investment Officer at FHLBank San Francisco. “Together with our members and nonprofit partners, we are making a difference in the lives of low- and moderate-income families and in the communities where they live.”
For example, a $2 million grant will help rehabilitate and preserve a 250-unit senior housing community in a historic, 14-story building in downtown Little Rock, Arkansas. “I want to thank the Federal Home Loan Bank of San Francisco for their grant support in rehabilitating the Parris Towers in Little Rock,” said Congressman French Hill (AR-2). “This project will immensely benefit the seniors living in central Arkansas as there are new unit improvements at Parris Towers and residents will now be able to participate in the ConnectHome USA Program.”
Congressman Ruben Gallego (AZ-7) was pleased with the $3.2 million in grants for Phoenix. “These 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 Rep. 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.”
A recent study by Smart Cities Prevail, “Beyond Housing: Economic Impact of the Federal Home Loan Bank of San Francisco’s Affordable Housing Program 1990-2016,” showed that the AHP has provided a significant economic boost in communities, joining with other funding to create more than 500,000 full-time equivalent jobs and producing more than $26.6 billion in labor income and $76.5 billion in economic activity from 1990 to 2016. Based on the multiplier factors provided in the study, this year’s AHP awards could contribute to the creation of over 37,000 jobs and to the production of over $1.9 billion in labor income and $5.6 billion in economic activity.
“The AHP program forges public-private partnerships that are helping communities provide families and individuals with safe places to live,” said Seibly. “As the cost of housing continues to increase, affordable housing becomes more and more difficult to obtain for working families. AHP grants help bridge the gaps in the financing of affordable housing. We will continue to play that role.”
The communities that will benefit from the AHP grants awarded through our members in the 2018 funding competition are:
Arkansas: Little Rock
California: Alameda, Bell, Berkeley, Carson, Davis, Dinuba, Dixon, Fremont, Gonzales, Goshen, Imperial, Long Beach, Los Angeles, Modesto, Napa, National City, North Highlands, Oakland, Rancho Cucamonga, Redwood City, Roseville, San Bernardino, San Diego, San Francisco, San Jose, San Luis Obispo, Santa Ana, Stockton, Sylmar, Ventura
Nevada: Carson City, North Las Vegas, Reno, Tonopah
Oregon: Portland, Salem
Texas: Amarillo, Austin, Dallas
More details about the 2018 AHP grant winners are available on fhlbsf.com.
Affordable Housing Program
The Bank sets aside 10% of its earnings each year to fund the AHP, with a portion of that funding allocated to two first-time homebuyer downpayment assistance programs. Since 1990, the Bank has awarded almost $1.1 billion in AHP grants to support the construction, rehabilitation, or purchase of nearly 138,000 units of quality affordable housing for lower-income households. The Bank’s member financial institutions, working in partnership with community-based housing sponsors or developers, compete for AHP grants by submitting applications for specific projects. AHP-funded projects represent a wide range of strategies and solutions, from historic preservation and adaptive reuse to new construction and rehabilitation. 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.
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 also funds community programs that help members create affordable housing and promote community economic development. The Bank’s 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.