The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) today announced $32.9 million in Affordable Housing Program (AHP) grants have been awarded to fund 38 projects that will create 2,825 units of affordable housing throughout Arizona, California, and Nevada. 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, one of the largest privately-owned grantors in the country.
According to the National Low Income Housing Coalition’s (NLIHC) report The GAP 2023, less than 4 million affordable rental homes are available nationwide for 11 million extremely low-income renters. Providing resources for affordable housing is a core element of FHLBank San Francisco’s mission, with a firm commitment to deploy at least 10% – and up to 15% – of its net profits from the prior year to fund affordable housing and related community investment programs. Grants are awarded in partnership with the Bank’s member financial institutions.
“Lack of affordable housing is one of the most intractable problems our country faces today due to decades of systematic oppression that has created lasting inequality for millions of Americans,” said Teresa Bryce Bazemore, CEO and President of FHLBank San Francisco. “These issues were exacerbated by the pandemic and the economic uncertainty that has impacted far too many communities. It's a crisis that can only be solved by consistent, dedicated, and equitable collaboration by a cadre of stakeholders, member institutions, and elected officials all working together to create lasting change. All of us at the Federal Home Loan Bank of San Francisco take great pride in contributing to the solution by awarding $32.9 million in grants for over 2,800 units of affordable rental housing for individuals and families in need of a safe, stable place to call home.”
“We are particularly proud to announce that $4.8 million of our total allocation is being distributed to six grant winners through our new Nevada Targeted Fund, a first-of-its-kind program we developed in collaboration with Nevada Senator Catherine Cortez Masto,” continued Bazemore. “The funding of these critical projects was made possible in part by the additional $500,000 we granted to the Nevada Housing Coalition (NHC), which was formed to ensure the affordable housing community in Nevada has the resources they need to generate a greater number of qualified applications throughout the state. Thanks to the thoughtful efforts of all involved, we’re encouraged that these resources will have a lasting impact on the residents of Nevada.”
AHP grants contribute to the development, preservation, and rehabilitation of single-family and multifamily housing that serves 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. In total for the 2023 program cycle, the Bank’s AHP awarded funding for 30 affordable housing projects in California, two in Arizona, and six in Nevada. A few notable projects from this cycle include:
“Since 1990, we have contributed over $1.14 billion in AHP General Fund and Nevada Targeted Fund grants that have helped a diverse group of often overlooked populations. This year, it is especially gratifying to award two grants that will help Native communities in our district flourish. Through diligent effort, we created a specific scoring category for Native Housing projects and are awarding funds to support much needed housing for the Pomo Tribe in California and the Washoe Tribe in Nevada,” said Eric Cicourel, Senior Vice President, Community Investment Officer.
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. Learn more about the communities, families, and individuals that have benefited from access to AHP-funded housing on 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.