The Federal Home Loan (FHL) Bank of San Francisco recently awarded $73.6 million in Affordable Housing Program (AHP) grants for affordable housing projects throughout the country.
The grants were awarded through 20 Bank members to 89 projects that will construct or rehabilitate 6,280 units of housing affordable to lower-income families and individuals in seven states – Alabama, Arizona, California, Florida, Nevada, Texas, and Wisconsin.
“In an unsettled financing environment, our AHP continues to be a reliable source of value-adding gap funding for projects that are successful in serving families and individuals facing an array of specific housing challenges,” Jim Yacenda, vice president and community investment officer at FHLBank San Francisco, said. “The descriptions of the projects we are funding this year tell a sobering yet hopeful story of how the Bank’s AHP partners are leaning into challenges like helping homeless veterans in Newport Beach, fostering connections between healthcare and housing in Salinas, supporting housing and environmental sustainability in Indio, and working in conjunction with trailblazing ‘Cap and Trade’ funding from the state of California.”
Since the inception of the Affordable Housing Program in 1990, FHLBank San Francisco has awarded more than $1 billion in grants to help create affordable rental and homeownership opportunities in communities served by the bank’s member financial institutions.
“We are very proud to be the first in the FHLBank System to reach this $1 billion milestone,” Greg Seibly, president and CEO of FHLBank San Francisco, said. “Year after year, our AHP dollars, delivered through our members to their nonprofit development partners and to first-time homebuyers, are effectively expanding access to quality, affordable housing and helping build strong, stable, and sustainable communities.”