Congressman Sherman Honored for Support of Affordable Housing and Homeownership Preservation

CANOGA PARK, CA – February 22, 2013 – (RealEstateRama) — Today, Congressman Brad Sherman (D-Sherman Oaks), a senior member of the House Financial Services Committee, received the “Friend of Affordable Housing Award” from the Federal Home Loan Bank of San Francisco for his long-standing support of affordable housing and preserving and increasing homeownership opportunities in the San Fernando Valley. Sherman also helped announce the recipients of the Affordable Housing Program (AHP) funding competition.

“I am pleased with this honor and the partnership we have developed over the years to create much-needed affordable housing for low-income residents and veterans with families. For nearly a decade, I have worked with the Federal Home Loan Bank of San Francisco and other partners to help increase and preserve homeownership opportunities for hundreds of Valley families,” said Congressman Sherman.

During his tenure in Congress, Sherman has been a strong advocate for legislation that increases affordable housing, advances homeownership opportunities and protects the housing market. He has also helped Valley families avoid foreclosure through his constituent services program and foreclosure prevention workshops.

The ceremony took place at New Economics for Women’s Tierra del Sol community, which received a $595,000 AHP award from the Bank in 2000. The development features 119 units of affordable housing, a K-5 charter school, the Dennis P. Zine Community Center and space for nonprofit service organizations.

Sherman also helped announce the results of the Affordable Housing Program funding competition. In 2012, FHLBank of San Francisco awarded $35 million in grants through dozens of member financial institutions. The funds will support 72 projects that will create or preserve nearly 3,600 units of affordable housing in 11 states, including 927 units in Los Angeles County and a 12-unit housing development under construction by Habitat for Humanity-San Fernando/Santa Clarita Valleys in Sylmar for veterans with families.

“We applaud Rep. Sherman for his efforts to expand housing opportunities for working families during his time in Congress,” said Lawrence H. Parks, Senior Vice President of Legislative and External Affairs at FHLBank of San Francisco. “We are pleased to make these grants available to expand the supply of affordable housing and give families and individuals more housing options. “At a time when it is very difficult for community developers to finance affordable housing projects, our AHP grants are making a difference by helping to fill the void.”

FHLBank of San Francisco’s Friend of Affordable Housing Award is presented annually to a valued supporter of affordable housing in the region and throughout the nation. The Affordable Housing Program provides grants to support the creation of rental or homeownership opportunities for lower-income households.

*For more information about the 2012 AHP Grant Recipients, please click on the links below:

http://www.fhlbsf.com/community/docs/2012a-ahp-projects.pdf

http://www.fhlbsf.com/community/docs/2012b-ahp-projects.pdf