Affordable Housing Program (AHP) Funds Help Meet Diverse Low-income Housing Needs of Communities Served by Bank Members
San Francisco, CA – June 29, 2010 – (RealEstateRama) –The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) awarded $32.5 million in Affordable Housing Program (AHP) grants in the first round of its 2010 funding competition. The grants approved by the Bank’s Board of Directors in AHP Round A were awarded to 60 projects that address the diverse affordable housing needs of communities in Arizona, California, Illinois, Nevada, Oklahoma, Texas, and Washington, and will produce or preserve 3,375 housing units that are affordable to lower-income individuals and families.
AHP-funded projects create an affordable place to live for families with children, seniors, persons with disabilities, young adults transitioning out of the foster care system and other at-risk youth, people who are in need of supportive services or are homeless, and other lower-income individuals and households. “In our region, the need for resources that provide vulnerable and disadvantaged populations with a safe, decent place to live is especially persistent, regardless of economic conditions. The AHP applications we received in this round reflect that broad, constant need,” said Jim Yacenda, Vice President and Community Investment Officer at FHLBank San Francisco. “We are pleased that our members are using our program to deliver such critical resources to their communities.”
Results of the AHP 2010 Round A Competition
The following cities and towns, located throughout the Bank’s three-state district of Arizona, California, and Nevada, and in four other states served by members of the Bank, will benefit from AHP funds awarded in the 2010 Round A grant competition:
Arizona: Camp Verde, Flagstaff, Phoenix, San Luis, Surprise, Tucson
California: Antioch, Bell Gardens, Berkeley, Blythe, Calabasas, Carmel, Carson, Chula Vista, Corona, Dixon, Firebaugh, Fresno, Glendale, Kerman, Lafayette, Loma Linda, Long Beach, Los Angeles, North Hollywood, Novato, Oakland, Pasadena, Perris, Porterville, Sacramento, San Diego, San Francisco, Santa Paula, Santa Rosa, Shasta Lake, Soquel, Thousand Oaks, Union City
Texas: Fort Worth
Details about the projects awarded AHP subsidies are available on the Bank’s website at fhlbsf.com.
About the AHP
Through a competitive application process, the Bank’s AHP awards grants to assist in the purchase, construction, or rehabilitation of housing for lower-income households. The Bank’s member financial institutions, working in partnership with community-based housing sponsors or developers, submit applications for specific projects and programs twice a year. The program is known for its flexibility and AHP subsidies can be used in combination with funding from a wide variety of other sources, including Low-Income Housing Tax Credits and Community Development Block Grants. AHP-funded projects run the gamut of affordable housing strategies and solutions, from historic preservation and adaptive reuse to new construction and rehabilitation and resale of foreclosed homes.
“AHP funds, which are generated directly by our core business—lending to our members—are a valuable tool that members use to make a difference in the diverse communities they serve,” said Dean Schultz, FHLBank San Francisco President and Chief Executive Officer. “The program is a valuable benefit of membership in the Bank, as well as an integral part of ongoing efforts to build and sustain strong communities.” Over the past twenty years, with 10% of the Bank’s annual net income set aside to support the program, the Bank has awarded over $632 million in AHP subsidies to produce nearly 97,000 units of quality affordable housing targeted to low- and moderate-income households.
Earlier this month, at a ceremony at the National Building Museum in Washington, DC, the National Housing Conference (NHC) honored the Federal Home Loan Banks’ AHP–now the nation’s largest source of private grant funds for affordable housing–with its 2010 “Housing Person of the Year” Award, considered one of the housing industry’s highest honors. Across the country, the 12 FHLBanks have together generated nearly $4 billion in AHP funds for the creation of more than 670,000 affordable homes for low- to moderate-income families.
The 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 investment programs that help members create affordable housing and promote community economic development. The Bank’s members—its shareholders and customers—are commercial banks, credit unions, savings institutions, thrift and loans, and insurance companies headquartered in Arizona, California, and Nevada.
Mary Long, (415) 616-2556
longm (at) fhlbsf (dot) com