Funding Will Build or Preserve 1,483 Homes for Lower-Income Households in the Bay Area
SAN FRANCISCO, July 01, 2019 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of San Francisco (FHLBank San Francisco), along with Speaker Nancy Pelosi (CA-12) and Congressmembers Barbara Lee (CA-13) and Eric Swalwell (CA-15), announced today that the San Francisco Bay Area will receive $14.3 million in Affordable Housing Program (AHP) grants. The funding was awarded to 15 projects that will increase the supply of affordable housing for lower-income families and individuals.
“The affordable housing mission that Congress granted the Federal Home Loan Bank of San Francisco helps create housing opportunities for some of the neediest residents of our city,” said Speaker Nancy Pelosi. “As part of that vital mission, the Bank’s most recent round of grants will allow many seniors and needy homeless families to live with dignity in safe and affordable housing. It is through the public-private partnerships made possible by the Bank’s affordable housing mission that the diverse character of our San Francisco and Bay Area communities can be preserved. By continuing to work together through these essential partnerships, we can address San Francisco’s most pressing housing needs and build a stronger, more inclusive future for all Bay Area families.”
The Bay Area grants are part of a total $51.2 million in AHP grants to 60 projects that will construct or rehabilitate 5,134 units of housing affordable for lower-income families and individuals in six states – Arizona, California, Maryland, Michigan, Nevada, and Texas.
“The AHP is central to our mission of expanding access to quality housing for people of all income levels,” said Greg Seibly, President and CEO, FHLBank San Francisco. “The grants are delivered through our members to nonprofit development partners to address local needs. As so many families and individuals struggle to afford a place to call home, we are pleased that our AHP dollars can help address an affordable housing crisis that hits the regions our members serve especially hard.”
In Speaker Pelosi’s 12th District, AHP funds will help produce 856 new units, with an emphasis on serving seniors and people of all ages who have experienced homelessness. The San Francisco projects are:
“Affordable housing is the most pressing issue facing the Bay Area today,” said Rep. Barbara Lee. “As rents skyrocket, more and more families are being pushed onto the streets and out of cities like Oakland. I applaud FHLBank San Francisco’s continued work to expand access to affordable housing in the East Bay and welcome news of more than $2.7 million in funding for affordable housing developments in Oakland, Berkeley Group, and San Leandro.”
In Rep. Lee’s 13th District, AHP funds will be deployed to create 274 new affordable housing units in Berkeley Group, Oakland, and San Leandro. The three Alameda County projects are:
“In the United States, people should not have to choose between putting food on the table and paying rent,” Rep. Swalwell said. “That is why I am thrilled to announce these Federal Home Loan Bank of San Francisco AHP grants. Their work has been integral in providing affordable housing and community investment in the 15th District, and the affordable housing projects that this grant money will fund will allow for 160 new affordable homes, as well as senior housing and low-income family housing.”
Three AHP funded projects are in Rep. Swalwell’s 15th District.
In Hayward, EAH, Inc. partnered with member Wells Fargo National Bank West to compete for funding to develop two projects:
AHP grants are also supporting two much-much needed affordable housing projects in San Mateo County:
Twenty-one FHLBank San Francisco member financial institutions, working in partnership with community-based housing developers, submitted successful applications for AHP funds in the 2019 competition, with grants ranging from $96,000 to $1.5 million. This funding will help provide targeted housing solutions for low-income seniors, people who’ve experienced homelessness, veterans and their families, at-risk youth, autistic adults, and individuals with other special needs, including addiction, developmental disabilities, mental illness, or long-term chronic illnesses.
The AHP is a flexible source of gap funding for affordable housing projects for very low-, low-, and moderate-income households. Details about the 2019 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 over $1.1 billion in AHP funds to support the construction, rehabilitation, or purchase of nearly 142,000 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 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–foster homeownership, expand access to quality housing, seed or sustain small businesses, and revitalize whole neighborhoods. Together with our members and other partners, we are making the communities we serve more vibrant and resilient.
Kevin Blackburn 510-377-8999
Mary Long 415-616-2556