Press Release

Affordable Housing Program Encourages Public-Private Partnerships to Encourage Community Development

San Francisco—The Federal Home Loan Bank of San Francisco has announced $21.6 million in Affordable Housing Program (AHP) grants in Round A 2003. The funds will support 52 projects, generating nearly 3,600 affordable housing units in Arizona, California, Florida, Illinois, Nevada, and New Jersey.

"At a time of weak economic performance and shrinking government resources, the AHP is more critical than ever to the creation of much-needed affordable housing," said Jim Yacenda, Vice President and Community Investment Officer at the Federal Home Loan Bank of San Francisco. "The AHP brings together community organizations, financial institutions, and local housing agencies to create viable housing opportunities for families and individuals in need."

Designed as a flexible, competitive funding source, the AHP is used to provide grants and subsidized loans for single-family and multifamily projects targeting very low- to moderate-income households. Bank members, in conjunction with community-based housing sponsors, submit applications for specific projects and programs twice a year. Since the program’s inception in 1990, the Bank has awarded approximately $307 million to 1,215 projects, which provide rental and homeownership opportunities for more than 57,000 households in Arizona, California, Nevada, and other localities served by the Bank’s members.

"The AHP shows how public-private partnerships can bring resources to the table to help address local housing needs," said Lawrence H. Parks, Senior Vice President at the Federal Home Loan Bank of San Francisco. "We are proud to assist our member institutions in creating affordable housing and building strong, healthy communities."

About the Federal Home Loan Bank of San Francisco
About 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 serves and is owned by 345 commercial bank, savings institution, credit union, thrift and loan, and insurance company members headquartered in Arizona, California, and Nevada.

Contact:
Tracy Fine, (415) 616-2707
finet@fhlbsf.com

Cynthia Lopez, (415) 616-2757
lopezc@fhlbsf.com

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