Press Release

The 2003 AHP Grants Include $2.67 Million for Seven Orange County Projects

ANAHEIM,CA—The Federal Home Loan Bank of San Francisco (FHLBSF) announced today that it is awarding $43 million in grants through its 2003 Affordable Housing Program (AHP), including $2.67 million for seven projects in Orange County.

The $43 million in grants will help create more than 6,600 affordable housing units in Arizona, California, Florida, Illinois, New Jersey, and Nevada.

"Today’s announcement exemplifies the role that the Federal Home Loan Bank of San Francisco plays in creating affordable housing for the people who need it most,’’ said Lawrence H. Parks, Senior Vice President of FHLBSF. "The AHP program, as well as other programs administered by the Federal Home Loan Bank of San Francisco and its member institutions, demonstrate that the Federal Home Loan Banks are a crucial segment of our nation’s housing finance industry."

At the event, Rep. Ed Royce (R-CA) received the FHLBSF’s 2003 "Friends of Affordable Housing" Award for his work in helping to ease the housing crisis that has kept homeownership rates lower than the national average in California, and often made it difficult for citizens of all income levels to find affordable housing.

"There is a clear need for affordable housing in Orange County,’’ said Rep. Royce. "The Federal Home Loan Bank of San Francisco should be commended for its AHP program and all of its efforts towards making housing more affordable."

The AHP uses a competitive grant process that helps increase the supply of affordable housing for very low- to moderate-income renters and homebuyers in the FHLBSF’s three state region of Arizona, California, and Nevada, and other localities served by the FHLBSF’s members. Since 1990, the FHLBSF has awarded nearly $318 million in AHP grants that have created 61,000 units affordable to families and individuals earning up to 80% of the area’s median income.

Rep. Royce noted that AHP grants enable community financial institutions to partner with housing advocates and nonprofit organizations to create affordable housing. "Public-private partnerships are important to initiating housing projects that are tailored to meet the needs of our local communities,’’ Rep. Royce said.

The awards were announced at Sterling Court, a 33-unit, multifamily housing development for very low-income seniors in the West Anaheim Revitalization Area. Sterling Court received a $170,000 AHP grant in 2002. The development has a recreation building, with amenities such as a kitchen, conference room, and bathrooms. City National Bank, a FHLBSF member, provided the permanent financing for the project. The public-private partnership also included contributions from the FHLBSF, Orange County Housing Authority, City of Anaheim, and the Foundation of Affordable Housing, Inc., an award winning nonprofit housing development organization.

Among the 2003 AHP award winners, the following grant recipients are from Orange County: $120,000 to Brookfield Homes – Presidential Tract in Anaheim; $180,000 to Brookfield Homes and Laing Homes in Anaheim; $207,000 to Casa Alegre in Anaheim; $420,000 to Cherry Orchard Apartments in Anaheim; $600,000 to Dorado Senior Apartments in Buena Park; $150,000 to Jackson Aisle Apartments in Midway City; and $1 million to Village of Hope in Tustin.

Mr. Parks, the FHLBSF Senior Vice President, said that AHP helps extend the reach of the FHLBSF, allowing it to dramatically impact the lives of very low- and moderate-income citizens.

"With AHP, we are helping the neediest people in our society find affordable rental units, and in some case, purchase their first home,’’ Mr. Parks said. "We believe that good, affordable housing is the cornerstone for rebuilding neighborhoods and communities. We want every American to enjoy the American dream of homeownership, but if that is not immediately possible, we want families and individuals to have clean and safe rental units. AHP helps accomplish that goal.

The Federal Home Loan Bank of San Francisco

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

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