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Press Release
For Immediate Release
October 26, 2005
Five of Nine Readers’ Choice Award Winners Received AHP Funds from
Federal Home Loan Bank of San Francisco
San Francisco –Five of the nine winners of Affordable Housing Finance magazine’s 2005 Readers’ Choice Awards for the Nation’s Best Affordable Housing Developments received Affordable Housing Program (AHP) grants from the Federal Home Loan Bank of San Francisco.
“These awards demonstrate how effective our members and their community sponsors are in producing quality affordable housing.” said Dean Schultz, President and Chief Executive Officer at the Federal Home Loan Bank of San Francisco. “We are pleased that our members and the sponsors continue to tap the AHP to provide innovative housing options throughout our district.”
The 2005 Readers’ Choice Awards went to the following projects that received AHP grants from the Federal Home Loan Bank of San Francisco:
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Best Family Project: North Beach Place, San Francisco; Member: Citibank (West); Sponsor: BRIDGE Housing Corporation.
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Best Rural/Farmworker Project: Valle del Sol, Stockton, CA; Member: Bank of the West; Sponsor: Asociación Campesina Lazaro Cardenas (ACLC), Inc.
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Best Seniors Project: International Hotel Senior Housing, San Francisco; Member: Bank of America California; Sponsor: Chinatown Community Development Center.
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Best Special Needs/SRO Project: Folsom/Dore Apartments, San Francisco; Member: Citibank (West); Sponsor: Citizens Housing Corporation.
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Best Urban Project: Mandela Gateway, Oakland, CA; Member: World Savings Bank; Sponsor: BRIDGE Housing Corporation.
Designed as a flexible, competitive funding source, the AHP provides grants and below-market loans for single-family and multifamily projects targeting very low- to moderate-income households. Bank member financial institutions, in partnership 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 $366 million in AHP grants to create approximately 68,000 affordable housing units in Arizona, California, Nevada, and other states served by the Bank’s members.
Earlier this year, Affordable Housing Finance readers submitted nominations for the nation’s best affordable housing developments in eight categories. Then, editors asked readers to vote for their favorite projects based on profiles that ran in the August issue. Out of those 35 finalists, readers chose winners in eight categories plus an overall winner. Affordable Housing Finance is a national, subscription-based magazine that covers the affordable housing industry. For more information about the survey, visit www.housingfinance.com.
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 also funds community investment programs that help members create affordable housing and promote community economic development. The Bank serves and is owned by commercial banks, credit unions, savings institutions, thrift and loan companies, and insurance companies headquartered in Arizona, California, and Nevada.
Contact:
Tracy Fine, (415) 616-2707
finet@fhlbsf.com
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Press Release
For Immediate Release
October 26, 2005
Five of Nine Readers’ Choice Award Winners Received AHP Funds from
Federal Home Loan Bank of San Francisco
San Francisco –Five of the nine winners of Affordable Housing Finance magazine’s 2005 Readers’ Choice Awards for the Nation’s Best Affordable Housing Developments received Affordable Housing Program (AHP) grants from the Federal Home Loan Bank of San Francisco.
“These awards demonstrate how effective our members and their community sponsors are in producing quality affordable housing.” said Dean Schultz, President and Chief Executive Officer at the Federal Home Loan Bank of San Francisco. “We are pleased that our members and the sponsors continue to tap the AHP to provide innovative housing options throughout our district.”
The 2005 Readers’ Choice Awards went to the following projects that received AHP grants from the Federal Home Loan Bank of San Francisco:
-
Best Family Project: North Beach Place, San Francisco; Member: Citibank (West); Sponsor: BRIDGE Housing Corporation.
-
Best Rural/Farmworker Project: Valle del Sol, Stockton, CA; Member: Bank of the West; Sponsor: Asociación Campesina Lazaro Cardenas (ACLC), Inc.
-
Best Seniors Project: International Hotel Senior Housing, San Francisco; Member: Bank of America California; Sponsor: Chinatown Community Development Center.
-
Best Special Needs/SRO Project: Folsom/Dore Apartments, San Francisco; Member: Citibank (West); Sponsor: Citizens Housing Corporation.
-
Best Urban Project: Mandela Gateway, Oakland, CA; Member: World Savings Bank; Sponsor: BRIDGE Housing Corporation.
Designed as a flexible, competitive funding source, the AHP provides grants and below-market loans for single-family and multifamily projects targeting very low- to moderate-income households. Bank member financial institutions, in partnership 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 $366 million in AHP grants to create approximately 68,000 affordable housing units in Arizona, California, Nevada, and other states served by the Bank’s members.
Earlier this year, Affordable Housing Finance readers submitted nominations for the nation’s best affordable housing developments in eight categories. Then, editors asked readers to vote for their favorite projects based on profiles that ran in the August issue. Out of those 35 finalists, readers chose winners in eight categories plus an overall winner. Affordable Housing Finance is a national, subscription-based magazine that covers the affordable housing industry. For more information about the survey, visit
www.housingfinance.com.
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 also funds community investment programs that help members create affordable housing and promote community economic development. The Bank serves and is owned by commercial banks, credit unions, savings institutions, thrift and loan companies, and insurance companies headquartered in Arizona, California, and Nevada.
Contact:
Tracy Fine, (415) 616-2707
finet@fhlbsf.com
© 2000-2008 Federal Home Loan Bank of San Francisco
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