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For Immediate Release
January 17, 2006
 
House Minority Leader Nancy Pelosi and Federal Home Loan Bank of San Francisco Announce $42 Million in Affordable Housing Grants
 
Rep. Pelosi Honored for Housing Work
 
San Francisco – Rep. Nancy Pelosi (D-CA) joined with the Federal Home Loan Bank of San Francisco (FHLBank San Francisco) to announce that $42 million in Affordable Housing Program (AHP) grants were awarded to member financial institutions throughout Arizona, California, and Nevada in 2005. The 2005 AHP grants will support 102 projects and generate 5,994 affordable homes in Arizona, California, and Nevada.

 The funding was announced at a ceremony today honoring the winners of the second and final round of the 2005 AHP competition. The Bank awarded approximately $20 million in Round B 2005 to support 53 projects generating approximately 2,900 affordable housing units in Arizona, California, Colorado, Nevada, and Texas. The ceremony was held at the Friendship House Healing Center, a nonprofit residential facility that provides substance abuse treatment and outpatient services for Native Americans and others. The Friendship House, which was awarded an AHP grant of $496,000 in 2000, exemplifies the contributions that the AHP is making to communities.

“We are committed to ensuring that families and individuals have access to affordable housing,’’ said Ross Kari, Executive Vice President/Chief Operating Officer of the FHLBank San Francisco. “AHP allows us and our member institutions to help provide low- and moderate-income families with broader housing options.”

During the ceremony, Rep. Pelosi received the FHLBank San Francisco’s 2005 “Friend of Affordable Housing” award for her work in expanding affordable housing opportunities for California residents. In 2005, Rep. Pelosi’s district has received $2.4 million to fund five affordable housing projects creating 301 rental units and 12 owner-occupied homes.

"The Federal Home Loan Bank of San Francisco has been a critical partner in helping to increase the supply of affordable housing throughout California," said Rep. Pelosi. "By increasing affordable housing, as well as increasing the homeownership rate, they are helping to build better neighborhoods and communities. These AHP projects are examples of tremendous public-private partnerships, and we hope to see more in the future."

The three projects that will receive Round B funding in the 8th District are Providence Senior Housing, a 49-unit independent living complex for low- to moderate-income seniors sponsored by Christian Church Homes of Northern California and Bank of the West; Haight Street Senior Housing a 40-unit rental complex that will also serve seniors sponsored by Citizens Housing Corporation and Silicon Valley Bank; and Parkview Terrace, a 101-unit multifamily complex sponsored by Chinatown Community Development Center and Silicon Valley Bank

Designed as a flexible, competitive funding source, the AHP provides grants and below-market rate loans to develop and rehabilitate single-family and multifamily projects targeting very low- to moderate-income households. 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, FHLBank San Francisco has awarded approximately $375 million, which has assisted in the development of more than 69,000 units of quality affordable housing in Arizona, California, Nevada, and other localities served by member institutions.

“As housing costs increase, the AHP continues to be committed to providing affordable housing options for working families,” said Lawrence Parks., Senior Vice President, Legislative and External Affairs, FHLBank San Francisco “The AHP has a history of forging public-private partnerships that help families and individuals find affordable housing. We are proud of its accomplishments.”
 
About The Federal Home Loan Bank of San Francisco
FHLBank 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 FHLBank San Francisco 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.

Contact: Amy Stewart, (415) 616-2605
stewarta@fhlbsf.com
© 2000-2008 Federal Home Loan Bank of San Francisco
Federal Home Loan Bank of San Francisco

For Immediate Release
January 17, 2006
 
House Minority Leader Nancy Pelosi and Federal Home Loan Bank of San Francisco Announce $42 Million in Affordable Housing Grants
 
Rep. Pelosi Honored for Housing Work
 
San Francisco – Rep. Nancy Pelosi (D-CA) joined with the Federal Home Loan Bank of San Francisco (FHLBank San Francisco) to announce that $42 million in Affordable Housing Program (AHP) grants were awarded to member financial institutions throughout Arizona, California, and Nevada in 2005. The 2005 AHP grants will support 102 projects and generate 5,994 affordable homes in Arizona, California, and Nevada.

 The funding was announced at a ceremony today honoring the winners of the second and final round of the 2005 AHP competition. The Bank awarded approximately $20 million in Round B 2005 to support 53 projects generating approximately 2,900 affordable housing units in Arizona, California, Colorado, Nevada, and Texas. The ceremony was held at the Friendship House Healing Center, a nonprofit residential facility that provides substance abuse treatment and outpatient services for Native Americans and others. The Friendship House, which was awarded an AHP grant of $496,000 in 2000, exemplifies the contributions that the AHP is making to communities.

“We are committed to ensuring that families and individuals have access to affordable housing,’’ said Ross Kari, Executive Vice President/Chief Operating Officer of the FHLBank San Francisco. “AHP allows us and our member institutions to help provide low- and moderate-income families with broader housing options.”

During the ceremony, Rep. Pelosi received the FHLBank San Francisco’s 2005 “Friend of Affordable Housing” award for her work in expanding affordable housing opportunities for California residents. In 2005, Rep. Pelosi’s district has received $2.4 million to fund five affordable housing projects creating 301 rental units and 12 owner-occupied homes.

"The Federal Home Loan Bank of San Francisco has been a critical partner in helping to increase the supply of affordable housing throughout California," said Rep. Pelosi. "By increasing affordable housing, as well as increasing the homeownership rate, they are helping to build better neighborhoods and communities. These AHP projects are examples of tremendous public-private partnerships, and we hope to see more in the future."

The three projects that will receive Round B funding in the 8th District are Providence Senior Housing, a 49-unit independent living complex for low- to moderate-income seniors sponsored by Christian Church Homes of Northern California and Bank of the West; Haight Street Senior Housing a 40-unit rental complex that will also serve seniors sponsored by Citizens Housing Corporation and Silicon Valley Bank; and Parkview Terrace, a 101-unit multifamily complex sponsored by Chinatown Community Development Center and Silicon Valley Bank

Designed as a flexible, competitive funding source, the AHP provides grants and below-market rate loans to develop and rehabilitate single-family and multifamily projects targeting very low- to moderate-income households. 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, FHLBank San Francisco has awarded approximately $375 million, which has assisted in the development of more than 69,000 units of quality affordable housing in Arizona, California, Nevada, and other localities served by member institutions.

“As housing costs increase, the AHP continues to be committed to providing affordable housing options for working families,” said Lawrence Parks., Senior Vice President, Legislative and External Affairs, FHLBank San Francisco “The AHP has a history of forging public-private partnerships that help families and individuals find affordable housing. We are proud of its accomplishments.”
 
About The Federal Home Loan Bank of San Francisco
FHLBank 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 FHLBank San Francisco 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.

Contact: Amy Stewart, (415) 616-2605
stewarta@fhlbsf.com


© 2000-2008 Federal Home Loan Bank of San Francisco