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News Release

For Immediate Release
December 19, 2006
 
Rep. Waters, Federal Home Loan Bank San Francisco Announce $55.3 Million In Affordable Housing Grants  

LOS ANGELES - Rep. Maxine Waters (D-CA) joined with the Federal Home Loan Bank of San Francisco (FHLBank San Francisco) today to announce that $55.3 million in Affordable Housing Program (AHP) grants have been awarded to development projects in Arizona, California, Nevada, and other states served by member institutions, that will produce 7,611 new affordable housing units.
 
The awards include $38.4 million for 96 projects throughout California, and will create 5,587 additional housing units in the state. The announcement was made during an affordable housing awards ceremony held at the Broadway Village II, a multiservice complex in South Los Angeles that was built with assistance from a previous AHP grant. The Broadway Village II was sponsored by Beyond Shelter Housing Development Corp.

“Our AHP helps to ensure that families and individuals of all income levels have access to affordable housing,” said Dean Schultz, President and CEO of the FHLBank San Francisco. “The AHP creates public-private partnerships that produce affordable housing and help to strengthen communities.”
 
At the ceremony, Rep. Waters received the FHLBank San Francisco’s 2006 “Friends of Affordable Housing” award for her work in expanding affordable housing opportunities for California residents. Working with Congresswoman Waters, the FHLBank San Francisco has sought to increase participation in the AHP in underserved communities, such as some neighborhoods in Congresswoman Waters’ district, where developers have not traditionally applied for AHP grants.  A workshop was held earlier this year to help community groups, developers, and member financial institutions use the program. In addition, a $280,000 grant was awarded to the Vermont Village, which will add 14 new ownership units to the community. 
 
“I’m honored to receive this award from the Federal Home Loan Bank San Francisco,” Rep. Waters said.   “We will continue to work with the FHLBank San Francisco  to find ways to increase participation in the AHP in urban areas that can use these resources to improve their housing stock. Many neighborhoods can be strengthened by an increase of affordable housing, and I will continue to work with the Federal Home Loan Bank of San Francisco and other public and private entities to make that a reality.”
 
AHP is a flexible, competitive funding program that provides grants and below-market 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. Since the program’s inception in 1990, FHLBank San Francisco has awarded approximately $429 million to 1,486 projects, which provide rental and homeownership opportunities for more than 76,000 households in Arizona, California, Nevada, and other localities served by member institutions.
 
“The AHP continues to be committed to providing affordable housing options for working families, and individuals,” said Lawrence Parks, Senior Vice President, Legislative and External Affairs at the FHLBank San Francisco. “The AHP has a history of forging public-private partnerships that help increase the supply of affordable housing. We are proud of its accomplishments.”
 
About The Federal Home Loan Bank of San Francisco
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’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:
Dwight Alexander, (415) 616-2678
alexandd@fhlbsf.com

 
© 2000-2008 Federal Home Loan Bank of San Francisco
Federal Home Loan Bank of San Francisco

News Release

For Immediate Release
December 19, 2006
 
Rep. Waters, Federal Home Loan Bank San Francisco Announce $55.3 Million In Affordable Housing Grants  

LOS ANGELES - Rep. Maxine Waters (D-CA) joined with the Federal Home Loan Bank of San Francisco (FHLBank San Francisco) today to announce that $55.3 million in Affordable Housing Program (AHP) grants have been awarded to development projects in Arizona, California, Nevada, and other states served by member institutions, that will produce 7,611 new affordable housing units.
 
The awards include $38.4 million for 96 projects throughout California, and will create 5,587 additional housing units in the state. The announcement was made during an affordable housing awards ceremony held at the Broadway Village II, a multiservice complex in South Los Angeles that was built with assistance from a previous AHP grant. The Broadway Village II was sponsored by Beyond Shelter Housing Development Corp.

“Our AHP helps to ensure that families and individuals of all income levels have access to affordable housing,” said Dean Schultz, President and CEO of the FHLBank San Francisco. “The AHP creates public-private partnerships that produce affordable housing and help to strengthen communities.”
 
At the ceremony, Rep. Waters received the FHLBank San Francisco’s 2006 “Friends of Affordable Housing” award for her work in expanding affordable housing opportunities for California residents. Working with Congresswoman Waters, the FHLBank San Francisco has sought to increase participation in the AHP in underserved communities, such as some neighborhoods in Congresswoman Waters’ district, where developers have not traditionally applied for AHP grants.  A workshop was held earlier this year to help community groups, developers, and member financial institutions use the program. In addition, a $280,000 grant was awarded to the Vermont Village, which will add 14 new ownership units to the community. 
 
“I’m honored to receive this award from the Federal Home Loan Bank San Francisco,” Rep. Waters said.   “We will continue to work with the FHLBank San Francisco  to find ways to increase participation in the AHP in urban areas that can use these resources to improve their housing stock. Many neighborhoods can be strengthened by an increase of affordable housing, and I will continue to work with the Federal Home Loan Bank of San Francisco and other public and private entities to make that a reality.”
 
AHP is a flexible, competitive funding program that provides grants and below-market 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. Since the program’s inception in 1990, FHLBank San Francisco has awarded approximately $429 million to 1,486 projects, which provide rental and homeownership opportunities for more than 76,000 households in Arizona, California, Nevada, and other localities served by member institutions.
 
“The AHP continues to be committed to providing affordable housing options for working families, and individuals,” said Lawrence Parks, Senior Vice President, Legislative and External Affairs at the FHLBank San Francisco. “The AHP has a history of forging public-private partnerships that help increase the supply of affordable housing. We are proud of its accomplishments.”
 
About The Federal Home Loan Bank of San Francisco
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’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:
Dwight Alexander, (415) 616-2678
alexandd@fhlbsf.com

 


© 2000-2008 Federal Home Loan Bank of San Francisco