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News Release

January 9, 2008
 
FHLBank San Francisco Awards $65 Million in AHP Grants; Recognizes Nevada’s Rep. Berkley for Supporting Affordable Housing
Nevada Receives $3.3 Million in AHP Grants to Expand Affordable Housing Supply  
 
Las Vegas - The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) today announced that it awarded $65 million to help finance affordable housing projects in the past year, which includes $3.3 million in grants for Nevada. At the announcement ceremony, the Bank’s 2007 Friend of Affordable Housing Award was presented to Rep. Shelley Berkley (D-NV).

Highlighting the impact of grants from the Bank’s Affordable Housing Program (AHP), the announcements were made during groundbreaking for the Las Vegas Rescue Mission’s expansion. The Rescue Mission received a $1 million AHP grant to support rehabilitation and growth of their Men’s Center, which provides residents with housing and supportive services aimed at breaking cycles of alcohol and drug dependency.

“Each year, our Affordable Housing Program provides communities with resources to expand their affordable housing options for the poor and people in need,” said Lawrence H. Parks, Senior Vice President, Legislative and External Affairs, FHLBank San Francisco. “The Mission project exemplifies how AHP grants make significant contributions to communities in Arizona, California and Nevada, as well as other areas around the country that are served by our member institutions.”

Mr. Parks also highlighted the important role lawmakers who stand up and fight for affordable housing play in assisting people with a basic need, noting how delighted FHLBank San Francisco was to name Congresswoman Berkley recipient of its annual Friend of Affordable Housing Award because of the congresswoman’s “steadfast support for legislation and regulations that have helped to increase the supply of affordable housing in Nevada, and across the country.”

In 2007, Rep. Berkley helped craft The Heart Act, vital legislation that would make tax relief permanent for military families and increases access to low-interest home loans for thousands of veterans. She also supported the Expanding American Homeownership Act; among its Federal Housing Administration reforms, the act would authorize up to $300 million a year in affordable housing funding.

“I thank the Federal Home Loan Bank of San Francisco for honoring me with this award,” Rep. Berkley said. “Here in Nevada, our communities know the necessity of affordable housing. I have worked in the Congress to increase the availability of and access to affordable housing, and I applaud the Federal Home Loan Bank of San Francisco for its programs that provide for families and individuals in need to have viable housing options.”

The FHLBank San Francisco’s AHP program awarded $65 million in grants in 2007, funding that will help produce 7,884 new housing units. AHP is a competitive funding program that provides grants to develop and rehabilitate single-family and multifamily housing targeting very low- to moderate-income households. FHLBank San Francisco’s member institutions, in partnership with community-based housing sponsors, submit applications for specific projects. Since the program’s inception in 1990, FHLBank San Francisco has awarded $460 million in grants, which have assisted in the development of more than 80,000 units of quality affordable housing.
 
Since 1990, projects in Nevada have received $15,495,535 in AHP grants to create 3,360 affordable housing units.

In addition to Las Vegas Rescue Mission, other Nevada projects that AHP funded in 2007 include: St. Vincent’s Residence in Reno ($225,000); Step-1 Residence in Reno ($200,000); Comstock/Juanita Circle in North Las Vegas ($60,000); Santa Barbara Palms in Las Vegas ($525,000); McKnight Senior Village II in Las Vegas ($355,000); Harmon Pines Senior Apartments in Las Vegas ($515,000); and Coronado Drive Senior Apartments in Henderson ($480,000).

Support provided by the AHP is particularly important during the current slowdown in the housing markets, Mr. Parks observed, noting that the Federal Home Loan Banks’ history of providing stability and support to the housing markets is particularly important in difficult economic times like these. According to Mr. Parks, “While FHLBank San Francisco is supporting the development of affordable housing with AHP grants it is continuing to make low-cost funding available to our member institutions, so that lenders can continue to provide home mortgages to families and individuals.”

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 mortgage loans 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:
Kevin Blackburn, (415) 616-2572
blackbur@fhlbsf.com
© 2000-2008 Federal Home Loan Bank of San Francisco
Federal Home Loan Bank of San Francisco

News Release

January 9, 2008
 
FHLBank San Francisco Awards $65 Million in AHP Grants; Recognizes Nevada’s Rep. Berkley for Supporting Affordable Housing
Nevada Receives $3.3 Million in AHP Grants to Expand Affordable Housing Supply  
 
Las Vegas - The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) today announced that it awarded $65 million to help finance affordable housing projects in the past year, which includes $3.3 million in grants for Nevada. At the announcement ceremony, the Bank’s 2007 Friend of Affordable Housing Award was presented to Rep. Shelley Berkley (D-NV).

Highlighting the impact of grants from the Bank’s Affordable Housing Program (AHP), the announcements were made during groundbreaking for the Las Vegas Rescue Mission’s expansion. The Rescue Mission received a $1 million AHP grant to support rehabilitation and growth of their Men’s Center, which provides residents with housing and supportive services aimed at breaking cycles of alcohol and drug dependency.

“Each year, our Affordable Housing Program provides communities with resources to expand their affordable housing options for the poor and people in need,” said Lawrence H. Parks, Senior Vice President, Legislative and External Affairs, FHLBank San Francisco. “The Mission project exemplifies how AHP grants make significant contributions to communities in Arizona, California and Nevada, as well as other areas around the country that are served by our member institutions.”

Mr. Parks also highlighted the important role lawmakers who stand up and fight for affordable housing play in assisting people with a basic need, noting how delighted FHLBank San Francisco was to name Congresswoman Berkley recipient of its annual Friend of Affordable Housing Award because of the congresswoman’s “steadfast support for legislation and regulations that have helped to increase the supply of affordable housing in Nevada, and across the country.”

In 2007, Rep. Berkley helped craft The Heart Act, vital legislation that would make tax relief permanent for military families and increases access to low-interest home loans for thousands of veterans. She also supported the Expanding American Homeownership Act; among its Federal Housing Administration reforms, the act would authorize up to $300 million a year in affordable housing funding.

“I thank the Federal Home Loan Bank of San Francisco for honoring me with this award,” Rep. Berkley said. “Here in Nevada, our communities know the necessity of affordable housing. I have worked in the Congress to increase the availability of and access to affordable housing, and I applaud the Federal Home Loan Bank of San Francisco for its programs that provide for families and individuals in need to have viable housing options.”

The FHLBank San Francisco’s AHP program awarded $65 million in grants in 2007, funding that will help produce 7,884 new housing units. AHP is a competitive funding program that provides grants to develop and rehabilitate single-family and multifamily housing targeting very low- to moderate-income households. FHLBank San Francisco’s member institutions, in partnership with community-based housing sponsors, submit applications for specific projects. Since the program’s inception in 1990, FHLBank San Francisco has awarded $460 million in grants, which have assisted in the development of more than 80,000 units of quality affordable housing.
 
Since 1990, projects in Nevada have received $15,495,535 in AHP grants to create 3,360 affordable housing units.

In addition to Las Vegas Rescue Mission, other Nevada projects that AHP funded in 2007 include: St. Vincent’s Residence in Reno ($225,000); Step-1 Residence in Reno ($200,000); Comstock/Juanita Circle in North Las Vegas ($60,000); Santa Barbara Palms in Las Vegas ($525,000); McKnight Senior Village II in Las Vegas ($355,000); Harmon Pines Senior Apartments in Las Vegas ($515,000); and Coronado Drive Senior Apartments in Henderson ($480,000).

Support provided by the AHP is particularly important during the current slowdown in the housing markets, Mr. Parks observed, noting that the Federal Home Loan Banks’ history of providing stability and support to the housing markets is particularly important in difficult economic times like these. According to Mr. Parks, “While FHLBank San Francisco is supporting the development of affordable housing with AHP grants it is continuing to make low-cost funding available to our member institutions, so that lenders can continue to provide home mortgages to families and individuals.”

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 mortgage loans 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:
Kevin Blackburn, (415) 616-2572
blackbur@fhlbsf.com



© 2000-2008 Federal Home Loan Bank of San Francisco