SAN FRANCISCO – June 26, 2012 – The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) awarded $16.5 million in Affordable Housing Program (AHP) grants in the first round of its 2012 AHP funding competition. The grants were awarded through 20 Bank members to 34 projects that will produce or preserve 1,573 units of housing affordable to lower-income individuals and families in Arizona, California, Colorado, Idaho, and Illinois.
The AHP is a flexible source of gap funding for projects that offer an affordable place to call home to low-income and moderate-income families, seniors, veterans, young people transitioning out of the foster care system and other at-risk youth, people with disabilities, individuals struggling to overcome addiction, and homeless men, women, and children.
“The ability of our members and their community partners to identify emerging housing needs is so important to the success of our Affordable Housing Program,” said Jim Yacenda, Vice President and Community Investment Officer at FHLBank San Francisco. “In this AHP round, we are very pleased to be able to fund several projects designed to respond to the plight of returning veterans, including one that addresses the specific and unique needs of returning female veterans. These are important and timely initiatives.”
Results of the AHP 2012 Round A Competition
The cities and towns that will benefit from AHP funds awarded in the 2012 Round A grant competition are:
- Arizona: Glendale, Mesa, Phoenix, Tucson
- California: Antioch, Concord, El Monte, Fresno, Huntington Park, Long Beach, Los Angeles, Marina, Martinez, Modesto, Oakland, Palo Alto, Sacramento, San Diego, San Fernando, San Francisco, Santa Cruz, Santa Monica, Santa Rosa, Vacaville, Vista, Walnut Creek
- Denver, Colorado
- Coeur d'Alene, Idaho
- Oak Park, Illinois
Details about the projects awarded AHP subsidies are available on the Bank’s website at fhlbsf.com.
“Our AHP reflects the Bank’s long-standing commitment to providing resources that help build strong, stable, and sustainable communities,” said Dean Schultz, FHLBank San Francisco President and Chief Executive Officer. “The AHP is a valuable and unique benefit of membership, and an important tool that members use to make a difference in the communities they serve.” Since 1990, with 10% of the Bank’s annual earnings set aside to support the program, the Bank has awarded more than $725 million in AHP subsidies to produce nearly 105,000 units of quality affordable housing targeted to low- and moderate-income households.
AHP grants are awarded through a competitive application process; the Bank’s member financial institutions, working in partnership with community-based housing sponsors or developers, submit applications for specific projects and programs twice a year. AHP provides funds to assist in the purchase, construction, or rehabilitation of housing for low-income and moderate-income households. Funded projects cover a wide range of affordable housing strategies and solutions, from historic preservation and adaptive reuse to new construction and rehabilitation and resale of foreclosed homes and. Where AHP projects are developed, local economies are also given a real boost, as these projects create jobs, increase construction and consumer spending, and generate new tax revenues.
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’s members are headquartered in Arizona, California, and Nevada and include commercial banks, credit unions, industrial loan companies, savings institutions, insurance companies, and community development financial institutions.