Press Release

Arizona projects receive record $5.6 million in Round B; Rep. Renzi honored for housing work

View 2004 AHP Award Recipients (PDF)

SAFFORD, AZ—The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) today announced $44.3 million in Affordable Housing Program (AHP) grants this year, including $8.6 million to 22 projects in Arizona. The 2004 AHP grants will support 112 projects and generate 7,085 affordable housing units in Arizona, California and Nevada.

"Our AHP program plays a tremendous role in helping increase the affordable housing available in communities across the region," said Lawrence H. Parks, Senior Vice President for External and Legislative Affairs at FHLBank San Francisco. "These grants provide crucial funding for projects that will create affordable housing for low- to moderate-income families and individuals. The Federal Home Loan Bank of San Francisco and its member institutions are committed to opening the doors to affordable housing."

Mr. Parks noted that in Round B of the 2004 AHP award program the $5.6 million in new grants for Arizona projects was the most ever received in a single AHP round by the state. Each year, the FHLBank San Francisco has two rounds of awards, and earlier this year in Round A of the program, Arizona received nearly $3.0 million. "Working with public officials in Arizona, we have increased awareness of the AHP program and we are pleased with the results," Mr. Parks said. "The increase in applications resulted in more awards, and we hope that trend will continue." Since 1990, the AHP has awarded grants to 150 projects in Arizona, creating 3,710 rental and 1,959 ownership units in the state.

At the ceremony, Rep. Rick Renzi (R-AZ) was awarded the FHLBank San Francisco’s 2004 "Friends of Affordable Housing" award for his work at improving housing conditions on Native American lands. In May, Rep. Renzi held a House Subcommittee on Housing and Community Opportunity field hearing on the Navajo Nation. The hearing brought congressmen and tribal housing officials together to discuss the severe housing conditions on Indian lands. The event focused attention on the poor living condition on Indian reservations, and Arizona tribes this year received more than $100 million in federal housing grants.

"The Federal Home Loan Bank of San Francisco is a national leader in providing financing for affordable home projects and has shown a sincere interest in financing housing projects in rural Arizona," Rep. Renzi said. "They have gone up and above the industry standard to provide financing for the most critical needs of Native American communities in Arizona. I look forward to continuing our strong working relationship. Together, we can make the American dream of homeownership a reality for families across our state and in communities nationwide."

The AHP event was held at Ocotillo IV, a 12-unit rental facility that was a previous winner of an AHP grant.

In the latest round of awards, $3.9 million went to 8 projects in the Tucson area:

• Tres Pueblos project received $500,000 in AHP funds toward construction of 66 homes
• Los Tres Pueblos project received $960,000 toward construction of 60 ownership homes; Casas Del Sol project received $90,000 toward construction of six single-family, ownership homes; Nuevo Dia project received $645,000 toward construction of 43 single-family, ownership homes; Ruby Heights Village project received $490,000 toward construction of 63 single family rental homes;
• Primavera First-Time Homebuyers project received $341,250 toward rehabilitation and new construction of 25 single family, ownership homes;
• Ghost Ranch Lodge received $725,000 toward rehabilitation of a complex that will become 92 rental units;
• Curley School Project Phase I received $200,000 to turn a school building into a rental complex of 28 units.

Other Arizona communities also benefited from the awards:

• Crystal Creek Town Apartments in Sierra Vista received $340,000 toward construction of 85 rental units;
• Sunrise Town Homes in Phoenix received $150,000 toward construction of 10 ownership homes;
• Matthew Henson HOPE VI Senior Phase II project in Phoenix received $903,000 toward construction of 128 apartment units;
• Varney Village – Peoria Infill project in Peoria received $216,000 toward construction of 18 ownership homes; and
• Avondale Infill project in Avondale received$48,000 for the construction of four ownership homes.

The AHP uses a competitive grant process that helps increase the supply of affordable housing for very low- to moderate-income renters and homebuyers in the FHLBank San Francisco’s three state region of Arizona, California, and Nevada, and other localities served by member institutions. Since 1990, the FHLBank San Francisco has awarded nearly $362 million in AHP grants that have created more than 69,000 units affordable to families and individuals earning up to 80% of the area’s median income.

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, promote community economic development, and foster partnerships among lenders, housing developers, community organizations, and government agencies. The Bank serves and is owned by 345 commercial bank, savings institution, credit union, insurance company, and thrift and loan members headquartered in Arizona, California, and Nevada.

Contact:
Dwight Alexander, (415) 616-2678
alexandd@fhlbsf.com

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