Congressman Carbajal and FHLBank San Francisco Help Make Affordable Housing for Veterans a Reality

Newly Constructed $70.3 Million Affordable and Supportive Multifamily Housing Development Provides 122 Units to California Veterans 

Picture of Jeremy Empol of FHLBank San Francisco with U.S. Congressman Carbajal, who visited a new affordable housing development for veterans in Ventura, Calif.

Ventura, Calif., January 30, 2024 – California Congressman Salud Carbajal (CA-24) and the Federal Home Loan Bank of San Francisco (FHLBank San Francisco) previewed Ventura Springs, a newly constructed, soon-to-be-open, affordable and supportive multifamily housing development for California veterans. This transformative $70.3 million project, co-developed by A Community of Friends and U.S. VETS, is dedicated to providing quality housing for formerly homeless veterans, as well as low-income veterans and their families. Ventura Springs received a $1 million grant from FHLBank San Francisco’s Affordable Housing Program (AHP) in 2023 through its member institution Bank of America California, N.A. 

The development features 122 affordable housing units spread across 11 buildings on the 10-acre site, designed as a traditional family-oriented community. Ventura Springs will offer a welcoming pedestrian-friendly environment with sidewalks lined with residential front doors that will contribute to a sense of community. Beyond its focus on quality housing, the site features a range of onsite amenities carefully designed to support and enhance the health and well-being of residents and encourage community engagement.

“One of the greatest challenges facing the Central Coast is the high cost of housing and the lack of housing options in our communities,” said Congressman Carbajal. “That’s why I’m so glad to see federal, state, local, and public-private partnerships – including FHLBank San Francisco – all working hand-in-hand to create more than 100 new units in Ventura. As a veteran myself, I’m particularly glad to see new housing helping those who served our nation and their families. I appreciate getting the opportunity to get a behind-the-scenes look at these new units and look forward to seeing Ventura Springs open to the first move-ins later this year.”

Addressing the critical need for additional affordable housing is an important focus for FHLBank San Francisco, particularly for our nation's veterans. In June 2023, the Bank provided $2.3 million to support veteran housing in West Los Angeles. 

“We are extremely proud to make a lasting positive impact on the lives of veterans who have served our country,” said Teresa Bryce Bazemore, President and CEO of FHLBank San Francisco. “Ventura Springs reflects our commitment to affordable housing and community development, and we appreciate the leadership of Congressman Carbajal in bringing this project to life. By supporting this project, we are providing both essential housing for our nation's veterans and their families, and also upholding the values of service and sacrifice that define our military. We are grateful to the collaborative efforts of A Community of Friends and U.S. VETS, and for the unwavering support of the Ventura community.”

AHP is a core component of the Bank’s overall mission of partnering with its member institutions to make communities more vibrant, equitable, and resilient. Since 1990, FHLBank San Francisco has awarded $1.3 billion in AHP grants, creating over 150,000 units of quality affordable housing. Member financial institutions, working in partnership with community-based housing sponsors or developers, submit applications for specific projects to assist in purchasing, constructing, or rehabilitating affordable housing units. 

About the Federal Home Loan Bank of San Francisco

The Federal Home Loan Bank of San Francisco is a member-driven cooperative helping local lenders in Arizona, California, and Nevada build strong communities, create opportunity, and change lives for the better. The tools and resources we provide to our member financial institutions — commercial banks, credit unions, industrial loan companies, savings institutions, insurance companies, and community development financial institutions — propel homeownership, finance quality affordable housing, drive economic vitality, and revitalize whole neighborhoods. Together with our members and other partners, we are making the communities we serve more vibrant, equitable, and resilient.

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