FHLBank San Francisco Grants $500,000 to Nevada Housing Coalition to Build Capacity Statewide for Affordable Housing Development
Senator Catherine Cortez Masto applauds investment as critical step toward increasing quality housing options for low- and very-low-income families
SAN FRANCISCO / LAS VEGAS, March 8, 2022 — The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) has awarded a $500,000 grant to Nevada Housing Coalition. The funds will be used to build up development resources in the state, grow its affordable housing ecosystem, and better position Nevada to secure and deploy affordable housing dollars from a variety of existing and new sources.
The grant will support a three-year plan led by Nevada Housing Coalition, a statewide nonprofit that FHLBank San Francisco helped create with early-stage funding, to build overall capacity for affordable housing development. Capacity building efforts will include delivering critical training to practitioners on the nuances of securing and applying for affordable housing dollars, increasing the state’s affordable housing project pipeline, and ultimately ensuring more housing options for all Nevadans.
“Throughout my time in the Senate, I’ve been committed to ensuring that Nevada received its fair share of federal resources. That’s why it’s been a priority of mine to work with the Federal Home Loan Bank of San Francisco to help create a targeted, comprehensive plan to build more affordable homes in Nevada,” said Senator Catherine Cortez Masto. “Funding from FHLBank San Francisco will ensure that Nevada can best leverage the record $600 million in federal and state investments I helped secure during the pandemic. I look forward to a continued collaboration with FHLBank San Francisco to meet our state’s affordable housing and community development needs.”
By partnering with Nevada Housing Coalition to increase capacity for affordable housing development in the state, FHLBank San Francisco hopes to increase the number of competitive local Affordable Housing Program (AHP) grant applications submitted in its annual funding competition. To further support the state’s need in this area, the Bank is establishing a new AHP targeted fund, exclusively available to Nevada applicants, with the inaugural competition for grants slated for 2023.
“Nevada’s booming population expansion requires the development of more housing, especially affordable homes,” said Teresa Bryce Bazemore, president and CEO of FHLBank San Francisco. “As a government-sponsored entity with a responsibility to meet the housing and community development needs of our member financial institutions and the state, we will invest in expanding the state’s affordable housing development capabilities. We are pleased to have this opportunity to work in tandem with Nevada Housing Coalition and our member financial institutions to increase affordable housing options in the state.”
These initiatives will prioritize affordable housing development for Nevada households living at or below 50% of the area median income (AMI), supportive housing projects, and capacity building efforts to bolster both production and organization in Nevada.
“Nevada is facing one of the most severe affordable housing shortages in the nation,” said Christine Hess, executive director of the Nevada Housing Coalition. “As a state, we must increase our ability to execute affordable housing initiatives better, so that we not only qualify for affordable housing funds but are able to build housing that meets the needs of our residents today and into the future. The Nevada Housing Coalition is excited to support our partners through this new initiative.”
Nevada Housing Coalition’s plan for its recently awarded grant focuses on staffing, education, and training across Nevada to elevate statewide affordable housing development skills. The Coalition will perform outreach to Bank members, housing developers, and tribal organizations to develop and launch affordable housing capacity building efforts with foundational group training provided by experts in the field. The new resources will also be a catalyst for projects that are ready to move forward and that are potential applicants in FHLBank San Francisco’s annual AHP funding competition.
FHLBank San Francisco’s AHP is funded annually with 10% of the Bank’s prior year net income. Each year, FHLBank San Francisco member financial institutions, in partnership with community-based affordable housing sponsors, submit applications for AHP grants to support affordable housing projects in the communities they serve.
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–foster homeownership, expand access to quality housing, seed or sustain small businesses, and revitalize whole neighborhoods. Together with our members and other partners, we are making the communities we serve more vibrant, equitable, and resilient.