SAN FRANCISCO, 26 Aug 2021 (GLOBE NEWS) – Federal Bank for Home Loans of San Francisco (FHLBank, San Francisco) announced $ 36.8 million in Affordable Housing Program (AHP) throughout California, including $ 5.8 million in grants for six projects in the Bay Area. San Francisco Mayor London Breed and Oakland Mayor Libby Schaaf welcomed funding for four projects in San Francisco and two projects in Oakland, which will provide 473 affordable housing units for low-income families and individuals.
Designed as a flexible source of funding, AHP grants help develop and rehabilitate single and multi-family projects targeting very low-income households. FHLBank member financial institutions in San Francisco, in collaboration with community housing sponsors, are applying for an annual call for funding for specific projects.
“As we recover from the pandemic, it is critical that we continue to build more housing of all kinds, including affordable housing for low- and middle-income San Francisco residents and permanent supportive housing for former homeless residents,” the mayor said. Breed. “For this we need not only funding from federal, state and local sources, but also partnership and financial support from our partners from the private sector. I want to thank FHLBank San Francisco for their commitment and support to these important projects, and I hope they will have a positive impact on our city. ”
“Auckland’s priority is to provide more affordable housing for our most vulnerable residents,” said Auckland Mayor Schaaf. “Our partnership with the San Francisco Federal Home Loan Bank is helping us achieve these goals, reduce homelessness, and support more families. I am grateful for this investment in Auckland to develop more affordable housing and for our partners’ commitment to improving the well-being of all families. ”
Since AHP’s inception in 1990, San Francisco-based FHLBank has committed more than $ 1 billion to more than 1,700 projects that have helped build nearly 137,000 quality affordable housing units in the Bank’s three states in Arizona, California, and Nevada counties and others. … areas served by member organizations. AHP grants help increase the supply of affordable housing, including apartments serving families and individuals with special needs.
“Access to affordable housing is essential to economic recovery and revitalization of our communities and neighborhoods,” said Teresa Bryce Basemore, President and CEO of FHLBank in San Francisco. “FHLBank San Francisco and our members have always been at the forefront of providing the necessary funding for affordable housing projects in our communities. While the demand may seem overwhelming, creating at least one affordable home at a time helps keep our communities safe and stable. ”
“The affordable housing crisis is affecting every aspect of our communities. By participating in AHP FHLBank in San Francisco, we are investing in the long-term health and vitality of the Bay Area, ”said Fiona Hsu, Head of Community Development Finance at Bank of Silicon Valley, which has submitted three successful applications for the 2021 Funding Competition. “We are honored to receive these AHP grants, and we are grateful for the opportunity to help build homes for those in need.”
AHP Grant Recipients in the 2021 Bay Area:
- Eliza: This $ 1.25 million AHP award will help fund the new construction of an eight-story, 97-unit, affordable housing complex in downtown Auckland. FHLBank’s member institution in San Francisco, Silicon Valley Bank, provided a grant to partner Mercy Housing California. Amenities in the building include a landscaped courtyard on the ground floor, a rooftop terrace, a relaxation room and secure storage for bicycles.
- West Grand & Brush: East Bay Local Asia Development Corporation’s West Grand & Brush Phase 1 project will transform the former bus depot into 59 affordable housing units for extremely low and low income families, with units reserved for the homeless and the mentally or physically disabled. The project received $ 870,000 from AHP funds through its member bank Silicon Valley Bank.
- Amber passage, 36: City National Bank received a $ 200,000 AHP grant to support the construction of the Habitat for Humanity at 36 Amber Drive in Greater San Francisco. As part of this project, built in partnership with eight partner families involved in condominium ownership in the Diamond Heights area in San Francisco, eight affordable housing units will be added.
- 53 Colton: A non-custodian community development finance organization, a member of the Century Housing Corporation, received a $ 1.25 million AHP grant to fund a new 100% Continuously Affordable Housing Project in San Francisco. The 96-apartment building includes 53 studio apartments intended for former homeless persons and 30 apartments reserved for relocation of tenants from the Civic Center hotel.
- Apartments Maceo May: A $ 1.04 million AHP grant was provided through the Bank of Silicon Valley for the construction of Maceo May Apartments in Chinatown. This project will be the first affordable housing site developed as part of a multi-stage reconstruction plan for Treasure Island / Yerba Buena Island. Named after the African American Vietnam War veteran who played a vital role in securing recognition and service for homeless veterans on Treasure Island, the project will create 105 affordable housing units for homeless and low-income veteran families.
- Scattered places in South Park: Mission Housing Development Corporation received $ 1.25 million in AHP grant funds through non-depository member CDFI Community Vision Capital & Consulting to fund the restoration of two hotels built in the 1910s, as well as a historic guesthouse and community meeting center , built in 1907 in the south of San Francisco. quarter of the market. As part of this project, 108 affordable apartments will be built, 83 of which are intended for the homeless.
Visit FHLBank San Francisco website for a complete list of AHP California Grantees and for more information on the Bank’s AHP program. Information about others is also available. housing and economic development grant and preferential credit programs and people who benefit from them…
About the Affordable Housing Program
FHLBank San Francisco sets aside 10% of its profits annually to fund AHP, with some of that funding going to two homebuyer down payment programs. Since 1990, the Bank has committed more than $ 1.1 billion in AHP funds to support the construction, rehabilitation or purchase of nearly 146,000 quality affordable housing units for low-income households. Bank member financial institutions, working in partnership with sponsors or community housing developers, compete for AHP grants by applying for specific projects. AHP-funded projects represent a wide range of strategies and solutions, from historic preservation and adaptive reuse to new construction and restoration. Where AHP projects are developed, the local economy is also gaining momentum as these projects create jobs, increase construction and consumer spending, and generate new tax revenues.
About San Francisco Federal Home Loan Bank
The San Francisco Federal Home Loan Bank is a member-run cooperative that helps local lending institutions in Arizona, California, and Nevada build strong communities, create opportunities, and change lives for the better. The tools and resources we provide to our member financial institutions – commercial banks, credit unions, industrial lending companies, savings institutions, insurance companies and community development financial institutions – foster home ownership, expand access to quality housing, seeds or supporting small businesses and enlivening the entire neighborhood. Together with our members and other partners, we make the communities we serve more dynamic, equitable and resilient.
Senior Director of Marketing Communications
FINN Partners for FHLBank San Francisco