LOS ANGELES, August 26, 2021 (GLOBUS NEWS) – Federal Bank for Home Loans of San Francisco (FHLBank San Francisco) has committed $ 36.8 million in Affordable Housing Program (AHP) across California, including over $ 9.2 million in AHP grants to 11 projects in Los Angeles. Los Angeles Mayor Eric Garcetti welcomed the announcement, noting that the funding will provide 619 affordable housing units for low-income families and individuals.
Designed as a flexible source of funding, AHP grants help design and rehabilitate single and multi-family projects for low- and very low-income households, including the homeless, the elderly, and people with disabilities. FHLBank member financial institutions in San Francisco, in collaboration with community housing sponsors, are applying for an annual call for funding for specific projects.
“Overcoming the homelessness crisis means providing every angelo – regardless of their zip code, income or immigration status – with a home that they can afford,” Mayor Garcetti said. “This donation from the San Francisco Federal Home Loan Bank will help open this opportunity to every Angelena by providing housing to our most vulnerable residents, including our mentally ill neighbors, veterans with special needs, and low-income seniors.”
Since AHP’s inception in 1990, San Francisco-based FHLBank has provided more than $ 1 billion in more than 1,700 projects that have helped build nearly 137,000 quality affordable housing units in our three-state area – Arizona, California, and Nevada, among 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 Bazemore, 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. ”
FHLBank San Francisco Member Institution of CDFI Century Housing Corporation filed three successful applications in 2021. “Affordable housing is a critical need in California and our mission is to support our partnership with FHLBank in San Francisco,” said Alan Hoffman, senior vice president and chief financial officer at Century Housing Corporation… “With AHP grants, we can bring more affordable housing options to market, options that allow families to live in homes and help our community thrive.”
Los Angeles AHP Grant Recipients 2021:
East Los Angeles
- Lorena Plaza: Lorena Plaza is a new mixed-use development offering 49 affordable and supportive residential units on the top floors of one four-story building. The project, which has received $ 720,000 in funding from Wells Fargo National Bank West, aims to improve and revitalize the local neighborhood and includes access to major transport routes near the project site.
- Nursing home Montecito II: Montecito II Senior Housing creates 64 housing units for low-income and homeless seniors by constructing an existing historic Montecito building in the parking lot. AHP grant of US $ 945,000, provided through CIT member bank, will help finance the development of the project.
- 11604 Vanoven: Located at 11604 Vanowen, this 49-unit apartment complex will serve the homeless in Los Angeles. The project, which received $ 720,000 from AHP funds through its CIT member bank, will also employ full-time support staff, including a social worker and social worker, to help residents recover and return to their daily lives.
- Wilcox: The $ 915,000 AHP award will help fund 62 permanent subsidiary housing units for mentally ill homeless people in the East Hollywood area of Los Angeles. Residents will have access to medical, behavioral and supportive services, including case management, mental health services, crisis intervention, therapy groups, drug dependence treatment services, and referrals to other services. Member of FHLBank San Francisco Century Housing Corp. received a grant for partner Wakeland Housing and Development Corp.
- Reseda Theater Nursing Home: This new four-story project will provide 26 affordable housing units for low-income and homeless seniors in the historic center of Reseda. Reseda Theater Senior Housing comprises a total area of 1990 square feet with a common room, media room, gym and seating areas in a central courtyard. The project received $ 375,000 from AHP funds through Pacific Premier Bank.
- Town I: This new eight-story permanent auxiliary housing complex is designed for people with chronic homelessness in the Skid Row area of Los Angeles. A $ 900,000 AHP grant from CIT Bank to partner Skid Row Housing Trust will help fund 51 quality affordable housing units.
- Isla de Los Angeles: Isla de Los Angeles is a new development of a 54-unit residential complex built from shipping containers. The project, located in South Los Angeles, will serve individuals and small families who have experienced homelessness, with half of the one-bedroom apartments reserved for chronically homeless families. A $ 795,000 AHP grant from CIT Bank to partner Clifford Beer Housing will help fund this innovative project.
- West LA VA – Buildings 156 and 157: A $ 1.25 million AHP grant from Wells Fargo National Bank West to partner Century Affordable Development will support the substantial renovation of two former office buildings on the historic West Los Angeles Veterans Affairs Campus. The project will create 112 permanent auxiliary housing units for homeless veterans and veterans with special needs. As part of the master plan for the West Los Angeles campus, this project will help bring the multi-service veteran community conceived for the site to life.
- West Los Angeles, Virginia – 207: A $ 1.25 million AHP grant from Wells Fargo National Bank West to partner Housing Corporation of America will significantly renovate an additional historic building to provide 60 affordable housing units for homeless senior veterans as part of the West Los Angeles master plan , Virginia. Campus.
- West Los Angeles, VA – 404: CIT Bank received a $ 1.08 million AHP grant to partner Century Affordable Development to create 73 affordable housing units for homeless and special-needs veterans as part of a master plan for the West Los Angeles campus.
- Westlake Apartments: Under this project, funded by a $ 342,000 AHP grant from Genesis LA Economic Growth Corp. for partner Restore Neighborhood LA, Inc., 19 permanent residential studios will be created in Westlake, Los Angeles for homeless adults. Westlake Apartments is part of a new financing model in Los Angeles that promotes the cost-effective and timely development of small affordable housing projects.
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