The Federal Home Loan Bank of San Francisco is awarding $31.9 million in Affordable Housing Program (AHP) grants to 39 developments throughout its three-state district of Arizona, California, and Nevada.
The grants will help create or preserve 2,712 affordable homes for lower-income families and individuals.
“The lack of affordable housing has been a growing concern in our region, and recent economic challenges have only exacerbated the issue for individuals and families who struggle to make ends meet and have an affordable place to call home,” said Teresa Bryce Bazemore, president and CEO at FHLBank San Francisco. “We are honored to support our communities with these awards. We are grateful to our member institutions for making our AHP grants possible.”
AHP grants contribute to the development, preservation, and rehabilitation of single-family and multifamily housing that serves people in need, including the chronically unhoused, families, seniors, veterans, at-risk youth, people living with disabilities or mental health challenges, and those overcoming substance abuse. Grants are facilitated through FHLBank San Francisco member institutions partnering with nonprofits and affordable housing developers to submit applications for specific projects in an annual funding competition.
In the recent funding round, the bank awarded grants to 32 affordable housing projects in California, five in Arizona, and two in Nevada.
“Rural residents are oftentimes left behind when it comes to affordable housing opportunities. I am pleased that Federal Home Loan Bank of San Francisco is providing this funding to rebuild after fires and improve housing options,” said U.S. Rep. Doug LaMalfa (R-Richvale), whose district in the northeastern part of California received $1.6 million in funding for two projects that will create 108 units of affordable housing. “Funds are channeled to projects with local support and with enormous potential to improve the lives of those who have been harmed by catastrophic fires.”
FHLBank San Francisco sets aside 10% of its earnings each year to fund its AHP, with a portion of that funding allocated to two first-time home buyer down payment assistance programs. Since 1990, the bank has awarded more than $1.1 billion in AHP general fund grants to support the construction, rehabilitation, or purchase of more than 140,000 units of quality affordable housing for lower-income households.
Any rental housing must reserve at least 20% of units for households at or below 50% of the Department of Housing and Urban Development area median income (AMI), while owner-occupied housing must serve households at or below 80% of the AMI.