SAN FRANCISCO, CA - The Federal Home Loan Bank of San Francisco awarded $35.3 million in Affordable Housing Program (AHP) grants in the second round of the 2009 competition. The AHP grants, awarded to 49 projects that address the unique needs of individual communities, will produce 3,458 affordable housing units in Arizona, California, Colorado, Idaho, Oklahoma, and Texas.
"Declining resources and economic instability are placing an unprecedented demand on AHP dollars to help lower-income buyers and renters," said Jim Yacenda, Vice President and Community Investment Officer at the Federal Home Loan Bank of San Francisco. "We are pleased that our program, which received the largest number of applications ever in this round, facilitates the efforts of our member financial institutions to keep capital flowing for hard-working families and communities struggling through difficult times."
Designed to be a flexible source of gap financing, the Bank's competitive AHP provides grants to assist in the purchase, construction, or rehabilitation of housing for lower-income households. The Bank's member financial institutions, working in partnership with community-based housing sponsors or developers, submit applications for specific projects and programs twice a year. Since the inception of the AHP in 1990, the Bank has awarded $579 million in AHP grants to create nearly 93,000 affordable homes and apartments in the Bank's three-state region of Arizona, California, Nevada, as well as other states served by the Bank's members.
AHP-funded projects create an affordable place to live for families with children, seniors, persons with disabilities, at-risk youth, people who are in need of supportive services or are homeless, and other lower-income individuals and households. Since the inception of the AHP in 1990, the Bank has awarded $579 million in AHP grants to create nearly 93,000 affordable homes and apartments in the Bank's three-state region of Arizona, California, Nevada, as well as other states served by the Bank's members.
Arizona communities that will benefit from the AHP grants are: Cochise, Gila, Maricopa, Pima, Santa Cruz, and Yuma. In California, AHP grants will benefit the following counties: Alameda, Fresno, Los Angeles, Marin, Monterey, Orange, Riverside, San Benito, San Bernardino, San Diego, San Francisco, Santa Clara, Santa Cruz, Sonoma, Tulare, and Ventura. Additional recipient communities include: Denver, Colorado; Caldwell, Idaho; Oklahoma City, Oklahoma; and El Paso, Texas.
The Federal Home Loan Bank of San Francisco delivers low-cost funding and other services that help member financial institutions make home mortgages to people of all income levels and provide credit that supports neighborhoods and communities. The Bank also funds community investment programs that help members create affordable housing and promote community economic development. The Bank's members—its shareholders and customers—are commercial banks, credit unions, savings institutions, thrift and loans, and insurance companies headquartered in Arizona, California, and Nevada.
Source: The Federal Home Loan Bank of San Francisco