SAN FRANCISCO, CA - The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) awarded $32.9 million in Affordable Housing Program (AHP) grants in the second round of its 2011 AHP funding competition. The grants were awarded through 24 Bank members to 59 projects that will produce or preserve 2,958 units of housing affordable to lower-income individuals and families in Arizona, California, Florida, Illinois, Louisiana, North Carolina, Oklahoma, and Oregon.
AHP-funded projects create an affordable place to live for low-income and moderate-income families, seniors, persons with disabilities, veterans, young people transitioning out of the foster care system and other at-risk youth, people with disabilities, individuals struggling to overcome addiction, and homeless men, women, and children.
“The hard work and forward thinking that our members and their partners bring to fashioning responses to low-income housing needs in their communities are critically important,” said Jim Yacenda, Vice President and Community Investment Officer at FHLBank San Francisco. “We are pleased to be able to support these local efforts that cumulatively have a big impact.”
The Bank’s AHP provides grants to assist in the purchase, construction, or rehabilitation of housing for low-income and moderate-income households. Funded projects cover a wide range of affordable housing strategies and solutions, from historic preservation and adaptive reuse to new construction and rehabilitation and resale of foreclosed homes. AHP grants are awarded through a competitive application process: 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. The program is known for its flexibility, and AHP subsidies can be used in combination with funding from a wide variety of other sources, including Low-Income Housing Tax Credits and Community Development Block Grants.
“With funds generated directly by our core business, including lending to our members, our AHP reflects the Bank’s long-standing commitment to providing resources that help build strong, stable, and sustainable communities,” said Dean Schultz, FHLBank San Francisco President and Chief Executive Officer. “The AHP is a valuable and unique benefit of membership, and an important tool that members use to make a difference in the communities they serve.” Since 1990, with 10% of the Bank’s annual net income set aside to support the program, the Bank has awarded more than $700 million in AHP subsidies to produce over 100,000 units of quality affordable housing targeted to low- and moderate-income households.