FHLBank San Francisco Contributes $540,000 Grant Towards Habitat for Humanity Project

FHLBank San Francisco Contributes $540,000 Grant Towards Habitat for Humanity Project

DALY CITY, CA - The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) was a key sponsor of Habitat for Humanity Greater San Francisco's new condominium development in Daly City, which opened its doors to 36 families at a dedication ceremony on Saturday, April 13, 2013.

FHLBank San Francisco provided a $540,000 grant through its Affordable Housing Program (AHP) towards construction of the development at 7555 Mission Street. It is the West Coast's largest Habitat project and a model for sustainable urban design. In the past 23 years, Habitat for Humanity Greater San Francisco has built 50 homes in Daly City.

Among those attending the ceremony were Rep. Jackie Speier (CA-14), Daly City Mayor Ray Buenaventura , and Phillip Kilbridge , Executive Director of Habitat for Humanity Greater San Francisco.

"According to Zillow, the average home value in this neighborhood is $500,000. By the standards of San Mateo County, that sounds affordable," said Rep. Speier, "Thanks in part to $1.7 million in HUD funding and contributions or loans from many others, the average mortgage in this development will be about $210,000."

Dwight Alexander , Vice President and Director of Legislative Affairs at FHLBank San Francisco, said the AHP program is well suited to assist Habitat projects.

"AHP grants are helping to reduce the mortgage amounts and loans for the homeowners—each of the 36 homeowners here will see a $15,000 reduction in the amount owed because of our partnership with Habitat and its sponsor bank, City National Bank, a member of FHLBank San Francisco," Mr. Alexander said. "This is an important project that is helping to provide affordable housing for working families in the Bay Area."

Mr. Alexander noted that FHLBank San Francisco has a long history of working with Habitat for Humanity Greater San Francisco, having awarded 14 AHP grants totaling nearly $2 million to help 158 families become homeowners.

"Daly City's partnership with Habitat for Humanity Greater San Francisco over many years and numerous projects has been enormously valuable for our residents and community, contributing to our long-term commitment to providing high-quality affordable housing to those who have struggled to achieve their dream of homeownership," said Mayor Ray Buenaventura . "We're excited to welcome 36 new families to 7555 Mission Street, Daly City, a model of environmentally sustainable, pedestrian- and transit-oriented, urban design."

The Bay Area has the most expensive housing market in the country, with median home sales above $600,000. Three quarters of Bay Area residents cannot afford to purchase a market-rate home. There is an acute shortage of affordable housing, which forces low-income wage earners to live outside the county.  To help address this housing crisis, Habitat builds affordable homes in partnership with working families. Local families put in 500 hours of sweat equity working alongside volunteers to build or rehabilitate the homes, which they purchase from Habitat with zero-percent interest, zero-down mortgages.

The Federal Home Loan Bank of San Francisco delivers low-cost funding and other services that help member financial institutions make home mortgage loans to people of all income levels and provide credit that supports neighborhoods and communities. The Bank also funds community programs that help members create affordable housing and promote community economic development.

Source: FHLBank San Francisco / #Affordable #Housing

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