Loading, Please Wait...
SAN FRANCISCO, June 26, 2019 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) and Congressman Ruben Gallego (AZ-7) announced that the the representative’s Phoenix District will receive a $400,000 Affordable Housing Program (AHP) grant to help build an innovative affordable housing development to serve both senior citizens and adults with Autism Spectrum Disorder (ASD).
“This project goes beyond affordable housing—29 Palms will work with community partners to provide services to residents, ensuring each tenant feels safe, secure, and supported in their home,” said Congressman Ruben Gallego. “The Federal Home Loan Bank of San Francisco's investment in Arizona's 7th District will also help create new jobs and facilitate sustainable economic development in our community. I want to congratulate 29 Palms Apartments on receiving this award.”
The Phoenix area grant is part of a total $51.2 million in AHP grants to 60 projects that will construct or rehabilitate 5,134 units of housing affordable for lower-income families and individuals in six states – Arizona, California, Maryland, Michigan, Nevada, and Texas.
Twenty-one FHLBank San Francisco member financial institutions, working in partnership with community-based housing developers, submitted successful applications for AHP funds in the 2019 competition, with grants ranging from $96,000 to $1.5 million. This funding will help provide targeted housing solutions for low-income seniors, people who’ve experienced homelessness, veterans and their families, at-risk youth, autistic adults, and individuals with other special needs, including addiction, developmental disabilities, mental illness, or long-term chronic illnesses.
“The AHP is central to our mission of expanding access to quality housing for people of all income levels,” said Greg Seibly, President and CEO, FHLBank San Francisco. “The grants are delivered through our members to nonprofit development partners to address local needs. As so many families and individuals struggle to afford a place to call home, we are pleased that our AHP dollars can help address an affordable housing crisis that hits the regions our members serve especially hard.”
Foundation for Senior Living partnered with Bank member State Bank of Arizona to secure a $400,000 AHP grant to support construction of the innovative 29 Palms Apartments project, which will be LEED Gold-certified and eliminate blight by demolishing three abandoned buildings.
The AHP is a flexible source of gap funding for affordable housing projects for very low-, low-, and moderate-income households. Details about the 2019 AHP grant winners are available on fhlbsf.com.
Affordable Housing Program
The Bank sets aside 10% of its earnings each year to fund the AHP, with a portion of that funding allocated to two first-time homebuyer downpayment assistance programs. Since 1990, the Bank has awarded over $1.1 billion in AHP funds to support the construction, rehabilitation, or purchase of nearly 142,000 units of quality affordable housing for lower-income households. The Bank’s member financial institutions, working in partnership with community-based housing sponsors or developers, compete for AHP grants by submitting applications for specific projects. AHP-funded projects represent a wide range of strategies and solutions, from historic preservation and adaptive reuse to new construction and rehabilitation. Where AHP projects are developed, local economies also get a boost, as these projects create jobs, increase construction and consumer spending, and generate new tax revenues.
Federal Home Loan Bank of San Francisco
The Federal Home Loan Bank of San Francisco is a member-driven cooperative helping local lenders in Arizona, California, and Nevada build strong communities, create opportunity, and change lives for the better. The tools and resources we provide to our member financial institutions–commercial banks, credit unions, industrial loan companies, savings institutions, insurance companies, and community development financial institutions–foster homeownership, expand access to quality housing, seed or sustain small businesses, and revitalize whole neighborhoods. Together with our members and other partners, we are making the communities we serve more vibrant and resilient.
Kevin Blackburn 510-377-8999
Mary Long 415-616-2556