The Federal Home Loan Bank of San Francisco awarded $28.4 million in Affordable Housing Program (AHP) grants in the first round of its 2011 funding competition.
The grants approved by the Bank’s Board of Directors in AHP Round A were awarded to 45 projects that address the diverse housing needs of communities in Arizona, California, Illinois, Nevada, Pennsylvania, Texas, and Washington, and will produce or preserve 2,787 housing units that are affordable to lower-income individuals and families.
“Once again, our members and their partners have turned to our AHP to expand access to housing and improve the quality of life for multitudes in their communities,” said Jim Yacenda, Vice President and Community Investment Officer at FHLBank San Francisco. “We are pleased that such a diverse group of Bank members, large and small, continues to make use of the valuable resource our AHP has become for their communities, especially in light of current threats to other sources of funding.”
The bank’s 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. AHP-funded projects run the gamut of affordable housing strategies and solutions, from historic preservation and adaptive reuse to new construction and rehabilitation and resale of foreclosed homes.
“Our AHP reflects the Bank’s long-standing commitment to providing resources that help build strong, stable, and sustainable communities and is a valuable benefit of membership in the Bank,” said Dean Schultz, FHLBank San Francisco President and Chief Executive Officer. “Generated directly by our core business—lending to our members—AHP funds continue to be 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 $680 million in AHP subsidies to produce over 100,000 units of quality affordable housing targeted to low- and moderate-income households.
Several grants were awarded to senior housing developments, which include $890,000 for Lakeside Senior Apartments, $700,000 for Pinole Grove Senior Housing and many other projects.
For a list of the grants, see here.