Bank Awards $18.5M for Affordable Housing

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RISMEDIA-NRRE August 2001

Giving Back

Bank Awards $18.5M for Affordable Housing

Grants Subsidize Housing Initiatives in Six States

As part of its mission to foster strong and vibrant communities through community and economic development, the Federal Home Loan Bank of San Francisco has awarded Affordable Housing Program money totaling $18,565,613 in California, Arizona, Nevada, Florida, Illinois and New Jersey.

The grants will subsidize housing initiatives that will create approximately 3,189 rental and owner-occupied housing units for low- and moderate-income families and individuals across the country.

“This program doesn’t just build homes?it builds communities,” says Lawrence H. Parks, a senior vice president at the bank. “The AHP encourages local, state, and federal agencies, community organizations, and private industry to create innovative housing solutions for people who may not otherwise be able to afford a home of their own, whether buying or renting. We are proud to facilitate partnerships between our member financial institutions and local organizations that help create affordable housing and encourage community and economic development. Through these partnerships, we all contribute toward our country’s future by working toward a common goal: Supporting and sustaining livable neighborhoods and communities.”

In many parts of the nation, meeting monthly housing expenses can be challenging for an individual or family earning the median income, as the housing supply falls short of rising demand.

By encouraging collaboration among local organizations, private industry and government, the AHP helps individual communities address the needs of low- and moderate-income households specific to their region. The AHP is a competitive grant program.

Working in partnership with community-based housing sponsors, bank members submit applications for specific projects and programs; awards are granted twice a year.

Since 1990, the bank has awarded over $217 million in subsidies to help create approximately 45,000 units of housing for individuals and families earning up to 80% of the median income for the area in which they live.

Last year, the bank awarded $32.2 million to fund 117 projects in the region it serves, which covers Arizona, California and Nevada.

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 builds neighborhoods and communities.

As of March 31, 2001, the bank had $111 billion in outstanding loans to its members.

The bank also funds community investment programs that help members create affordable housing, promote community economic development, and foster partnerships among lenders, housing developers, community organizations, and government agencies.

With $144 billion in assets, the San Francisco Bank is the largest of the 12 banks in the Federal Home Loan Bank System. For more information, visit www.fhlbsf.com.