In collaboration with Tri Counties Bank and the FHLB SF, RCHDC will develop 45 new construction units for low-income seniors
SAN FRANCISCO, July 10, 2024 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) today announced $49.3 million in affordable housing grants to California-based housing developers through its Affordable Housing Program (AHP) General Fund. FHLBank San Francisco is the largest privately-owned source of affordable housing funding in its three-state area and collectively with the other Federal Home Loan Banks is one of the largest privately-owned grant providers in the nation.
This year's significant grant cycle represents an 89% increase in California funding over last year, demonstrating the Bank’s commitment to deliver on its mission to solve the critical shortage of affordable housing in the state. The 2024 selected grants are being awarded to 47 important projects within California and will create 3,105 units of affordable housing throughout the state.
"I am proud of the crucial investments FHLBank San Francisco is making in affordable housing across Arizona, California and Nevada – some of the most economically, geographically and culturally diverse states in America,” said Alanna McCargo, president and CEO of FHLBank San Francisco. “The affordable housing crisis affects countless families and individuals living in urban, populous cities, rural, tribal communities, and many places in between. We are pleased to be able to nearly double the amount of grant funding this year, in partnership with our members, to 59 critically needed projects across the region. They will have a meaningful impact on mitigating the affordable housing crisis, increasing the housing supply and providing much needed help for those in need.”
According to the National Low Income Housing Coalition, California is the state with the highest number of extremely low income rental households, with over 1.2 million California residents in need of an affordable place to live. Currently, the state has roughly just over 300,000 affordable housing units available for this population, marking a notable shortage in need of addressing.
AHP grants help finance the development, preservation, and rehabilitation of single-family and multifamily housing for people in need, including the chronically unhoused, families, seniors, veterans, at-risk youth, people living with disabilities and mental health challenges or overcoming substance abuse. Grants are delivered through FHLBank San Francisco member institutions partnering with nonprofits and affordable housing developers to submit applications for grants for specific projects in an annual funding competition. AHP-funded projects represent a wide range of strategies and solutions, from historic preservation and adaptive reuse to new construction and rehabilitation.
U.S. Senator Alex Padilla weighed in on the impact the AHP funding will have on the state of California:
“Housing is a human right and partners like FHLBank San Francisco understand that,” said Senator Alex Padilla (D-Calif.). “While more investments are needed to increase housing supply, this new round of funding is a step in the right direction to address the affordable housing and homelessness crisis that affects millions of Californians every day.”
The 2024 AHP California-based General Fund grants will fund a variety of projects including Community Land Trusts, commercial to residential property conversions, rehabilitation and new construction that will benefit thousands of California residents. Notable projects include:
- National City, Calif., new construction of Union Tower, built in collaboration with Century Housing Corporation and Wakeland Housing and Development Corporation, will create 93 units for previously unhoused veterans and lower-income families and individuals.
- Hayward, Calif., new construction of Hayward Senior Housing, in collaboration with Wells Fargo National Bank West and Christian Church Homes of Northern California, will create 79 units of affordable housing for seniors.
- Glendale, Calif., a former laboratory, medical office, and school will be transformed into Harrower Village, a commercial-to-residential conversion property developed in collaboration with Wells Fargo National Bank West and Abode Communities, which will create 40 units of affordable housing for seniors.
- Bolinas, Calif., new construction of 31 Wharf Road, in collaboration with Bank of San Francisco and Habitat for Humanity Greater San Francisco, will create eight affordable condominiums for low-income families.
- Fillmore, Calif., new construction of Fillmore Terrace multifamily rental housing community, in collaboration with Montecito Bank & Trust and People's Self-Help Housing Corporation, will create 50 units of affordable rental housing serving lower-income families, farmworker households, and the formerly unhoused.
- Los Angeles, Calif., a former oil production facility will be transformed into The Arlington, a collaboration with Wells Fargo National Bank West and Kingdom Development Inc., which will create 84 units of affordable housing for extremely low-income, unhoused individuals.
- Anderson, Calif., new construction of Sunrise Cottages housing, in collaboration with Tri Counties Bank and Rural Communities Housing Development Corp., will create 45 units for low-income seniors, including previously unhoused seniors.
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. Learn more about the communities, families, and individuals that have benefited from access to AHP-funded housing on the Bank’s website. To see the complete list of 2024 AHP grant winners, visit the Bank’s website.
About the 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 —propel homeownership, finance quality affordable housing, drive economic vitality, and revitalize whole neighborhoods. Together with our members and other partners, we are making the communities we serve more vibrant, equitable, and resilient.