Applications Submitted by 27 Member Financial Institutions for Projects in Arizona, Arkansas, California, Illinois, and Nevada
All 16 Grant Applications Previously Submitted by Silicon Valley Bank to be Sponsored by Seven Members
SAN FRANCISCO, April 17, 2023 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) today announced that it received 125 qualified applications for the 2023 Affordable Housing Program (AHP) General Fund competition. This group of applications represents some of the most compelling affordable housing initiatives targeted to the specific needs of local communities throughout the country.
In 2022, FHLBank San Francisco awarded $31.9 million in AHP grants for 39 projects that will help facilitate the development or preservation of nearly 3,000 affordable housing units for lower-income families and individuals throughout the Bank’s three-state district of Arizona, California, and Nevada.
Delivering on its mission to support affordable housing, FHLBank San Francisco sets aside 10% of its net earnings each year to fund its AHP. This year, the Bank’s AHP contribution is divided among the AHP General Fund, which is accepting applications for projects located in Arizona, California, and other areas where Bank members do business; a new Nevada Targeted Fund aimed at directing additional resources to help alleviate the severe lack of housing available to Nevada’s lower-income families and vulnerable populations; and the Bank’s WISH downpayment assistance program for aspiring low- to moderate-income homebuyers. Since 1990, the Bank has awarded more than $1.25 billion in AHP General Fund and homeownership grants to support the construction, rehabilitation, or purchase of more than 140,000 units of quality affordable housing for lower-income households.
Impactful affordable housing and homeownership programs are central to the Bank's mission of expanding access to housing opportunity and providing resources that shape strong communities. By participating in the AHP General Fund, and AHP Nevada Targeted Fund competitions, and the WISH homeownership program, members and their community partners play a vital role in creating new rental and homeownership opportunities that offer lower-income families and individuals an affordable and sustainable place to call home.
“We are extremely pleased with the commitment and support of affordable housing initiatives by our member financial institutions,” said Teresa Bazemore, president and chief executive officer at the FHLBank San Francisco. “Expanding access to affordable housing and homeownership is at the core of everything we do and a crucial part of our mission of changing lives for the better. We look forward to evaluating and scoring the 125 applications to determine which of the submitted projects are awarded funds this year.
“As a testament to the commitment we all share in funding these important community projects and delivering on our purpose, we are also especially gratified that seven of our member banks proactively stepped up to take on sponsorship of 16 affordable housing project applications that had been submitted by Silicon Valley Bank,” Bazemore added.
The seven banks who are now sponsoring the 16 Silicon Valley Bank affordable housing project applications are: Bank of San Francisco, Community Vision Capital & Consulting, First Northern Bank of Dixon, Luther Burbank Savings, Pacific Premier Bank, Tri Counties Bank, and Wells Fargo National Bank West.
2023 AHP General Fund and the AHP Nevada Targeted Fund grant recipients will be announced in late June.
For more information, visit the AHP page on our website, email Community Investment, or call (415) 616-2542.
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, help finance affordable housing, drive economic growth, and revitalize communities. Together with our members and other partners, we are making the communities we serve more vibrant, equitable, and resilient.
