Project Holds Groundbreaking Yesterday in Step to Expand Affordable Housing for Vets
Congressmen Sherman and Lieu Attend Event
LOS ANGELES, June 28, 2023 (GLOBE NEWSWIRE) -- Federal Home Loan Bank of San Francisco (FHLBank San Francisco), a leading provider of affordable housing grants to organizations across the region, today applauded the groundbreaking for 380 housing units for at-risk veterans and their families to be constructed in West Los Angeles Veterans Affairs Campus buildings. The new housing was celebrated at an event yesterday attended by local public officials and dignitaries including Representative Brad Sherman (D-32) and Representative Ted Lieu (D-36).
The project received a combined $2.3 million from FHLBank San Francisco’s Affordable Housing Program (AHP) grants in 2021 and will contribute to 185 of the 380 housing units in the development. Century Affordable Development, Inc., sponsored the AHP financing for the project and FHLBank San Francisco member, Wells Fargo National Bank, partnered with Veterans Collective, Core Companies, and the U.S. Department of Veteran Affairs to bring this much needed project forward.
“FHLBank San Francisco is proud to participate in financing this development project, which will provide critical housing for America’s veterans and their families,” said FHLBank President and CEO Teresa Bryce Bazemore. “The mission and vision for AHP is to facilitate affordable housing for those who need it most. There is no greater cause than serving in our nation’s military and protecting our basic freedoms and rights. We appreciate the involvement of so many like-minded organizations and the support of several of our local elected officials.”
Rep. Brad Sherman (D-32) said, “As our state and the greater Los Angeles area continue to struggle to make housing affordable, projects such as Veterans Collective, funded partly by the Federal Home Loan Bank of San Francisco, are helping to reduce the problem. I look forward to working with FHLBank San Francisco on future endeavors to tackle housing affordability.”
The AHP grants will support the renovation of Buildings 156 and 157, previously used as office space at the historic West Los Angeles Veterans Affairs Campus. This 112-unit project provides permanent supportive housing for homeless veterans and veterans with special needs. The buildings feature indoor and outdoor common spaces intended to build a sense of community and pride among the residents. Residents will have ample amenities within walking distance and benefit from onsite social services provided by the VA and the project's service provider.
In addition, AHP funds will also support construction of Building 404 and create 73 housing units for homeless veterans and veterans with special needs. The project will be a key piece of the vibrant veterans’ housing and services community being constructed.
AHP is a core component of FHLBank San Francisco’s overall mission of partnering with our member institutions to make communities more vibrant, equitable, and resilient by addressing the affordable housing crisis. FHLBank San Francisco works collaboratively with our members, community partners, elected officials, and regulators to identify and ensure that the most qualified projects receive funding. Since 1990, FHLBank San Francisco has awarded $1.14 billion in AHP grants, producing nearly 141,000 units of quality affordable housing. Member financial institutions, working in partnership with community-based housing sponsors or developers, submit applications for specific projects to assist in purchasing, constructing, or rehabilitating affordable housing units.
“We are grateful for the support and engagement of our member institutions who sponsor an array of worthy programs in their communities, such as these units for veterans,” said Bazemore.
A series of construction projects are being made possible under the West Los Angeles Leasing Act, legislation that Congressman Ted Lieu (D-36) and Senator Dianne Feinstein (D-CA) authored in 2016. This law allowed redevelopment and housing expansion at the West Los Angeles VA site. The master plan calls for the West Los Angeles VA campus to feature 1,200 to 1,700 housing units.
“I am honored to attend today’s groundbreaking for Buildings 401A, 402, 404, 156, and 157, representing the next phase in our fight against veteran homelessness,” said Rep. Lieu. “During my time as the representative for the West LA VA Medical Center in Congress for eight years, I saw firsthand the dedication of all those who got us here today, including advocates, community leaders, and most importantly veterans. These new buildings will provide safe, comfortable, and reliable housing for 380 of our nation’s heroes and their families.”
Intrigued by the project, world-renowned designer Frank Gehry, a former Army veteran, asked to contribute to the project’s design.
About 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.
