Projects Offer Affordable Housing Solutions for Arizona’s Seniors
Arizona Grants Part of $32.9M in Funding Awarded to 38 Vital Projects, in Partnership with Member Financial Institutions in Arizona, California, and Nevada
SAN FRANCISCO, July 11, 2023 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) today announced $2 million in Affordable Housing Program (AHP) grants have been awarded to fund two important projects that will create 142 units of affordable housing for seniors in Arizona. FHLBank San Francisco is the largest privately-owned source of affordable housing funding within its region - comprising Arizona, California, and Nevada - and collectively with the other Federal Home Loan Banks, one of the largest privately-owned grantors in the country.
Arizona has a growing homeless population that includes, among others, seniors living solely on social security income who are struggling to afford a home of any kind later in life. Providing resources for affordable housing, especially for vulnerable populations, is a core element of FHLBank San Francisco’s mission, with a firm commitment to deploy at least 10% – and up to 15% – of its net profits from the prior year to fund affordable housing and related community investment programs. Grants are awarded in partnership with the Bank’s member financial institutions.
“Lack of affordable housing is one of the most intractable problems our country faces today, and vulnerable populations are most at risk of being severely cost-burdened or living unhoused,” said Teresa Bryce Bazemore, CEO and President of FHLBank San Francisco. “And as we’ve seen in Arizona, these problems are even greater for our seniors. Affordable housing is a crisis that can only be solved by consistent, dedicated, and equitable collaboration by a cadre of stakeholders, member institutions, and elected officials all working together to create lasting change. All of us at the Federal Home Loan Bank of San Francisco take great pride in contributing to the solution by awarding $2 million in grants to fund affordable rental housing for Arizona’s senior residents in need of a safe, stable place to call home.”
AHP grants contribute to the development, preservation, and rehabilitation of single-family and multifamily housing that serves 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. In total for the 2023 program cycle, the Bank’s AHP awarded $32.9 million in funding for 38 affordable housing projects in California, Arizona, and Nevada.
2023 AHP General Fund grants will fund two projects in Arizona that will together add 142 new homes affordable to seniors:
- $1 million awarded for the new construction of the View Point II Senior Community in Prescott Valley, Arizona, to create 72 units of handicap-adaptable affordable housing, offering seniors a safe space to “age in place,” in collaboration with member Raza Development Fund and USA Housing, Inc.
- $1 million awarded for the new construction of the San Francisco Square Apartments in Flagstaff, Arizona, an amenities-rich senior housing facility with 70 energy-efficient affordable apartments, in collaboration with member Raza Development Fund and Foundation for Senior Living.
“Since 1990, we have contributed over $1.14 billion in AHP General Fund and Nevada Targeted Fund grants that have helped a diverse group of often overlooked populations,” said Eric Cicourel, Senior Vice President, Community Investment Officer. “As stewards of the largest privately-owned source of affordable housing funding in our three-state region, it is gratifying to collaborate with our members and contribute to the vitality of the communities we all serve in Arizona.”
AHP-funded projects represent a wide range of strategies and solutions, from historic preservation and adaptive reuse to new construction and rehabilitation. 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.
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.
