FHLBank San Francisco Provided $1 Million Affordable Housing Grant to Create 122 Residences
Washington View Apartments Won 2023 California Preservation Design Award for Reconstruction
LOS ANGELES, Aug. 28, 2023 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) and Congresswoman Sydney Kamlager-Dove (CA-37) today celebrated the grand opening of Washington View Apartments in Los Angeles, which provides 122 newly built residences for senior citizens, with 91 units reserved for formerly unhoused residents.
To support the project and bring it to life, FHLBank San Francisco awarded a $1 million Affordable Housing Program (AHP) grant in 2022. As the largest privately-owned source of affordable housing funding in its three-state area, the bank has deployed over $1.4 billion in AHP grants since 1990. In Los Angeles County specifically, the Bank has awarded a total of 509 AHP grants, totaling more than $233 million, for the construction or rehabilitation of 29,000 units of quality affordable housing.
“We couldn’t be happier to be a partner in this critically important project,” said Greg Ward, chief operating officer of FHLBank San Francisco. “This project is exactly what the Bank aims to accomplish with our Affordable Housing Program and reflects our unwavering commitment to strengthening communities by helping to meet the acute need to provide stable and sustainable housing for the underserved. We want to thank Clearinghouse CDFI, for facilitating the award of this grant, along with the team of architects, developers, and other partners who worked tirelessly to bring us together today. We also want to thank Congresswoman Kamlager-Dove for her commitment and focus on developing solutions to address the lack of affordable housing in Los Angeles. It’s rewarding to see these residents enjoying their new homes and we are inspired to continue our hard work to make every resident's dream of an affordable, safe place to call home a reality.”
Congresswoman Sydney Kamlager-Dove, who is serving her inaugural term representing the 37th Congressional District of Los Angeles in the seat previously held by Los Angeles Mayor Karen Bass, was the keynote speaker at the ceremony.
“I was glad to join in celebrating the grand opening of the Washington View Apartments with FHLBank San Francisco officials, local officials, and affordable housing advocates,” said Congresswoman Kamlager-Dove. “Housing is a fundamental basic human right that everyone deserves access to. This new housing project is a great step toward housing equity and providing our city’s formerly unhoused seniors with safe and affordable homes, granting them dignity and autonomy while also uplifting the importance of community-centered solutions through the inclusion of recreation rooms, support services spaces, access to adult education classes, and other essential resources. We must continue to address the housing needs of our most vulnerable through a person-first lens, and I will work with local officials as a faithful partner in Congress to accomplish this goal.”
Developed by WPH Holdings, LLC in partnership with Las Palmas Housing, the Washington View multifamily development transformed a historic chapel, warehouse, and parking lot into affordable housing with 94 one-bedroom units, 26 studios, and a pair of two-bedroom homes. Residents have access to case management and adult education classes, and the development includes space reserved for support services, three recreation rooms, and open community space. The open courtyard design encourages social interaction between residents, which has been shown to decrease the rate of cognitive decline in seniors.
Formerly the Pierce Brothers Mortuary, and currently LA Cultural Heritage Monument #574, the Washington View Apartments received a 2023 California Preservation Design Award for Reconstruction. This project was managed by Fariba Atighehchi, President and CEO of WHP Holdings, LLC, who brought her own personal journey to ensure that her late father’s dream of providing affordable housing for the community became a reality.
“Washington View Apartments stand as a testament to the transformative power of community-focused development to create jobs, build connection and change lives. By providing dignified housing and vital services, preserving historical significance, and fostering a vibrant neighborhood, this project embodies a legacy of compassion and commitment to the residents of Los Angeles in need for a permanent and affordable place to come home,” said Fariba Atighehchi, President and CEO of WHP Holdings, LLC.
Provided through the partnership of FHLBank San Francisco and member Clearinghouse CDFI, the AHP grant came at a critical time for this project, which prior to the grant award was experiencing a large financing gap that was giving the construction lenders pause on the long-term sustainability of the project. Receiving the $1 million AHP grant from FHLBank San Francisco and Clearinghouse CDFI helped eliminate this gap and ensure the project was completed successfully.
In its 2023 AHP funding competition, FHLBank San Francisco awarded over $26 million in grants to support 30 new projects around the state of California. Eleven of those projects, for a total of $9.9 million are in Los Angeles County. One notable project this year in southeastern Los Angeles County was awarded $1 million for the new construction of Cudahy Seniors, a mixed-use senior housing community providing a safe place for residents to “age in place” in partnership with FHLBank San Francisco member, Citizen Business Bank.
For more information about the Bank’s dedication to supporting community housing opportunities, visit www.fhlbsf.com/community-programs.
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 strengthen 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 — promote homeownership, expand access to quality housing and boost economic development. Together with our members and other partners, we are making the communities we serve more vibrant, equitable and resilient.
