SAN FRANCISCO– The Federal Home Loan Bank of San Francisco is reporting $61.8 million in Affordable Housing Program (AHP) grants have been awarded to fund 59 projects that will create nearly 4,000 units of affordable housing throughout Arizona, California, and Nevada.
Since 1990, FHLBank San Francisco said it has awarded $1.3 billion in AHP grants for the construction, preservation, or purchase of 154,000 units of housing.
‘80% Increase’
“This amount of FHLBank San Francisco’s funding for this year's AHP grant cycle represents an extraordinary 88% increase over last year’s funding and underscores FHLBank San Francisco’s continued commitment to fulfilling its mission to support affordable housing throughout its region,” the bank said in a statement.
Each year, FHLBank San Francisco noted it allocates up to 15% of its net profits from the prior year to fund affordable housing, homeownership, and economic development grant programs.
What Report Found
In announcing its grants, FHLBank San Francisco cited The Gap 2024, a yearly report compiled by the National Low Income Housing Coalition, which found U.S. is experiencing a significant affordable housing shortfall, with only 34 affordable rental homes available for every 100 extremely low-income households nationwide.
Shortfall is ‘Exacerbated’
“Within the FHLBank San Francisco’s region of Arizona, California, and Nevada, this shortfall is exacerbated. Arizona and California have only 24 affordable and available homes, per 100 households,” the bank said. “Nevada is even more challenged with just 14 affordable homes per 100 households.”
To address what it called the “dire need” in Nevada, FHLBank San Francisco launched the Nevada Targeted Fund, a first-of-its-kind program in 2023, in collaboration with Nevada Sen. Catherine Cortez Masto, and last month the Bank announced that the Nevada Targeted Fund grants nearly doubled in the program’s second year.
What Grants Do
According to FHLB-San Francisco, AHP General Fund and Nevada Targeted Fund grants help finance the development, preservation, and purchase of multifamily and single-family housing for people in need, including the chronically unhoused, low-income families, seniors, veterans, at-risk youth, and people living with disabilities and mental health challenges or overcoming substance abuse.
The institution said this year’s grants will be delivered by 25 different members, including six community development financial institutions.
Examples of Grant Recipients
Among the projects that were awarded grants in the 2024 funding competition:
- More than $3 million has been awarded to four projects that construct affordable units on properties held in Community Land Trusts. These dwellings will ensure the units remain affordable not just for their initial residents, but for future generations, through the stewardship of Community Land Trusts, FHLB-San Francisco said.
- In an effort to reduce use of new materials, five projects will repurpose existing structures, transforming a historic YWCA recreational center, a community health center, two motels, a medical facility, and a school into new affordable housing.
- Three tribal projects, two in Nevada and one in Arizona, received AHP awards totaling $3.5 million to create 87 units of affordable housing. Residents of these affordable housing developments will include seniors and low-income families who can receive supportive services onsite.