RENO, Nev.–As part of the Federal Home Loan Bank of San Fransisco’s disbursement of $9.4 million in affordable housing grants to Nevada-based developers as part of an effort to address Nevada’s critical shortage of affordable housing.
Great Basin FCU received it’s first Affordable Housing Program (AHP) award.
GBFCU has partnered with the American Covenant Senior Housing Foundation, an organization who aims to provide safe, affordable, and sustainable housing for seniors, families, veterans, and the homeless.
Through this effort, the credit union said it has its eyes set on making affordable housing a reality in Nevada – a state that currently tops the nation in cost-burdened households (households where more than 50% of income goes toward housing and utilities).
“The affordability crisis, whether in urban or rural Nevada, impacts all of our families, friends, and neighbors,” GBFCU President and CEO Jennifer Denoo said in a statement. “As a proud and active member of FHLBank San Francisco, Great Basin FCU is honored to receive this AHP award.”
With the financial support of FHLBSF, Great Basin said it and American Covenant Senior Housing will collaborate to restore 24 USDA units at Sunwood Housing in Lovelock, Nev. The end result will be newer, upgraded one-, two-, and three-bedroom units for very low to low-income households.
Residents of these dwellings will be supported through USDA rental assistance programs and will be within walking distance the local hospitals, park, and hardware store, the CU said.
In total, the Nevada grant will fund a total of nine affordable housing projects in rural, urban, and tribal areas across Fallon, Las Vegas, North Las Vegas, Lovelock, Reno, and Wadsworth.