6,000 Affordable Units to Be Renovated or Built Using FHLBank Funds
The San Francisco bank awarded $65.9 million for 70 developments that will provide housing for low-income families and individuals in seven states.
The Federal Home Loan Bank (FHLBank) of San Francisco has allocated $65.9 million in Affordable Housing Program (AHP) grants to finance 70 projects. The funds will be used to construct or rehabilitate 6,067 affordable units in several communities across Arizona, Arkansas, California, Nevada, Oregon, Texas and Washington.
Awarded through 29 FHLBank San Francisco member financial institutions working in partnership with community-based housing sponsors or developers, the grants will be used to expand affordable rental and homeownership opportunities for low- and moderate-income residents. Homeless veterans and their families, LGBT seniors, at-risk homeless and youths, and people with developmental disabilities, mental disorders or long-term chronic illnesses are all eligible to occupy the future units.
A $2 million grant will contribute to the rehabilitation and preservation of Parris Towers, a 250-unit senior housing community in downtown Little Rock, Ark. According to Yardi Matrix data, Metropolitan Housing Alliance owns and manages the 14-story, 1972-built historic asset. Four western cities will also receive $23 million combined to expand their affordable housing stock:
- Los Angeles—$10.5 million
- San Francisco—$7 million
- Phoenix—$3.2 million
- Oakland—$2.3 million
“The AHP program forges public-private partnerships that are helping communities provide families and individuals with safe places to live. As the cost of housing continues to increase, affordable housing becomes more and more difficult to obtain for working families,” said Greg Seibly, president & CEO of FHLBank San Francisco, in prepared remarks.
At the end of last year, the Federal Home Loan Bank of Atlanta provided financing for the renovation of an affordable community in Orlando, Fla.
Image courtesy of Yardi Matrix