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SOURCE FHLBank San Francisco
SHERMAN OAKS, Calif., Feb. 20, 2013 /PRNewswire-USNewswire/ -- The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) announced today that it awarded $35 million in Affordable Housing Program (AHP) grants in 2012, funding that will support 72 projects in 11 states. Rep. Brad Sherman (D-San Fernando Valley) announced the grants and received the FHLBank San Francisco's prestigious "Friend of Affordable Housing Award" during a ceremony in Canoga Park.
"We are pleased to make these grants available to expand the supply of affordable housing and give families and individuals more housing options," said Lawrence H. Parks, Senior Vice President, External and Legislative Affairs, FHLBank San Francisco. "At a time when it is very difficult for community developers to finance affordable housing projects, our AHP grants are making a difference by helping to fill the void."
Mr. Parks applauded Rep. Sherman for his efforts to expand housing opportunities for working families during his time in Congress.
"I am pleased with this honor and the partnership we have developed over the years to create much-needed affordable housing for low-income residents and veterans with families", said Congressman Sherman. "For nearly a decade, I have worked with the Federal Home Loan Bank of San Francisco and other partners to help increase and preserve homeownership opportunities for hundreds of Valley families,"
FHLBank San Francisco's AHP is a competitive grant program that provides funding to develop and rehabilitate single-family and multifamily housing for very low- to moderate-income families and individuals. FHLBank San Francisco's member institutions work in partnership with community-based housing groups to submit applications for specific projects. The grants announced today will create 3,591 affordable housing units in Arizona, California, Nevada, Georgia, Iowa, New York, Pennsylvania, Texas, Colorado, Idaho, and Illinois.
Since the program's inception in 1990, FHLBank San Francisco has awarded over $740 million in grants, which have assisted in the development of more than 105,000 units of quality affordable housing.
The ceremony was held at the New Economics for Women's Tierra Del Sol community in Canoga Park, which received a $595,000 AHP award from the Bank in 2000. The development features 119 units of affordable housing, a K-5 charter school, the Dennis P. Zine Community Center, and space for nonprofit service organizations.
In the 2012 competitions, projects awarded AHP grants of $1 million were:
About the Federal Home Loan Bank of San Francisco
The Federal Home Loan Bank of San Francisco delivers low-cost funding and other services that help member financial institutions make home mortgages to people of all income levels and provide credit that supports neighborhoods and communities. The Bank also funds community programs that help members create affordable housing and promote community economic development. The Bank's members are headquartered in Arizona, California, and Nevada and include commercial banks, credit unions, industrial loan companies, savings institutions, insurance companies, and community development financial institutions.
Kevin Blackburn, (510) 377-8999
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