The Federal Home Loan Bank of San Francisco announced the second round of winners in its 2010 funding competition, awarding $36.6 million in Affordable Housing Program (AHP) grants. The grants will help fund 60 projects with affordable housing needs in Nevada, Illinois , Colorado, New Jersey, Washington, California, and Arizona. The projects will help create or sustain 3,213 housing units, all of which will be affordable and available to lower-income families.
In the first round of the funding competition in 2010, FHLBank San Francisco provided $32.5 million in AHP grants, bringing the total for 2010 to $69.1 million. Some of the projects include the building of single-family homes, duplexes, multifamily rental communities, senior communities, transitional housing, and many others.
The Affordable Housing Program (AHP) is FHLBank’s assistance program that provides grants for constructing, purchasing, or rehabilitating housing for lower-income individuals and families. The applicants compete for grants, and winners are announced twice a year.
“AHP funds, which are generated directly by our core business—lending to our members—are a valuable tool that members use to make a difference in the communities they serve,” said Dean Schultz, FHLBank San Francisco President and Chief Executive Officer. “
The Federal Home Loan Bank of San Francisco specializes in providing low-cost financial options for financial institutions that offer mortgages to a diverse range of income levels. FHLBank San Francisco members include industrial loan companies, savings institutions, commercial banks, credit unions, and insurance companies. Among its other services are community investment programs to help its members promote economic growth in communities and provide affordable housing to people from diverse economic backgrounds.
More information (PDF) about the projects that received funding are available at the bank’s website.