Federal Dwelling Mortgage Financial institution San Francisco Grants Extra Than $9.2

LOS ANGELES, Aug. 26, 2021 (GLOBE NEWSWIRE) – The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) has raised $ 36.8 million, including more, across California through the Affordable Housing Program (AHP) awarded than $ 9.2 million in AHP grants to 11 projects in Los Angeles. Los Angeles Mayor Eric Garcetti welcomed the announcement, noting that the funding will provide 619 units of affordable housing for low-income families and individuals.

Designed as a flexible source of funding, AHP grants help develop and redevelop single and multi-family projects for households with low to very low incomes, including the homeless, the elderly and people with disabilities. The member financial institutions of FHLBank San Francisco, in cooperation with municipal housing providers, submit applications for specific projects in an annual funding competition.

“Ending the homeless crisis means making sure that every Angeleno – regardless of zip code, income or immigration status – has a home they can afford,” said Mayor Garcetti. “This donation from the Federal Home Loan Bank of San Francisco will help open this opportunity for every Angeleno by providing shelter to our most vulnerable residents, including our unhoused neighbors who suffer from mental illness, veterans with special needs and low-income seniors. “

Since AHP was founded in 1990, FHLBank San Francisco has given over $ 1 billion to more than 1,700 projects developing nearly 137,000 high quality homes in our three-state borough of Arizona, California and Nevada and other areas contributed by member institutes. AHP grants help increase the supply of affordable housing, including units that serve families and individuals with special needs.

“Access to affordable housing is essential to the economic recovery and revitalization of our communities and neighborhoods,” said Teresa Bazemore, president and chief executive officer of FHLBank San Francisco. “FHLBank San Francisco and our members have been on the front lines in providing essential funding for affordable housing projects in our communities. While demand can seem overwhelming, the creation of just one affordable home helps provide security and stability for members of our communities at the same time. “

FHLBank San Francisco CDFI member Century Housing Corporation submitted three successful applications from Century Housing Corporation CFO in 2021. “With the help of AHP grants, we are able to bring more affordable housing options to the market, options that bring families into a home and help our community thrive.”

2021 Los Angeles AHP Scholarship Recipients:

East of Los Angeles

• Lorena Square: Lorena Plaza is a new mixed-use development with 49 affordable and supportive units on the top floors of a four-story building. The project, which received $ 720,000 AHP funding from Wells Fargo National Bank West, aims to improve and revitalize the local neighborhood and includes access to a major traffic route adjacent to the project location.

Hollywood

• Montecito II retirement home: Montecito II Senior Housing creates 64 residential units for low-income and homeless seniors by building on the parking lot of an existing historic building, the Montecito. The $ 945,000 AHP grant, awarded through the member of the CIT Bank, will help fund the development of the project.
• 11604 Vanowen: This supportive housing development with 49 units in 11604 Vanowen will serve homeless people in LA renters with relaxation and re-entry into everyday life.
• The Wilcox: A $ 915,000 AHP award will help fund 62 units of permanent support housing for formerly homeless people with mental illness in the East Hollywood community of LA. Residents have access to medical, behavioral, and support services, including case management, mental health services, crisis intervention, therapeutic groups, substance abuse services, and referrals to other services. Century Housing Corp., a member of FHLBank San Francisco, secured the grant for partner Wakeland Housing and Development Corp.

reseda

• Reseda Theater senior apartments: This new four-story project will provide 26 affordable housing units for low-income and homeless seniors in historic downtown Reseda. Reseda Theater Senior Housing amenities include 1,990 square meters of common space with a common room, media room, fitness room and seating areas in a central courtyard. The project was awarded $ 375,000 in AHP funds from Pacific Premier Bank.

Skid Row

• City I: This new eight-story permanent housing complex is aimed at those living with chronic homelessness in the Skid Row area of ​​LA. Backed by CIT Bank for partner Skid Row Housing Trust, an AHP grant of $ 900,000 will help finance 51 high quality, affordable homes.

The angel

• Los Angeles Island: Isla de Los Angeles is the new construction of a facility built from shipping containers with 54 units. The project in South Los Angeles will help individuals and small families who have experienced homelessness, with half of the one-bedroom apartments reserved for chronically homeless households, fund this innovative project.
• West LA VA – Buildings 156 and 157: A $ 1.25 million AHP grant from Wells Fargo National Bank West to partner Century Affordable Development will support the major renovation of two buildings that previously served as offices on historic West Los Angeles Veterans Affairs (VA) campuses were used. The project will create 112 housing units for homeless veterans and veterans with special needs. As part of the West LA VA Campus Master Plan, this project will help bring to life the high-service veteran community envisioned for the site.
• West LA VA – Building 207: A $ 1.25 million AHP grant received by Wells Fargo National Bank West for partner Housing Corporation of America will significantly rehabilitate an additional historic building to be used as part of master plan development in West Los Angeles VA campus provide 60 units of affordable housing for homeless elderly veterans.
• West LA VA – Building 404: CIT Bank secured a $ 1.08 million AHP grant for partner Century Affordable Development to provide 73 units of affordable housing for homeless veterans and veterans with special needs as part of master plan development on the West Los Angeles VA campus to accomplish.

Western lake

• Westlake Apartments: This project, supported by a 342,000 AHP grant from Genesis LA Economic Growth Corp. Funded for partner Restore Neighborhood LA, Inc., will create 19 permanent living studios for homeless adults in the Westlake neighborhood of LA. Westlake Apartments is part of a new LA-based financing model that enables low-cost, timely development of small, affordable housing projects.

Visit the FHLBank San Francisco website for the full list of California AHP Scholars and learn more about the bank’s AHP. In addition, information is available on the Bank’s other funding programs for housing and business development as well as on discounted loan programs and the people who benefit from them.

About the affordable housing program
FHLBank San Francisco puts 10% of its earnings aside each year to fund its AHP, with some of that money being used for two first-time home buyer down payment programs. Since 1990, the bank has provided more than $ 1.1 billion in AHP funding to help build, renovate, or purchase nearly 146,000 high-quality homes for low-income households. The bank’s member financial institutions, which work in partnership with community-based housing promoters or developers, compete for AHP grants by submitting applications for specific projects. AHP-funded projects represent a wide range of strategies and solutions, from historic preservation and adaptive reuse to new construction and renovation. Where AHP projects are developed, the local economy is also boosted as these projects create jobs, increase construction and consumer spending, and generate new tax revenues.

Via the Federal Home Loan Bank of San Francisco
The Federal Home Loan Bank of San Francisco is a member-operated cooperative that helps local lenders in Arizona, California, and Nevada build strong communities, create opportunities, and change lives for the better. The tools and resources we make available to our member financial institutions – commercial banks, credit unions, industrial credit companies, savings institutions, insurance companies, and community development financial institutions – promote home ownership, expand access to quality housing, start or support small businesses, and revitalize entire neighborhoods. Together with our members and other partners, we make the communities we serve more alive, fairer and more resilient.

Media contacts

Mary Long
Senior Director, Marketing Communications
longm@fhlbsf.com
(415) 572-6717

Ryan Asbury
FINN partner for FHLBank San Francisco
ryan.asbury@finnpartners.com
(415) 249-6778