SAN FRANCISCO--(BUSINESS WIRE)--The Federal Home Loan Bank of San Francisco today awarded $37.3 million in Affordable Housing Program (AHP) grants in the first round of the 2008 competition. The AHP grants will generate 4,510 affordable housing units in Arizona, California, Florida, Illinois, Nevada, Pennsylvania, Texas, and Washington. The Bank also announced today that it has allocated $7.8 million to help eligible lower-income Arizona, California, and Nevada residents become first-time homebuyers.
“We’re in the midst of a very challenging time not just for homeowners and renters, but for everyone, including lenders and policymakers, invested in making affordable, safe housing a cornerstone of stable and enriched communities,” said Jim Yacenda, Vice President and Community Investment Officer at the Federal Home Loan Bank of San Francisco. “These grants highlight the important role a healthy and financially strong Bank plays in helping our members and their community partners expand the supply of quality affordable housing for lower-income families and individuals.”
AHP Round A Results
Designed to be a flexible source of gap financing, the Bank’s competitive AHP provides grants and below-market rate loans for single-family and multifamily projects targeting very low- to moderate-income households. The Bank’s member financial institutions, in partnership with community-based housing sponsors, submit applications for specific projects and programs twice a year. Since the program’s inception in 1990, the Bank has awarded $496.4 million in AHP grants to create 84,158 affordable housing units in Arizona, California, Nevada, and other states served by the Bank’s members. Due to higher earnings resulting from increased member borrowing during 2007, in 2008 Round A the Bank was able to fund 63% of AHP applications received, supporting 80 different projects.
The following Arizona communities will benefit from the AHP grants announced today: Kingman, Marana, Mesa, Phoenix, San Luis, Tempe, and Tucson.
In California, the following communities will be supported: Anaheim, Biggs, Clearlake, Coachella, Compton, Delano, Escondido, Eureka, Fillmore, Fresno, Hayward, Hollywood, Los Angeles, Mesa Verde, Mill Valley, Milpitas, Morgan Hill, Napa, Oakland, Oakley, Palmdale, Redding, Richmond, Sacramento, San Diego, San Francisco, San Jose, San Leandro, San Ramon, Santa Rosa, Sebastopol, Soledad, Stockton, Sun Village, Templeton, Van Nuys, Ventura, Vista, and Yorba Linda.
In Nevada, the awards will assist the community of Las Vegas. Additional recipient communities include: Fort Lauderdale, Miami, and Tampa, Florida; Chicago, Illinois; Philadelphia, Pennsylvania; Fort Worth, Texas; and Tacoma, Washington.
Homeownership Matching Grant Programs: IDEA and WISH
In addition to the competitive AHP grants awarded in 2008 Round A, the Bank has allocated $7.8 million in AHP funds to help lower-income Arizona, California, and Nevada residents become first-time homebuyers. Of the total grant amount, $2.9 million was allocated to 21 members participating in the Individual Development and Empowerment Account (IDEA) Program and $4.9 million was allocated to 31 members participating in the Workforce Initiative Subsidy for Homeownership (WISH) Program. Both programs provide up to $3 for every dollar saved by the eligible homebuyer, and funds are applied to downpayment and/or closing costs. IDEA and WISH participants, who must successfully complete a homebuyer counseling program, may earn up to 80% of area median income.
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 investment programs that help members create affordable housing and promote community economic development. The Bank’s members—its shareholders and customers—are commercial banks, credit unions, savings institutions, thrift and loans, and insurance companies headquartered in Arizona, California, and Nevada.