San Francisco, Jan.14 /PRNewswire-USNewswire/ -- The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) announced today that, with the assistance of Speaker of the House Nancy Pelosi, more than $4.4 million in Affordable Housing Program (AHP) grants have been awarded to housing projects throughout San Francisco, funding seven projects expected to generate 591 new affordable housing units.
"The Federal Home Loan Bank of San Francisco has been a strong partner in our efforts to create more affordable housing throughout California," said Speaker Pelosi. "By expanding affordable housing, and opportunities for homeownership, they are helping to build better neighborhoods and communities. The public-private AHP projects have proven to be effective partnerships, and I look forward to continuing them in the future."
Since 2000, the 8th Congressional District has received a total of almost $24 million dollars in affordable housing projects that have helped finance 45 projects to create 4,441 new rental units and 15 owner-occupied units.
Unique projects awarded grants in 2007 include the 275 10th Street Supportive Housing facility and Octavia Court in San Francisco. The 275 10th Street Supportive Housing facility will provide housing for 134 very low-income homeless individuals. The facility will include seven fully ADA-accessible units, as well as units for visually and hearing-impaired residents. The Octavia Court project promotes independent living for people with developmental disabilities. The facility will feature space for a vocational arts program, complete with a gallery and studios.
Projects funded this year in Speaker Pelosi's district include: -- 275 10th Street Supportive Housing (San Francisco County) -- Octavia Court (San Francisco County) -- 53 Columbus Avenue (San Francisco County) -- Civic Center Residence (San Francisco County) -- Mason Street Housing (San Francisco County) -- Polk and Geary Senior Housing (San Francisco County) -- Zygmundt Arendt House (San Francisco County)
"The AHP helps to provide moderate and low-income families with access to broader housing options," said Lawrence H. Parks, Senior Vice President, Legislative and External Affairs, FHLBank San Francisco. "With the help of Speaker Pelosi and our member institutions, we are helping to ensure that families and individuals of all income levels have access to affordable housing in San Francisco."
Parks said the support provided by the AHP was particularly important during the current downturn in the housing markets.
"The Federal Home Loan Bank system is doing what it was designed to do -- providing stability and support to the housing markets, particularly in tough economic times," Parks said.
Designed as a flexible, competitive funding source, the AHP provides grants and below-market loans to develop and rehabilitate single-family and multifamily projects targeting very low- to moderate-income households. 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 Federal Home Loan Bank of San Francisco has awarded approximately $460 million, which has assisted in the development of more than 80,000 units of quality affordable housing in Arizona, California, Nevada, and other areas served by its member institutions.
"The AHP is committed to providing affordable housing options for working families," said Parks. "The AHP has a history of forging public-private partnerships that help families and individuals find affordable housing," Parks said.
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 mortgage loans 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.
