FHLBank San Francisco Awards $3.1 Million in Grants to Arizona-based Affordable Housing Groups
July 10 2024 - 12:01PM
The Federal Home Loan Bank of San Francisco (FHLBank San Francisco)
today announced $3.1 million in affordable housing grants to
Arizona-based housing developers through its Affordable Housing
Program (AHP) General Fund. FHLBank San Francisco is the largest
privately-owned source of affordable housing funding in its
three-state area and collectively with the other Federal Home Loan
Banks is one of the largest privately-owned grant providers in the
nation.
This year's significant grant cycle represents a 54% increase in
Arizona funding over last year, demonstrating the Bank’s commitment
to deliver on its mission to solve the critical shortage of
affordable housing in the state. The 2024 selected grants are being
awarded to three important projects within Arizona and will create
149 units of affordable housing in Tempe and Tucson.
"I am proud of the crucial investments FHLBank San Francisco is
making in affordable housing across Arizona, California and Nevada
– some of the most economically, geographically and culturally
diverse states in America,” said Alanna McCargo, president and CEO
of FHLBank San Francisco. “The affordable housing crisis affects
countless families and individuals living in urban, populous
cities, rural, tribal communities, and many places in between. We
are pleased to be able to nearly double the amount of grant funding
this year, in partnership with our members, to 59 critically needed
projects across the region. They will have a meaningful impact on
mitigating the affordable housing crisis, increasing the housing
supply and providing much needed help for those in need.”
According to the National Low Income Housing Coalition,
Arizona sits fourth on a national list that determines which states
have the most extremely low-income households in the nation earning
0% to 30% of area median income who are severely cost burdened,
meaning the household spends more than 50% of its income on housing
costs, including utilities.
AHP grants help finance the development, preservation, and
rehabilitation of single-family and multifamily housing for people
in need, including the chronically unhoused, families, seniors,
veterans, at-risk youth, people living with disabilities and mental
health challenges or overcoming substance abuse. Grants are
delivered through FHLBank San Francisco member institutions
partnering with nonprofits and affordable housing developers to
submit applications for grants for specific projects in an annual
funding competition. AHP-funded projects represent a wide range of
strategies and solutions, from historic preservation and adaptive
reuse to new construction and rehabilitation.
U.S. Rep. Greg Stanton (AZ-04), which includes Tempe, weighed in
on the impact the AHP funding will have on the community he
serves:
“I hear all the time how the lack of affordable housing in
Arizona is stretching family budgets and making it harder for
employers to find workers,” Rep. Stanton said. “Building more
affordable homes will take federal and local partnership and
leverage private investments like those under FHLBank San
Francisco. La Victoria Commons is part of Tempe’s innovative
approach to address this crisis – empowering Arizonans to achieve
their dreams of owning a home – and I’m excited to see this project
grow.”
The 2024 AHP Arizona-based General Fund grants will fund the
following projects within Arizona:
- Tempe, Ariz., new construction of La Victoria Commons (4%
LIHTC) is one of two projects situated within a newly constructed
five-story building, which will create 52 units of affordable
housing for low-income families and individuals. This multifamily
affordable housing development is being built in collaboration with
Raza Development Fund, Inc and Copa Health, Inc.
- Tempe, Ariz., new construction of La Victoria Commons (9%
LIHTC) is the second of two multifamily projects being built in
collaboration with Raza Development Fund, Inc and Copa Health, Inc.
This affordable housing project will achieve a National Green
Building Standards certification.
- Tucson, Ariz., new construction of Pascua Yaqui Homes X, in
collaboration with Western Alliance Bank and Pascua Yaqui Tribe,
will construct 45 multifamily units to house elderly on the Pascua
Yaqui Reservation.
Where AHP projects are developed, local economies also get a
boost, as these projects create jobs, increase construction and
consumer spending, and generate new tax revenues. Learn more about
the communities, families, and individuals that have benefited
from access to AHP-funded housing on the Bank’s website. To see the
complete list of 2024 AHP grant winners, visit the Bank’s
website.
About the Federal Home Loan Bank of San
Francisco
The Federal Home Loan Bank of San Francisco is a member-driven
cooperative helping local lenders in Arizona, California, and
Nevada build strong communities, create opportunity, and change
lives for the better. The tools and resources we provide to our
member financial institutions — commercial banks, credit unions,
industrial loan companies, savings institutions, insurance
companies, and community development financial institutions —propel
homeownership, finance quality affordable housing, drive economic
vitality, and revitalize whole neighborhoods. Together with our
members and other partners, we are making the communities we serve
more vibrant, equitable, and resilient.
Contact:
Chris Hammond
hammondc@fhlbsf.com
415-521-0255