FHLBank San Francisco Announces $35 million in Housing Grants; Rep. Brad Sherman Accepts Award for Supporting Affordable Housing and Preserving Homeownership

SHERMAN OAKS, Calif., Feb. 20, 2013 /PRNewswire-USNewswire/ -- The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) announced today that it awarded $35 million in Affordable Housing Program (AHP) grants in 2012, funding that will support 72 projects in 11 states. Rep. Brad Sherman (D-San Fernando Valley) announced the grants and received the FHLBank San Francisco's prestigious "Friend of Affordable Housing Award" during a ceremony in Canoga Park.

"We are pleased to make these grants available to expand the supply of affordable housing and give families and individuals more housing options," said Lawrence H. Parks, Senior Vice President, External and Legislative Affairs, FHLBank San Francisco. "At a time when it is very difficult for community developers to finance affordable housing projects, our AHP grants are making a difference by helping to fill the void."

Mr. Parks applauded Rep. Sherman for his efforts to expand housing opportunities for working families during his time in Congress.

"I am pleased with this honor and the partnership we have developed over the years to create much-needed affordable housing for low-income residents and veterans with families", said Congressman Sherman. "For nearly a decade, I have worked with the Federal Home Loan Bank of San Francisco and other partners to help increase and preserve homeownership opportunities for hundreds of Valley families,"

FHLBank San Francisco's AHP is a competitive grant program that provides funding to develop and rehabilitate single-family and multifamily housing for very low- to moderate-income families and individuals. FHLBank San Francisco's member institutions work in partnership with community-based housing groups to submit applications for specific projects. The grants announced today will create 3,591 affordable housing units in Arizona, California, Nevada, Georgia, Iowa, New York, Pennsylvania, Texas, Colorado, Idaho, and Illinois.

Since the program's inception in 1990, FHLBank San Francisco has awarded over $740 million in grants, which have assisted in the development of more than 105,000 units of quality affordable housing.

The ceremony was held at the New Economics for Women's Tierra Del Sol community in Canoga Park, which received a $595,000 AHP award from the Bank in 2000. The development features 119 units of affordable housing, a K-5 charter school, the Dennis P. Zine Community Center, and space for nonprofit service organizations.

In the 2012 competitions, projects awarded AHP grants of $1 million were:

• Jefferson Oaks Apartments, Oakland, CA. The participating FHLBank San Francisco member institution is Silicon Valley Bank and the sponsor is AHA Development, Inc. The project received an AHP grant to help build a mixed-use development that will rehabilitate two adjacent 100-year-old hotel properties to create 101 studio apartments for low-income households. Notable features include a spacious community room, offices for the provision of social services, a computer annex, laundry facilities, 24-hour front desk staffing, and a property manager's office. Numerous sustainable design features include a solar thermal hot water heating system, energy efficient hot water boilers, and new dual-paned windows.
• Capital Studios, Travis County, Austin, TX. The participating FHLBank San Francisco member institution is Bank of America California and the sponsor is Foundation Communities. The project received an AHP grant to help finance conversion of a parking lot into 135 units of supportive housing for homeless and mentally disabled individuals. Residents of the new affordable rental studios will be able to access wrap-around services, such as workforce readiness, financial literacy programs, and case management. Capital Studios incorporates two commercial spaces for use by social enterprise ventures and will be LEED for Homes Platinum Certified.
• Ballington Plaza Phase I, Los Angeles County, Los Angeles, CA. The participating FHLBank San Francisco member institution is Bank of the West and the sponsor is Volunteers of America of Los Angeles. The project received an AHP grant to rehabilitate a Skid Row development and provide 168 units of transitional and permanent housing with supportive services for low-income households, many of them formerly homeless and recovering from substance abuse. Proposed sustainability improvements include fire safety and accessibility upgrades.
• Agate Avenue Apartments, Clark County, Las Vegas, NV. The participating FHLBank San Francisco member institution is Charles Schwab Bank and the sponsor is Accessible Space, Inc. The project received an AHP grant to help finance the proposed first phase of a large, planned affordable supportive housing campus for seniors. The development will include 206 housing units, physical spaces, and social supports that allow frail elderly residents to age in place. On-site amenities will include a swimming pool and spa, facilities for meetings and social gatherings, a game area, hair salon, exercise room, and common area kitchen.
• Metro at Hollywood Senior Apartments, Los Angeles County, Los Angeles. The participating FHLBank San Francisco member institution is First Republic Bank and the sponsor is Western Community Housing, Inc. The project received an AHP grant to help construct a 120-unit, low-income senior development that will provide affordable housing in a gentrified section of Los Angeles. Community features include an arts studio, exercise room, and shared kitchen. The project will be LEED Silver Certified and has received a SAGE award for architecture and design.
• T Building Residence, Queens County, Jamaica, NY. The participating FHLBank San Francisco member institution is JPMorgan Bank & Trust Company and the sponsor is Comunilife, Inc. The project received an AHP grant to help finance the extensive renovation and adaptive reuse of a former medical facility on the Queens Hospital Center campus. A subsidy from New York State's Office of Mental Health will allow more than 35 percent of the 251 units to be targeted for homeless households with special needs.
• Metro at Chinatown Senior Lofts, Los Angeles County, Los Angeles. The participating FHLBank San Francisco member institution is City National Bank and the sponsor is Western Community Housing, Inc. The project received an AHP grant to produce 123 units by converting an abandoned, luxury high-rise condominium development into affordable senior housing. Centrally located on a transit-oriented site, Metro at Chinatown Senior Lofts will be built to LEED Silver and Enterprise Green Communities standards and feature a rooftop garden with sweeping views of the Los Angeles skyline.
• Loma Linda Terrace, San Bernardino County, Loma Linda, CA. The participating FHLBank San Francisco member institution is Pacific Western Bank and the sponsor is Corporation For Better Housing. The project received an AHP grant to help construct a three-story, elevator-equipped building with 50 affordable senior rental housing units. At the attached community center, the sponsor will facilitate the personal and financial empowerment of residents by promoting community-building initiatives and providing supportive programs and resident services.

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 mortgages to people of all income levels and provide credit that supports neighborhoods and communities. The Bank also funds community programs that help members create affordable housing and promote community economic development. The Bank's members are headquartered in Arizona, California, and Nevada and include commercial banks, credit unions, industrial loan companies, savings institutions, insurance companies, and community development financial institutions.

Contact:
Kevin Blackburn, (510) 377-8999
[email protected]

SOURCE FHLBank San Francisco