House Minority Leader Nancy Pelosi, Rep. Barbara Lee, and the Federal Home Loan Bank of San Francisco Announce $13.2 Million in Affordable Housing Grants for Bay Area Housing Projects

SAN FRANCISCO, June 26, 2018 /PRNewswire-USNewswire/ -- The Federal Home Loan Bank of San Francisco (FHLBank San Francisco), along with House Democratic Leader Nancy Pelosi (CA-12) and Congresswoman Barbara Lee (CA-13), announced today that the San Francisco Bay Area has received $13.2 million in Affordable Housing Program (AHP) grants. The funding was awarded to 14 projects that will increase the supply of affordable housing in the region for lower-income families and individuals.

The Bay Area grants are part of total of $65.9 million in AHP grants awarded to 70 housing developments that will produce over 6,000 affordable units in Arizona, California, Nevada, and other states. FHLBank San Francisco member financial institutions work in partnership with community-based housing sponsors or developers to apply for funding through a competitive application process.  Grants will help increase the supply of affordable housing and provide safe living quarters for homeless veterans and their families, LGBT seniors, at-risk homeless and youths, and people with developmental disabilities, mental illness, or long-term chronic illnesses.

"Everyone deserves a safe, livable, and affordable place to call home," said Leader Pelosi.  "I applaud the announcement of FHLBank San Francisco's Affordable Housing Program grants.  As we work together to find lasting solutions to the critical challenge of affordable housing, these grants will help lift up working families and build a stronger San Francisco for all."

Since 1990, the Bank's competitive AHP has provided more than $1 billion in grants, helping to produce over 131,000 affordable housing units. This video celebrates the $1 billion milestone and showcases the value of the AHP to individuals and communities.

"Our members and their nonprofit partners are using the AHP to expand access to quality affordable housing for those who need it most," said Greg Seibly, President and CEO of FHLBank San Francisco. "At a time when affordable housing is in such great demand, especially in our region, the AHP is providing an important source of funding that will expand affordable housing and enhance the quality of life for many individuals and families."

This year, AHP grants totaling $10.3 million will support four projects in Leader Pelosi's district and five projects in Congresswoman Lee's district, all together producing 829 affordable housing units in San Francisco and Oakland. In addition, five projects in Fremont, San Jose, and San Mateo will receive $2.9 million to create 390 units.

In Rep. Pelosi's 12^th District, the four projects receiving AHP funding are:

• 1296 Shotwell Senior Housing ($2 million AHP grant) is a new nine-story development with 94 units for very low-income seniors in San Francisco's Mission District. Bank member Silicon Valley Bank partnered with Mission Economic Development Agency on the grant application.
• Two related projects, Ping Yuen ($2 million AHP grant) and Ping Yuen North ($2 million AHP grant), will each rehabilitate an aging San Francisco public housing project and transfer it to nonprofit ownership through the HUD Rental Assistance Demonstration (RAD) Program. Member Bank of America California, NA, partnered with Chinatown Community Development Center, Inc., on the two grant applications.
• Potrero Block X ($1 million AHP grant) is part of San Francisco's HOPE SF program, a partnership between the Mayor's Office of Housing and the San Francisco Housing Authority to revitalize distressed public housing developments, and will produce 72 newly constructed affordable units. Member Century Housing Corporation partnered with BRIDGE Housing Corporation on the grant application.

Rep. Barbara Lee applauded FHLBank San Francisco for awarding critical funding for affordable housing projects in the East Bay. "Addressing the rapidly rising housing costs in the Bay Area will require bold ideas and participation from every corner of our community. Housing is a human right and investments from community stakeholders like FHLBank San Francisco's Affordable Housing Program grants are critical to addressing the displacement crisis in the East Bay."

In Rep. Lee's 13th District, the five projects receiving AHP funding are:

• Two related projects, Brooklyn Basin Family Housing Project 1 ($600,000 AHP grant) and Brooklyn Basin Senior Housing Project 2  ($1,090,000 AHP grant), are part of a multi-phase affordable housing development located on the Oakland Estuary. Brooklyn Basin Housing Project 1 will produce 60 new one-, two-, and three-bedroom affordable units, and Brooklyn Basin Housing Project 2 will provide 110 units of senior housing. Member Wells Fargo Financial National Bank partnered with MidPen Housing Corporation on the two grant applications.
• West Grand & Brush Phase 1 ($580,000 AHP grant) is a transit-oriented, mixed-use development with  59 units, of which 15 units will be set aside for veterans with mental and physical disabilities. Member Wells Fargo Financial National Bank partnered with East Bay Asian Local Development Corporation (EBALDC) on the grant application.
• Alameda Site A Family Apartments ($690,000 AHP grant) is part of a larger mixed-use, transit-oriented development on the former Alameda Naval Base and will create 70 affordable housing units for formerly homeless veterans and households with special needs. Member Charles Schwab Bank partnered with Eden Housing, Inc., on the grant application.
• 1601 Oxford Street ($340,000 AHP grant) will create a new sustainable and green apartment building with 37 units for low-income seniors in Berkeley. Member Bank of America California, NA, partnered wtih Eden Housing, Inc., on the grant application.

More details about these and other 2018 AHP grant winners are available on fhlbsf.com.

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 sets aside 10% of its earnings each year to fund the Affordable Housing Program, with a portion of that funding allocated to two first-time homebuyer downpayment assistance programs.

Contacts:
Kevin Blackburn 510-377-8999
Mary Long 415-616-2556

SOURCE FHLBank San Francisco