Bank Awards Millions For Housing

SAN FRANCISCO-The Federal Home Loan Bank of San Francisco announced Affordable Housing Program awards that will amount to a total $18.5 million or better in California and other states.

The Program grants will subsidize residential development for low-to-moderate income families and individuals across the nation, especially in California, Arizona, Nevada, Florida, Illinois and New Jersey. Officials project that about 3,189 owner-occupied and rental housing g units will be funded by the grants.

The Affordable Housing Program is a competitive grant program where community-based housing developers submit applications for specific projects. Grants are awarded twice a year. In the past 11 years the Federal Home Loan Bank has awarded more than $217 million in subsides to help created about 45,000 units of housing. Last year Arizona, California and Nevada 32.2 million to fund 117 projects in Arizona, California and Nevada.