Local Bank Awards $57M for Affordable Housing

SAN FRANCISCO-The Federal Home Loan Bank of San Francisco has awarded $56.6-million in Affordable Housing Program grants in the Bank’s 2013 AHP funding competition. The grants were awarded through 25 Bank members to 94 projects that will produce or preserve 5,733 units of housing affordable to lower-income individuals and families in Arizona, California, Florida, Maine, Nevada, Ohio, Pennsylvania, Texas, and Washington.

“If past is prelude, there is a sense of excitement in knowing that several years from now the 94 projects receiving AHP funding this year will be vital anchors in the neighborhoods where they are built,” says Jim Yacenda, VP and community investment officer at FHLBank San Francisco. “In our experience, these high quality housing developments lead to substantial improvements to the quality of life for whole communities.”