Tri Counties Bank and FHLBank San Francisco Award Over $2.1 Million in Grants Towards Affordable Housing
August 04 2022 - 11:15AM
Business Wire
Tri Counties Bank announced today awards totaling more than $2.1
million in grants to three organizations that qualified for the
Federal Home Loan Bank of San Francisco’s (FHLBank San Francisco)
Affordable Housing Program General Fund (AHP).
AHP grants are awarded annually to FHLBank San Francisco members
working in partnership with affordable housing developers and
community organizations. Tri Counties Bank successfully nominated
three organizations to be considered for the grants: Collier Avenue
(Nice, Calif.), Piper Way Senior Housing (Redding, Calif.), and
Siskiyou Crossroads (Yreka, Calif.).
AHP awards are highly competitive, ranked based on an extensive
scoring process and granted to the highest-ranking projects. Basic
eligibility requirements include projects demonstrating a need for
subsidy and both developmental and operational feasibility.
Further, rental housing projects must reserve at least 20% of units
for households at or below 50% of the HUD area median income (AMI)
while owner-occupied housing projects must serve households at or
below 80% AMI.
“We congratulate Tri Counties Bank for submitting successful AHP
applications for these very important affordable housing
developments,” said Marietta Núñez, Senior Vice President and
Community Investment Officer at FHLBank San Francisco. “We are
proud to partner with members - like Tri Counties Bank - to support
organizations on the ground who are working to address pressing
affordable housing needs in local communities.”
These organizations will utilize the AHP grants to help create
149 units of affordable housing to those earning less than 60% AMI,
including previously unhoused veterans, extremely low-income
seniors, and low-income families and individuals.
“We are fortunate to have FHLBank San Francisco as a partner in
our efforts to improve the availability of affordable housing
across our communities. These grants, along with the dedicated
efforts and partnership of local organizations continues to make an
important and positive difference in the lives of veterans and
seniors,” said Rick Smith, President and CEO of Tri Counties
Bank.
About Tri Counties Bank
Established in 1975, Tri Counties Bank is a wholly-owned
subsidiary of TriCo Bancshares (NASDAQ: TCBK) headquartered in
Chico, California, with assets of over $10 billion and more than 45
years of financial stability. Tri Counties Bank provides a unique
brand of Service With Solutions® for communities throughout
California with a breadth of personal, small business and
commercial banking services, plus an extensive branch network, more
than 37,000 surcharge-free ATMs nationwide, and advanced online and
mobile banking. Tri Counties Bank participates in the Cities for
Financial Empowerment (CFE) Fund’s BankOn program that seeks to
ensure that everyone has access to safe and affordable financial
products and services. Visit TriCountiesBank.com to learn
more. Member FDIC.
About FHLBank 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 foster homeownership, expand access
to quality housing, seed or sustain small businesses, and
revitalize whole neighborhoods. Each year, the Bank contributes 10%
of net income to the Affordable Housing Program, which provides
grants to support the acquisition, construction, or preservation of
housing affordable to low- to moderate-income families and
individuals. Together with our members and other partners, we are
making the communities we serve more vibrant and resilient.
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version on businesswire.com: https://www.businesswire.com/news/home/20220804005346/en/
Megan Sheehan, Community Engagement Manager
megansheehan@tcbk.com (530) 332-2330
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