FHLBank San Francisco Awards $9.4 Million in Grants to Nevada-Based Affordable Housing Groups
June 26 2024 - 11:59AM
The Federal Home Loan Bank of San Francisco (FHLBank San Francisco)
today announced $9.4 million in affordable housing grants to
Nevada-based housing developers through its Affordable Housing
Program (AHP) Nevada Targeted Fund, the only fund of its kind in
the United States. The 2024 grant cycle represents a 94% increase
in funding over last year and is a clear demonstration of the
Bank’s commitment to deliver on its mission to solve the critical
shortage of affordable housing in the state. The grants are being
awarded to nine much-needed projects across Nevada and will create
or rehabilitate over 600 units of affordable housing throughout the
state.
“The lack of affordable housing supply is one of the most
challenging issues our country faces today, and this shortage is
particularly acute in Nevada,” said Alanna McCargo, president and
CEO FHLBank San Francisco. “Nevada faces a unique set of challenges
as one of the least populated states with a diverse array of
communities from urban, rural and tribal communities that are all
in dire need of affordable housing. We are pleased to be able to
nearly double the amount of targeted grant funding this year and
deploy resources to nine projects across the state that will have a
meaningful impact on mitigating the affordable housing crisis.”
This year marks the second year for the Nevada Targeted Fund,
which was developed in collaboration with U.S. Senator Catherine
Cortez Masto of Nevada to innovate meaningful solutions to
encourage and fund needed affordable housing projects. According to
the National Low Income Housing Coalition, Nevada tops the national
list as the state with the most extremely low-income households in
the nation earning 0% to 30% of area median income who are severely
cost burdened, meaning the household spends more than 50% of its
income on housing costs, including utilities.
To tackle this persistent housing affordability issue, in 2022
FHLBank San Francisco granted $500,000 to the Nevada Housing
Coalition (NHC) to build capacity, expand affordable housing
development capabilities, and better position developers in the
state to secure and deploy affordable housing dollars. NHC
organizes collaborative sessions among Nevada stakeholders that
want to learn about supportive housing and other shared policy and
advocacy issues. It also holds community meetings and listening
sessions across the state, including in rural and tribal areas, to
ensure a broad range of voices and housing needs are captured and
included in programming. Given the success of the first year, in
2023 the Bank’s board of directors approved an additional $350,000
grant for NHC to continue their capacity building and educational
efforts.
“For the past six years, I’ve been fighting to lower housing
costs and help build more homes for hardworking Nevadans—including
for our Tribal and rural communities,” said Senator Cortez Masto.
“This funding is just part of my commitment to working with the
Federal Home Loan Bank system to deliver for the Silver State.
While there is more work to do, I know these resources I secured
will help families, seniors, and Native American families
statewide.”
Six members sponsored projects that received an award from the
Nevada Targeted Fund in 2024. Great Basin Federal Credit Union, a
new member, won their first ever AHP award from the Nevada Targeted
Fund for Sunwood Housing in Lovelock, Nevada, a rehab of an
existing USDA project. United Business Bank, City National, and
Western Alliance Bank won their first Nevada Targeted Fund Award
this year. Previous winners Clearinghouse Community Development
Financial Institution and Wells Fargo National Bank West also
earned awards this year. FHLBank San Francisco launched the AHP
Nevada Targeted Fund, in 2023 and awarded $4.8 million to six
affordable housing projects to create and revitalize 260 units of
affordable housing for Nevadans.
The 2024 AHP Nevada Targeted Fund grants will fund the following
projects in urban, rural and tribal communities:
- Fallon, Nevada; new construction of
homes on tribal land in the Fallon Paiute Shoshone Indian Colony,
in collaboration with Clearinghouse CDFI and Fallon Paiute Shoshone
Tribe.
- Fallon, Nevada; rehabilitation of
Fallon Senior Housing, in collaboration with Clearinghouse CDFI and
American Covenant Senior Housing Foundation Inc.
- Fallon, Nevada; rehabilitation of
Northern Family Housing, in collaboration with Clearinghouse CDFI
and American Covenant Senior Housing Foundation Inc.
- Las Vegas, Nevada; new construction
of Tropicana Trails permanent supportive housing development, in
collaboration with United Business Bank and HELP of Southern
Nevada.
- Laughlin, Nevada; new construction
of Laughlin Senior Apartments, in collaboration with City National
Bank and Wisconsin Partnership for Housing Development.
- Lovelock, Nevada; rehabilitation of
Sunwood Housing, an affordable housing development, in
collaboration with Great Basin Federal Credit Union and American
Covenant Senior Housing Foundation Inc.
- North Las Vegas, Nevada; new
construction of Old Rose Gardens senior housing, in collaboration
with Wells Fargo National Bank West and Southern Nevada Regional
Housing Authority.
- Reno, Nevada; new construction of
The Empowerment Center II transitional housing, in collaboration
with Western Alliance Bank and The Empowerment Center.
- Wadsworth, Nevada; new construction
of Pyramid Lake Paiute Tribe family homes in, in collaboration with
United Business Bank and Pyramid Lake Housing Authority.
“The affordability crisis, whether in urban or rural Nevada,
impacts all of our families, friends, and neighbors,” said Jennifer
Denoo, president and CEO of Great Basin Federal Credit Union (FCU).
“As a proud and active member of FHLBank San Francisco, Great Basin
FCU is honored to receive this AHP award and partner with American
Covenant Senior Housing on the rehabilitation of the Sunwood
Housing community.”
AHP General Fund and Nevada Targeted Fund grants help finance
the development, preservation, and rehabilitation of single-family
and multifamily housing for people in need, including the
chronically unhoused, families, seniors, veterans, at-risk youth,
people living with disabilities and mental health challenges or
overcoming substance abuse. Grants are delivered through FHLBank
San Francisco member institutions partnering with nonprofits and
affordable housing developers to submit applications for grants for
specific projects in an annual funding competition.
Providing resources for affordable housing is a core element of
FHLBank San Francisco’s mission, with a firm commitment to deploy
at least 10% – and up to 15% – of its net income from the prior
year to fund affordable housing and related community investment
programs. Grants are awarded in partnership with the Bank’s member
financial institutions. In addition to the Nevada Targeted Fund
awards, FHLBank San Francisco awarded over $28 million in grants in
the 2023 AHP General Fund competition for projects throughout
California and Arizona. The Bank will announce its full scope of
the 2024 Affordable Housing Grants in early July. Since 1990,
FHLBank San Francisco has contributed over $1.20 billion in AHP
General Fund and Nevada Targeted Fund grants, making them the
largest privately-owned source of affordable housing funding in
their three-state region.
About the Federal Home Loan Bank of 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 — commercial banks, credit unions,
industrial loan companies, savings institutions, insurance
companies, and community development financial institutions —propel
homeownership, finance quality affordable housing, drive economic
vitality, and revitalize whole neighborhoods. Together with our
members and other partners, we are making the communities we serve
more vibrant, equitable, and resilient.
Contact:
Tom Flannigan, tom.flannigan@fhlbsf.com