FHLBank of San Francisco Provides $49M for Calif. Affordable Housing
By Nick Trombola July 11, 2024 2:35 pm
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A new tranche of private funding is on the way for select California affordable housing projects.
The Federal Home Loan Bank of San Francisco (FHLBank), in partnership with other regional banks, is providing $49.3 million in grants to housing developers throughout the state via its Affordable Housing Program General Fund. The funds will be split between nearly 50 multifamily projects in California, 14 of which are in the Greater Los Angeles region, and will create 3,105 units of affordable housing throughout the state.
Although not a federal agency, the FHLBank system was created by Congress in the 1930s as a privately funded cooperative to support community development and mortgage lending.
“The affordable housing crisis affects countless families and individuals living in urban, populous cities, rural, tribal communities, and many places in between,” Alanna McCargo, FHLBank San Francisco president and CEO, said in a statement. “We are pleased to be able to nearly double the amount of grant funding this year … [which] will have a meaningful impact on mitigating the affordable housing crisis, increasing the housing supply and providing much-needed help for those in need.”
Over $12 million will go toward projects in L.A., Orange, Riverside and Ventura counties, such as the 98-unit Laurel Grove development in Whittier and the 90-unit Corazon del Valle in Panorama City, both developed by Holos Communities; the 71-unit Aloe Palm Canyon in Palm Springs, developed by West Hollywood Community Housing; and the 65-unit Santa Angelina project in Placentia, developed by National Community Renaissance of California.
“While more investments are needed to increase housing supply, this new round of funding is a step in the right direction to address the affordable housing and homelessness crisis that affects millions of Californians every day,” California Sen. Alex Padilla said in a statement.
The L.A. County Board of Supervisors is also awarding new funds for affordable housing development. The county recently awarded Venice Community Housing up to $65 million for its Sankofa Place at Centinela project in Inglewood. That development will feature 120 low-income designated units, as well as an 18,000-square-foot programming headquarters for the Social Justice Learning Institute.
Nick Trombola can be reached at NTrombola@commercialobserver.com.
