Nevada Governor Lombardo Applauds FHLBank San Francisco's $10 Million Affordable Housing Investment in the Silver State
'Attainable homeownership for all Nevadans is one of my highest priorities and we can't do this alone,' said Governor Lombardo. 'The partnership and commitment of FHLBank San Francisco through this investment will give stability to many of Nevada's essential workers.'
This $10 million investment strengthens FHLBank San Francisco's efforts to support low- and moderate-income homebuyers in the state of Nevada, which include downpayment assistance grant programs to support homebuyers.
'Our investment in Nevada Housing Division Mortgage Revenue Bonds allows us to reinforce our commitment to safe, affordable homes in Nevada while also delivering on our mission to provide reliable, low-cost liquidity and community investment resources to our member financial institutions,' said Joe Amato, interim president and CEO of FHLBank San Francisco. 'By working together with the Nevada Housing Division, we can strengthen communities in Nevada, foster economic growth and create a more vibrant and resilient future for all.'
Supporting Home Affordability in Nevada
Nevada has a severe shortage of affordable homes. The demand for more housing supply in the state has made it more difficult for Nevada residents to keep up with the housing market – both in buying and renting. The Nevada Housing Division Mortgage Revenue Bonds are highly rated investment securities (AA+ rating from S&P) backed by single-family mortgage-backed securities (MBS) that facilitate homeownership by supporting loans designed specifically for Nevada households aspiring to own a home.
'The Federal Home Loan Bank of San Francisco is uniquely positioned to address affordability issues for homebuyers in Nevada,' said Stephen Aichroth, Administrator of the Nevada Housing Division. 'We thank the Bank for their confidence in the Nevada Housing Division and their commitment to affordable homeownership for Nevadans.'
FHLBank San Francisco is dedicated to supporting housing initiatives throughout its three-state region of Arizona, California, and Nevada. Since the Affordable Housing Program (AHP) was created in 1990, FHLBank San Francisco has awarded over $1.38 billion in AHP grants to support the construction, rehabilitation, or purchase of over 155,000 homes affordable to lower-income households, including $61.8 million in 2024 alone. Together, the 11 regional FHLBanks that make up the Federal Home Loan Bank System are one of the largest privately capitalized sources of grant funding for affordable housing in the United States.
About the Nevada Housing Division
The Nevada Housing Division, a division of the Department of Business and Industry, was created by the Nevada Legislature in 1975, with a mission to provide affordable housing opportunities and improve the quality of life for Nevada residents. They connect Nevadans with homes by providing financing to developers to build affordable housing, innovative mortgage solutions and down payment assistance programs and making homes more energy efficient, thereby lowering utility expenses. To learn more, visit http://housing.nv.gov.
About the Federal Home Loan Bank of San Francisco
The Federal Home Loan Bank of San Francisco is a member-owned cooperative supporting local lenders in Arizona, California, and Nevada to 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 neighborhoods. Together with our members and other partners, we are making the communities we serve more vibrant and resilient. To learn more, visit www.fhlbsf.com.
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