Latest news with #AHP)GeneralFund
Yahoo
4 days ago
- Business
- Yahoo
Federal Home Loan Bank of San Francisco Releases 2024 Impact Report
SAN FRANCISCO, June 04, 2025 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) today released its 2024 Impact Report, which shines a spotlight on the privately capitalized cooperative wholesale bank's daily support for local financial institution members; $103.3 million in grants awarded for affordable housing, homeownership, and economic development; robust engagement with stakeholders; and a workforce empowered to meet the evolving needs of its members with agility and impact. 'Our 2024 Impact Report demonstrates the value we deliver to our members and the communities they serve,' said Joseph Amato, interim president and CEO of FHLBank San Francisco. 'Because of the financial services we provide to our members every day – including advances and letters of credit – we are able to invest directly in programs and initiatives that strengthen communities by increasing the supply of affordable housing, expanding access to homeownership, and fueling economic growth and opportunity.' In 2024, FHLBank San Francisco partnered with its members to award $103.3 million in grants for housing, economic development programs and other initiatives including: Affordable Housing Program (AHP) General Fund and Nevada Targeted Fund: $61.3 million in grants awarded to create, preserve, or purchase nearly 3,900 affordable housing units. WISH and Middle-Income Downpayment Assistance programs: $31.2 million in matching grants delivered to 791 first-time homebuyers. AHEAD economic development grants: $7.3 million in grants awarded to 84 nonprofits to support innovative, community-based economic development initiatives that strengthen local communities. FHLBank San Francisco members also accessed $1.4 billion in the Bank's discounted advances and letters of credit products to create nearly 1,100 owner-occupied and 2,900 rental housing units and to support other community lending and economic development activities, including funding small business loans. Together with its members – primarily community-based financial institutions – FHLBank San Francisco continues to make a positive impact across its three-state district of Arizona, California, Nevada, and other areas where its members do business. To learn more about how FHLBank San Francisco accomplishes its mission of providing members with reliable access to liquidity, essential financial services and expertise, and resources for housing and community and economic development, download the full 2024 Impact Report at About 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 and resilient. CONTACT: Contact: Mary Long longm@ (415) 616-2556 Chris Hammond hammondc@ (415) 616-3763Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Associated Press
14-04-2025
- Business
- Associated Press
United Bank and Federal Home Loan Bank of Atlanta Award $4.7 Million to Support Affordable Housing in Washington, D.C. and Virginia
WASHINGTON, April 14, 2025 (GLOBE NEWSWIRE) -- United Bank (NASDAQ: UBSI) and the Federal Home Loan Bank of Atlanta (FHLBank Atlanta) announced today an investment of $4.7 million in grant funding, designated for five separate projects that will create 363 new affordable housing units in Washington, D.C. and Virginia. The funding is sourced from FHLBank Atlanta's Affordable Housing Program (AHP) General Fund and administered through United Bank. These funds will go toward the following projects in Washington, D.C.: In Harrisonburg, Va.: Each property will provide residents with high-speed internet and offer education and training services on topics including computer skills, life skills, money management, GED preparation, literacy, and nutrition. 'United Bank has a longstanding history of supporting community development initiatives that provide affordable housing, support low- or moderate-income senior citizens and families, and revitalize communities in meaningful ways,' said Christina Cudney, Corporate Social Responsibility Officer, United Bank. 'These funds from FHLBank Atlanta help us continue to move the needle on pressing challenges faced by our communities to fulfill this ongoing commitment. With the rise in construction costs, several projects in our area had a need for gap funding, and FHLBank Atlanta's grant program is enabling these initiatives to cross the finish line sooner than otherwise possible.' FHLBank Atlanta's General Fund provides grants annually to assist in the acquisition, construction, rehabilitation, or preservation of affordable housing projects. In December 2024, FHLBank Atlanta announced 66 grant recipient winners of its 2024 program, which allocated a total of $55 million to support the development and repair of more than 4,200 affordable housing units. 'It is inspiring to see United Bank's dedication to affordable housing and economic vitality,' said FHLBank Atlanta President and CEO Kirk Malmberg. 'Understanding the growing need for more affordable housing, our members like United Bank are working hand in hand with their local developers and nonprofits to make a lasting impact, and we are honored to see funds from FHLBank Atlanta support such transformational projects.' About United Bank United Bank is a premier community bank headquartered in Greater Washington, D.C. A subsidiary of United Bankshares, Inc. (NASDAQ: UBSI), United has consolidated assets of more than $32 billion with over 240 offices located throughout Virginia, Maryland, West Virginia, North Carolina, South Carolina, Ohio, Pennsylvania, and Georgia, as well as Washington, D.C., where it is the community bank of the nation's capital. The Bank is committed to growing the relationships it has built since 1839 and offering a competitive suite of banking and lending products, treasury management, wealth management, mortgage services, personal and business credit cards, and more. United is also committed to providing excellence in service to the communities throughout its footprint, strategically aligning resources to move the needle on pressing challenges in vital impact areas, including financial literacy, children and education, affordable housing, health, and economic vitality. For more information, visit About Federal Home Loan Bank of Atlanta FHLBank Atlanta offers competitively-priced financing, community development grants, and other banking services to help member financial institutions make affordable home mortgages and provide economic development credit to neighborhoods and communities. The Bank's members—its shareholders and customers—are commercial banks, credit unions, savings institutions, community development financial institutions, and insurance companies located in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, and the District of Columbia. FHLBank Atlanta is one of 11 district Banks in the Federal Home Loan Bank System. Since 1990, the FHLBanks have awarded approximately $9.1 billion in Affordable Housing Program funds, assisting more than 1.2 million households. For more information, visit our website at MEDIA CONTACTS: Federal Home Loan Bank of Atlanta Sheryl Touchton [email protected] United Bank Sameera Jordan [email protected]
