Latest news with #FederalHomeLoanBankofSanFrancisco
Business Upturn
4 days ago
- Business
- Business Upturn
FHLBank San Francisco Invests $10 Million to Preserve Affordable Housing in Arizona
SAN FRANCISCO, Aug. 12, 2025 (GLOBE NEWSWIRE) — The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) today announced a $10 million investment in a Freddie Mac bond issuance that will support the continuing affordability of 436 housing units for low-income residents in Phoenix. 'We are proud to be able to support these much-needed affordable housing units by investing in mission-consistent securities that benefit people and communities in our region,' said Joe Amato, interim president and CEO of FHLBank San Francisco. 'Consistent with our commitment to provide reliable low-cost liquidity to our members and deliver resources to support affordable housing and community investment, we will continue to seek opportunities to invest in preserving the affordability of housing in Arizona and in other communities we and our members serve.' FHLBank San Francisco's $10 million investment to support affordable housing in Phoenix follows other significant investments to help develop affordable housing in its region, including $6.7 million in Affordable Housing Program (AHP) grants recently awarded for projects in Arizona that will create over 200 units of housing for lower-income families and individuals across the Copper State in Flagstaff, Prescott, Tucson, and at two sites on the Tohono O'odham Nation Reservation. These grants are part of the nearly $50 million in AHP grants awarded in the 2025 funding competition through the AHP General Fund and the AHP Nevada Targeted Fund. According to the 'State of Housing in Arizona Report' from Arizona State University, rents in Arizona increased by 72% from 2010 to 2022. To afford a two bedroom home, minimum wage workers would need to work 86 hours per week or have more than two full-time jobs to cover costs. Furthermore, the report showed that in 2022, nearly half of all renters in Arizona were cost-burdened, the highest percentage of cost-burden since 2010. The 'State of Housing in Arizona Report' was released in 2024 and funded through an award by the U.S. Department of Housing and Urban Development. FHLBank San Francisco partners with its member financial institutions to support affordable housing initiatives throughout its three-state region of Arizona, California, Nevada, and other areas where its members do business. Since the AHP was created in 1990, FHLBank San Francisco has awarded over $1.4 billion in AHP grants to support the construction, rehabilitation, or purchase of over 155,000 homes affordable to lower-income households. 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 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:Tom Flannigan [email protected]
Yahoo
11-07-2025
- Business
- Yahoo
FHLBank San Francisco Awards $5.1 Million in Grants for Affordable Housing in Nevada
Grants from the Nevada Targeted Fund will add over 270 units of affordable housing in the Silver State SAN FRANCISCO, July 10, 2025 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) today announced $5.1 million in affordable housing grants awarded to Nevada-based affordable housing developers through its Affordable Housing Program (AHP) Nevada Targeted Fund. The grants are being awarded to five projects in Nevada that will collectively create over 270 units of new affordable housing throughout the state. 'The shortage of affordable housing is one of the most pressing challenges our country faces, and the need is especially acute in Nevada,' said Joseph E. Amato, interim president and CEO of FHLBank San Francisco. 'As one of the nation's least densely populated states, Nevada is home to a wide range of communities — urban, rural, and tribal — all experiencing significant housing challenges. We're proud to support five impactful projects across the state that will help address this crisis and expand access to affordable housing.' This year marks the third year of 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. To address the dire need in Nevada, FHLBank San Francisco launched the Nevada Targeted Fund, the first state-targeted fund in the FHLBank System, to specifically fund affordable housing projects in Nevada. According to the National Low Income Housing Coalition, the supply of affordable and available rental homes in Nevada is 17 for every 100 extremely low-income renter households. Nevada is the state with the most extremely low-income households in the nation, earning between 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. 'I appreciate that the Federal Home Loan Bank of San Francisco continues to support the Nevada Targeted Fund,' said Senator Cortez Masto. 'I'm proud of the partnership that we have built with the Bank to address housing needs in the Silver State, and I will continue to seek opportunities for the FHLBank to use its resources to meet more of our housing and community development needs.' AHP General Fund and Nevada Targeted Fund grants help finance the development, preservation, or purchase of affordable multifamily and single-family 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. The 2025 AHP Nevada Targeted Fund grants will fund the following five new construction projects across Nevada: Reno: Truckee Meadows Housing Solutions' Gen Den Intergenerational Housing will create an intergenerational community with 10 new units, in collaboration with FHLBank San Francisco member Clearinghouse CDFI. North Las Vegas: Foresight Housing Partners' PuraVida Senior Living will construct 74 new affordable apartment units that prioritize accessibility and ADA compliance for very-low-income seniors, in collaboration with FHLBank San Francisco member Town and Country Bank. Las Vegas: Nevada H.A.N.D., Inc.'s Southern Pines Apartments will create 48 new units of housing for families and individuals with on-site social services and recreational programs, in collaboration with FHLBank San Francisco member Wells Fargo National Bank West. Las Vegas: Walter Hoving Home, Inc.'s Las Vegas Expansion project will create a new residential recovery facility for women and families, in collaboration with FHLBank San Francisco member City National Bank. Las Vegas: Blind Center of Nevada's Visions Park will provide new critical housing for the blind and visually impaired, in collaboration with FHLBank San Francisco member Western Alliance Bank. 'At Western Alliance Bank, we are honored to play a role in increasing affordable housing options for people in communities across our national footprint,' said Aidan Tracey, assistant vice president of portfolio management for Western Alliance Bank's Affordable Housing Investments Group. 'Visions Park is an exciting opportunity to create and sustain innovative supportive housing for people who are visually impaired. We are pleased that we could work with the Federal Home Loan Bank of San Francisco and support the Blind Center of Nevada in bringing this project to life to make Las Vegas a better place to live for those with vision loss.' In 2025, FHLBank San Francisco awarded nearly $50 million in AHP grants, including funding from its 2025 AHP General Fund for projects in California and Arizona, and from its 2025 Nevada Targeted Fund for projects in Nevada. Since 1990, FHLBank San Francisco has awarded over $1.4 billion in grants for the construction, preservation, or purchase of nearly 155,000 affordable housing units. Collectively, the FHLBanks are one of the largest sources of private sector grants for affordable housing in the country, providing approximately $8.3 billion in grant funding for affordable housing and helping more than one million households purchase or preserve a home since 1990. Providing resources for affordable housing is central to FHLBank San Francisco's mission, with at least 10% of the Bank's net income from the prior year committed to fund affordable housing and related community investment programs. Where AHP projects are developed, local economies also get a boost, as these projects create jobs, increase construction and consumer spending, and generate new tax revenues. Learn more about the communities, families, and individuals that have benefited from access to AHP-funded housing on the Bank's website. 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: Tom 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
Yahoo
04-06-2025
- 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
28-03-2025
- Business
- Associated Press
American Business Bank Supports Seven Local Charities Serving LA Fire Victims
LOS ANGELES--(BUSINESS WIRE)--Mar 28, 2025-- AMERICAN BUSINESS BANK ( OTCQX: AMBZ) donates $70,000 to seven non-profit organizations serving the communities directly affected by the recent Southern California fires in January. The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) contributed an additional $50,000 in matching funds, bringing American Business Bank's donation total to $120,000. The organizations benefitting from these donated funds include the American Red Cross, Baby2Baby, California Fire Foundation, Habitat for Humanity Los Angeles Rebuild LA Fund, Hope the Mission, LA Fire Department Foundation, and the Pasadena Community Foundation. These organizations provide support to residents who suffered losses from the Palisades and Eaton fires. 'It was an innate response for the Bank and its staff to extend support to the affected communities, and through the wonderful work by these organizations, we are grateful to be part of their efforts to help victims rebuild and recover from such horrible disasters,' said Leon Blankstein, Chief Executive Officer and Director of American Business Bank. American Business Bank is proud to be associated with all seven of these nonprofits and support their impact for relief from the devastation of the Southern California Wildfires. The funds provided make it possible for these charities to respond within 48 hours of the crisis. 'It is this kind of responsiveness that aligns with ABB's core values,' stated Bruce Gumbiner, SVP and CRA Officer of American Business Bank. 'We are thankful to all of the first responders for their bravery and perseverance in battling the devastating wildfires in Southern California that destroyed over 10,000 homes and displaced tens of thousands of people,' said Joe Amato, interim president and CEO, and chief financial officer with FHLBank San Francisco. 'As the region begins a lengthy rebuilding effort, we will continue to partner with our members, including American Business Bank, to work with community stakeholders to deliver much needed grants and funding to local organizations that serve a vital role in local community relief and recovery efforts.' Additionally, American Business Bank staff members extended their support with a Teddy Bear Drive event. Staff collectively donated 270 teddy bears to the children affected by the Los Angeles fires. Staff members personally delivered the bears to two schools in the Eaton and Palisades communities. Many children in these communities lost their belongings due to the fires and through this special contribution the children can find comfort and healing from their new teddy bear. 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 — 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. ABOUT AMERICAN BUSINESS BANK American Business Bank provides a full spectrum of financial solutions for businesses and nonprofit organizations and has specialists to help companies manage cash flow, financial growth and assist with business solutions. American Business Bank, headquartered in downtown Los Angeles, offers a wide range of financial services to the business marketplace. Clients include wholesalers, manufacturers, service businesses, professionals, and non-profits. American Business Bank has eight Loan Production Offices in strategic locations including: North Orange County in Anaheim, Orange County in Irvine, South Bay in Torrance, San Fernando Valley in Woodland Hills, Riverside County in Corona, Inland Empire in Ontario, LA Coastal in Long Beach and San Diego. EVP/CFO (213) 430-4000 SOURCE: American Business Bank Copyright Business Wire 2025. PUB: 03/28/2025 09:05 AM/DISC: 03/28/2025 09:06 AM
Associated Press
17-03-2025
- Business
- Associated Press
Nevada Governor Lombardo Applauds FHLBank San Francisco's $10 Million Affordable Housing Investment in the Silver State
SAN FRANCISCO, March 17, 2025 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) is deepening its commitment to increasing access to affordable housing and homeownership by investing in Nevada Housing Division Mortgage Revenue Bonds. Nevada Governor Joe Lombardo celebrates FHLBank San Francisco's investment in the 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 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
