Latest news with #NevadaTargetedFund
Business Wire
06-08-2025
- Business
- Business Wire
Western Alliance Bank Teams with FHLBank San Francisco to Award $1.25 Million Affordable Housing Grant to Blind Center of Nevada
PHOENIX--(BUSINESS WIRE)-- Western Alliance Bank has teamed with Federal Home Loan Bank of San Francisco (FHLBank San Francisco) to deliver a $1.25 million Affordable Housing Program (AHP) Nevada Targeted Fund grant to the Blind Center of Nevada to create 100 units of supportive housing in downtown Las Vegas. Western Alliance Bank Teams with FHLBank San Francisco to Award $1.25 Million Affordable Housing Grant to Blind Center of Nevada Western Alliance Bank successfully supported the Blind Center of Nevada's Visions Park project in securing the maximum grant funding available from FHLBank San Francisco's 2025 AHP Nevada Target Fund. This project was one of only five selected statewide for this year's targeted funding. Visions Park is a 100-unit permanent supportive housing project directly adjacent to the Blind Center's facility near the intersection of Washington Avenue and Bruce Street. The project will serve those who are blind and visually impaired with income at or below 40% of Area Median Income (AMI). 'It is extremely gratifying to see this meaningful project come to life to address the critical need for affordable housing in Nevada, particularly for individuals living with disabilities,' said Aidan Tracey, assistant vice president of portfolio management for Western Alliance Bank's Affordable Housing Finance Group. 'We could not be happier to play a role in bringing this project to fruition to provide safe, quality housing for Nevadans who are blind or have visual impairment.' Visions Park broke ground last September and is scheduled to open in early 2026. 'Visions Park is the first of its kind in the United States — a supportive housing development located directly adjacent to the Blind Center of Nevada,' said Todd Imholte, president and CEO of the Blind Center of Nevada. 'Not only does it provide essential housing, it empowers our clients and residents to easily access the services to help them reach their highest potential.' FHLBank San Francisco's member financial institutions work in partnership with community-based housing developers to compete for AHP General Fund or Nevada Targeted Fund grants by submitting applications for specific projects in an annual funding competition. According to The Gap 2024, a yearly report compiled by the National Low Income Housing Coalition, Nevada is experiencing a significant affordable housing shortfall, with just 14 affordable homes per 100 households. To address the dire need in Nevada, FHLBank San Francisco launched the Nevada Targeted Fund in 2023. AHP grants contribute to the development, preservation or purchase of multifamily and single-family housing that serves people in need, including lower-income families, the chronically unhoused, families, seniors, veterans, at-risk youth, people living with disabilities and mental health challenges or overcoming substance abuse, and many others. 'We continue to make meaningful investments to address the affordable housing crisis across Arizona, California and Nevada,' said Joseph E. Amato, interim president and CEO of FHLBank San Francisco. 'This funding for the Blind Center of Nevada, delivered in partnership with our member Western Alliance Bank, is an example of our work to expand the supply of housing that delivers critical support services to individuals and families who need it most.' About Western Alliance Bank With more than $85 billion in assets, Western Alliance Bancorporation is one of the country's top-performing banking companies. Its primary subsidiary, Western Alliance Bank, Member FDIC, offers a full spectrum of tailored commercial banking solutions and consumer products, all delivered with outstanding service by banking and mortgage experts who put customers first. Major accolades include being ranked as a top U.S. bank in 2024 by American Banker and Bank Director and receiving #1 rankings on Extel's (formerly Institutional Investor's) All-America Executive Team Midcap Banks 2024 for Best CEO, Best CFO and Best Company Board of Directors. Serving clients across the country wherever business happens, Western Alliance Bank operates individual, full-service banking and financial brands with offices in key markets nationwide. For more information, visit Western Alliance Bank. 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 and resilient. About the Blind Center of Nevada Founded in 1955, the Blind Center of Nevada is a 501(c)(3) nonprofit organization dedicated to helping individuals who are blind or visually impaired reach their highest potential. Located in Las Vegas, the Center provides a full range of services including independent living training, culinary training, job skills development, assistive technology education, and social enrichment programs. Through innovative programs like its electronics recycling and its events enterprises, the Blind Center creates employment opportunities for members while generating sustainable revenue to fund its mission. The organization serves hundreds of Nevadans each year and is a national model for nonprofit innovation and inclusion. To learn more, visit
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
