$4.4 Million in Grants Headed To SF via Federal Home Loan Bank of SF
The Federal Home Loan Bank of San Francisco announced on January 14th 2008 it was providing over $4 million in Affordable Housing Project grants that are expected to go towards creating nearly 600 units of affordable housing in the area. The funding is reserved for affordable housing sites throughout Nancy Pelosi’s pork craving 8th District, including SF’s Polk & Geary Senior Housing, the 47 unit Zygmundt Arendt Senior House at 850 Broderick, as well as projects at 275 10th St. and 53 Columbus Ave amongst others. Complete list of sites, and factoids provided by the people intent on spending yer tax dollars below the fold…
pic: The Zygmundt Arendt House project was spearheaded by SF’s Department of Human Services, and the photo courtesy Community Housing Partnership (CHP) who are now in charge. The project is named after a Polish immigrant & railroad worker who died in 1998 and left approx 6 million in stocks & real estate to build housing for the poor.
Since 2000, Pelosi’s 8th Congressional District has received a total of almost $24 million dollars in affordable housing projects that have helped finance 45 projects to create 4,441 new rental units and 15 owner-occupied units.
Unique projects awarded grants in 2007 include the 275 10th Street Supportive Housing facility and Octavia Court in San Francisco. The 275 10th Street Supportive Housing facility will provide housing for 134 very low-income homeless individuals w/ seven fully ADA-accessible units, as well as units for visually and hearing-impaired residents. The Octavia Court project promotes independent living for people with developmental disabilities including space for a vocational arts program, with a gallery and studios.
Projects funded this year in Speaker Pelosi’s home district include:
– 275 10th Street Supportive Housing (San Francisco County)
– Octavia Court (San Francisco County)
– 53 Columbus Avenue (San Francisco County)
– Civic Center Residence (San Francisco County)
– Mason Street Housing (San Francisco County)
– Polk and Geary Senior Housing (San Francisco County)
– Zygmundt Arendt House (San Francisco County)
The Federal Home Loan Bank of San Francisco is a gov’t sponsored enterprise that delivers low-cost funding and other services that help member financial institutions make home mortgage loans and provide credit to support communities and ‘hoods in need.
The Bank is part of 12 banks in the FHLBank System, owned by over 8,100 financial institutions from all 50 states, U.S. possessions, and territories. Created in 1932 during the depression, the FHLBank System, was created during in order to provide funds to savings and loan (thrift) institutions to make mortgages more affordable. The FHLBs are supposed to fund community investment programs that help members create affordable housing and promote community economic development. The Banks members — its shareholders and customers — are commercial banks, credit unions, savings institutions, thrift and loans, and insurance companies headquartered in Arizona, California, and Nevada.
Other banks in the FHLB system are :
* Federal Home Loan Bank of Atlanta
* Federal Home Loan Bank of Boston
* Federal Home Loan Bank of Chicago
* Federal Home Loan Bank of Cincinnati
* Federal Home Loan Bank of Dallas
* Federal Home Loan Bank of Des Moines
* Federal Home Loan Bank of Indianapolis
* Federal Home Loan Bank of New York
* Federal Home Loan Bank of Pittsburgh
* Federal Home Loan Bank of Seattle
* Federal Home Loan Bank of Topeka
Clip from a similar recent Nevada announcement in which politicos, developers & FHLB all helped break ground on a 10,800 Sq. Ft “Rescue Mission” in Las Vegas that promises job training to those willing to receive the Gospel of Jesus Christ.
Meanwhile back in SF, the AHP helps to provide moderate and low-income families with access to broader housing options, said Lawrence H. Parks, Senior Vice President, Legislative and External Affairs, FHLBank San Francisco.
Parks, who served on the staff on the late Ron Brown, holds a law degree from Yale, and prior to that graduated from Temple University.
“With the help of Speaker Pelosi and our member institutions, we are helping to ensure that families and individuals of all income levels have access to affordable housing in San Francisco.”
Parks said the support provided by the AHP was particularly important during the current downturn in the housing markets.
The Federal Home Loan Bank system is doing what it was designed to do — providing stability and support to the housing markets, particularly in tough economic times, Parks said.
Designed as a flexible, competitive funding source, the AHP provides grants and below-market loans to develop and rehabilitate single-family and multifamily projects targeting very low- to moderate-income households. Member financial institutions, in partnership with community-based housing sponsors, submit applications for specific projects and programs twice a year. Since the programs inception in 1990, the Federal Home Loan Bank of San Francisco has awarded approximately $460 million, which has assisted in the development of more than 80,000 units of quality affordable housing in Arizona, California, Nevada, and other areas served by its member institutions.
SOURCES: Federal Home Loan Bank of San Francisco, Wikipedia, SF Gate