Affordable Housing Program Funds In Play In San Francisco

Posted by Orb Staff on April 17, 2009 No Comments
Categories : Residential Mortgage

deral Home Loan Bank of San Francisco (FHLBank San Francisco) helped celebrate the grand opening of the Abbey Apartments, a new building that will provide 113 housing units for low-income, homeless or disabled men and women in downtown Los Angeles. FHLBank San Francisco provided the project with $1 million in grants from its Affordable Housing Program (AHP). FHLBank San Francisco worked with Citibank to support the Abbey Apartments project, which was developed by the Skid Row Housing Trust. At the opening ceremony, Lawrence H. Parks, FHLBank San Francisco's senior vice president for external and legislative affairs, cited the importance of public-private partnerships at a time when the nation's economy is struggling and funding for expanding the supply of affordable housing is drying up. "It has become increasingly difficult for community developers to secure funding for projects like Abbey Apartments, which are badly needed in many communities," Parks said. "FHLBank San Francisco is proud to be a resource for communities seeking to address those needs. Last year, our AHP grants contributed $79.6 million to projects that will help expand the supply of affordable housing, and we are pleased that our AHP grants have contributed to this worthy development." SOURCE: FHLBank San Fr

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