The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) announced $49.7 million in Affordable Housing Program (AHP) grants from its General Fund and Nevada Targeted Fund to support 31 developments across Arizona, California, and Nevada, creating more than 2,050 units of affordable housing throughout the bank’s three-state region.
“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, delivered in partnership with our local member financial institutions, supports housing affordability solutions in urban centers, rural areas, tribal lands, and communities in need. We are helping to expand the housing supply and deliver critical support services to individuals and families who need it most.”
This year’s AHP General Fund awards will deliver $44.6 million in funding for 26 projects, with 22 in California and four in Arizona, collectively producing over 1,780 affordable housing units across the two states. In addition to the AHP General Fund Awards, the AHP Nevada Targeted Fund will deliver $5.1 million for five projects to create 273 affordable units in Nevada. In total, 16 FHLBank San Francisco member financial institutions will partner with 27 nonprofits and affordable housing developers to create the much-needed affordable housing units. These grants underscore FHLBank San Francisco’s ongoing commitment to addressing the housing crisis in Arizona, California and Nevada – three states facing some of the most severe affordable housing shortages in the nation.
“Everyone deserves a safe, secure and affordable place to live. But right now, we have a housing crisis that’s impacting families across the nation,” said U.S. Rep. Juan Vargas (CA-52). “As we continue to fight for policies that increase our housing supply and lower costs, I’m glad to see investments like this to expand access to affordable housing.”
According to a report compiled by the National Low Income Housing Coalition, the U.S. is experiencing a significant affordable housing shortfall with only 35 affordable and available homes for every 100 extremely low-income households nationwide. In FHLBank San Francisco’s region of Arizona, California, and Nevada, this shortfall is exacerbated. Currently, Arizona and California have only 25 and 24 affordable and available homes, respectively, for every 100 extremely low-income households. Nevada faces the nation’s most severe affordable housing shortage, with only 17 affordable and available homes for every 100 extremely low-income households in need. To address the dire need in Nevada, FHLBank San Francisco launched the Nevada Targeted Fund in 2023, the first targeted fund in the FHLBank System, to specifically fund affordable housing projects in Nevada. Since its inception, the Nevada Targeted Fund has awarded over $19 million in grants to create more than 1000 units of affordable housing throughout the state.
Grants from the AHP General Fund and Nevada Targeted Fund help finance the development, preservation, and purchase of multifamily and single-family housing for people in need, including the chronically unhoused, low-income families, seniors, veterans, at-risk youth, and individuals living with disabilities and mental health challenges or recovering from substance abuse. These grants are awarded through an annual competitive application process, in which FHLBank San Francisco members institutions partner with nonprofit organizations and affordable housing developers to submit project proposals. AHP-funded projects represent a wide range of strategies and solutions, from historic preservation and adaptive reuse to new construction and rehabilitation.
Highlights of the 2025 AHP funding competition include:
- More than $10 million awarded to six developments that will incorporate affordable housing with mixed-use spaces for childcare, job training, community-serving organizations and small local businesses.
- Six new communities that will be developed on underutilized government-owned land, including three that are part of California’s Excess Sites program. These efforts are made possible through partnerships with state and local governments.
- $10.4 million for Tribal-led projects to create six developments, five in California and one in Arizona, that will create a total of 191 units of affordable housing to serve seniors, the formerly unhoused and low-income families. These developments will also include shared community spaces and access to supportive services.
