LAS VEGAS – The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) recently announced $4.8 million in affordable housing grants to Nevada-based groups through its newly established Affordable Housing Program (AHP) Nevada Targeted Fund.
This fund – a first of its kind in the country – is an important component of the bank’s AHP and represents a significant commitment to addressing the critical shortage of affordable housing throughout Nevada. The grants will be distributed to six qualified projects to create or revitalize over 260 units of affordable housing throughout the state.
The 2023 AHP Nevada Targeted Fund is partnering with Nevada Bankers Association member banks, including Bank of Nevada, Wells Fargo and Toyota Financial Savings Bank, to fund:
· New construction of Orovada Street Senior Apartments in Reno, in collaboration with member Wells Fargo National Bank West and Silver Sage Manor, Inc.
· New construction of The Golden Rule Senior Apartments Phase 1 in Las Vegas, in collaboration with member Toyota Financial Savings Bank, participating in the AHP for the first time, and Neighborhood Housing Services of Southern Nevada.
· New Construction of Pioche Apartments in Pioche, Nevada, in collaboration with member Wells Fargo National Bank West and Nevada Rural Housing Authority.
· New Construction of Rome South 2 Senior Apartments in North Las Vegas, in collaboration with member Bank of America California, NA, and Nevada H.A.N.D., Inc.
· Rehabilitation of Hullum Homes, a public housing development in Las Vegas, in collaboration with member Wells Fargo National Bank West and the Southern Nevada Regional Housing Authority.
This year marks the inaugural year for the Nevada Targeted Fund, which was created through collaboration with U.S. Sen. Catherine Cortez Masto of Nevada to combat the critical affordable housing crisis throughout the state.
According to the National Low Income Housing Coalition, Nevada tops the national list as the state with the highest percentage (21%) of extremely low-income households earning 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.
“With housing prices and rents continuing to rise, we need to be building more affordable housing and making sure every Nevadan can access a safe place to live,” Cortez Masto said. “I fought to make sure we got our fair share of support, and I will continue to make sure our state has the support we need to help more Nevada families buy homes and expand Nevada’s supply of affordable housing.”
Compared to the $4.8 million awarded to the Nevada Targeted Fund this year, $1.9 million was granted in 2022, with zero dollars awarded in 2021.
About Nevada Bankers Association
NBA is the united voice of Nevada’s diverse banking and trust company industry. Members are dedicated to providing the best financial products, services and resources to drive and support economic growth, job creation and prosperity throughout Nevada. Visit www.nvbankers.org.
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