FHLB of San Francisco gives out $28 million in affordable housing funds

The Federal Home Loan Bank of San Francisco awarded Affordable Housing Program funds to cities in seven states Wednesday. The government-sponsored banking cooperative gave out $28.4 million toward 45 different projects that “address the diverse housing needs of communities,” including several apartment complexes and senior living centers. The funds will create and preserve an estimated 2,787 housing units targeted for lower-income individuals and families in Arizona, California, Nevada, Illinois, Texas, Pennsylvania and Washington. “We are pleased that such a diverse group of bank members, large and small, continues to make use of the valuable resource our AHP has become for their communities, especially in light of current threats to other sources of funding,” said Jim Yacenda, vice president and community investment officer at FHLB San Francisco. Every year the bank sets aside 10% of its net income to fund affordable housing. The FHLB San Francisco announced the first round of 2011 grantees Wednesday, but said more funds will be disbursed in the future. The bank has awarded a total $662 million in AHP funds since 1990. See a full list of cities that received grants below: Write to Christine Ricciardi. Follow her on Twitter @HWnewbieCR.