The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) has awarded $49.7 million to support 31 affordable housing developments across Arizona, California, and Nevada.
The Affordable Housing Program (AHP) grants will create more than 2,050 affordable homes 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, FHLBank San Francisco interim president and CEO. “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—22 in California and four in Arizona—collectively producing over 1,780 affordable housing units.
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 needed affordable housing communities.
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 child care, 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; and
- $10.4 million for tribal-led projects to create six developments, five in California and one in Arizona, that will create 191 affordable housing units to serve seniors, the formerly unhoused, and low-income families. These developments will also include shared community spaces and access to supportive services.
AHP 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.
Since 1990, FHLBank San Francisco has awarded over $1.4 billion in grants for the construction, preservation, or purchase of nearly 155,000 affordable housing units.