The Federal Home Loan Bank of San Francisco recently awarded $32.5 million in Affordable Housing Program (AHP) grants while the FHLBank of New York awarded $29.7 million in funds.

In its first round of the 2010 competition, the FHLBank of San Francisco approved awards to 60 projects in Arizona, California, Illinois, Nevada, Oklahoma, Texas, and Washington that will produce or preserve 3,375 affordable housing units.

The FHLBank of New York awarded AHP funds to create or rehabilitate 54 projects with 2,917 affordable units throughout New Jersey, New York, Connecticut, Delaware, Maryland, and Pennsylvania.

The FHLBanks set aside 10 percent of their annual net income to support the program. For 20 years, it has been a key source of gap financing for affordable housing developers.