Thirty-four projects have been selected to receive $16.5 million in Affordable Housing Program (AHP) grants from the Federal Home Loan Bank of San Francisco.
The developments will create or preserve 1,573 affordable housing units in Arizona, California, Colorado, Idaho, and Illinois.
The awards are from the first round of the bank’s 2012 funding competition.
Individual grants ranged in size from $15,000 to $1 million, with three developments each receiving the largest awards.
Affordable Housing Associates will use its $1 million grant for its 102-unit Jefferson Oaks Apartments in Oakland, Calif. The nonprofit is rehabilitating two adjacent 100-year-old hotel properties to create apartments for low-income households. The member bank taking part in the AHP award is Silicon Valley Bank.
Western Community Housing, Inc., also received a $1 million award that it will use for the Metro at Hollywood Senior Apartments, a 120-unit development in Los Angeles. The member bank is First Republic Bank.
Volunteers of America of Los Angeles will use its $1 million in AHP funds for the first phase of its 168-unit Ballington Plaza project. The organization will rehabilitate a Los Angeles Skid Row development for transitional and permanent housing. Bank of the West is the participating member bank.
Federal Home Loan Banks set aside 10 percent of their net earnings for the AHP program. Since 1990, FHLBank of San Francisco has awarded more than $725 million in AHP subsidies to produce nearly 105,000 units of affordable housing.