The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) has awarded $9.4 million in grants to nine affordable housing developments in Nevada.
This marks the second year for the Affordable Housing Program (AHP) Nevada Targeted Fund, which saw a 94% increase in funding over the 2023 cycle. The grants will help create or rehabilitate more than 600 units of affordable housing throughout the state.
“The lack of affordable housing supply is one of the most challenging issues our country faces today, and this shortage is particularly acute in Nevada,” said Alanna McCargo, president and CEO of FHLBank San Francisco. “Nevada faces a unique set of challenges as one of the least populated states with a diverse array of communities from urban, rural, and tribal communities that are all in dire need of affordable housing. We are pleased to be able to nearly double the amount of targeted grant funding this year and deploy resources to nine projects across the state that will have a meaningful impact on mitigating the affordable housing crisis.”
FHLBank San Francisco and other Federal Home Loan Banks are required to contribute a minimum of 10% of their income to its AHP. The grants are awarded in partnership with the bank’s member financial institutions.
The Nevada Targeted Fund is the first of its kind that targets affordable housing projects in a single state. To build the program, FHLBank San Francisco granted $850,000 to the Nevada Housing Coalition to better position developers.
The latest Nevada Targeted Fund awards will support:
· The new construction of homes on tribal land in the Fallon Paiute Shoshone Indian Colony in Fallon, in collaboration with Clearinghouse CDFI and Fallon Paiute Shoshone Tribe;
· The rehabilitation of Fallon Senior Housing in Fallon, in collaboration with Clearinghouse CDFI and American Covenant Senior Housing Foundation;
· The rehabilitation of Northern Family Housing in Fallon, in collaboration with Clearinghouse CDFI and American Covenant Senior Housing Foundation;
· The construction of Tropicana Trails permanent supportive housing development in Las Vegas, in collaboration with United Business Bank and HELP of Southern Nevada
· The construction of Laughlin Senior Apartments in Laughlin, in collaboration with City National Bank and Wisconsin Partnership for Housing Development;
· The rehabilitation of Sunwood Housing, an affordable housing development in Lovelock, in collaboration with Great Basin Federal Credit Union and American Covenant Senior Housing Foundation;
· The construction of Old Rose Gardens senior housing in North Las Vegas, in collaboration with Wells Fargo National Bank West and Southern Nevada Regional Housing Authority;
· The construction of The Empowerment Center II transitional housing in Reno, in collaboration with Western Alliance Bank and The Empowerment Center; and
· The construction of Pyramid Lake Paiute Tribe family homes in Wadsworth, in collaboration with United Business Bank and Pyramid Lake Housing Authority.
FHLBank San Francisco expects to announce its full scope of the 2024 affordable housing grants in early July.
