Rep. Grijalva and Federal Home Loan Bank of San Francisco Announces $4.7 Million in 2007 Affordable Housing Grants

Tucson, AZ – Rep. Raul M. Grijalva, along with the Federal Home Loan Bank of San Francisco (FHLBank San Francisco), announced today that more than $4.7 million in Affordable Housing Program (AHP) grants have been awarded to housing projects throughout Yuma, Pima and Maricopa counties, funding nine projects expected to generate 432 new affordable housing units.

“The Federal Home Loan Bank of San Francisco continues to be an important partner in increasing the supply of affordable homes and rental units. The AHP projects are examples of effective public-private collaborations,” said Rep. Grijalva. “I applaud their ongoing efforts and look forward to our continued partnership to ensure that more families have quality affordable housing options.”

Since 2001, the 7th Congressional District has received a total of almost $20 million dollars in affordable housing projects that have helped finance 43 projects to create 1,034 new rental units and 750 owner-occupied units.

Unique projects awarded AHP grants include South Tucson Family Housing complex in South Tucson City and the Avondale Haciendas in Avondale. The South Tucson Family Housing project will provide down payment assistance for low-income homebuyers. The project is a larger part of the city’s attempt to reduce gentrification and economically stabilize the community. The Avondale Haciendas will provide much-needed low-income housing to seniors in Maricopa County.

Projects funded this year in Rep. Grijalva’s district include:

– Yuma Senior Terraces (Yuma County)

– Casas Otono (Yuma County)

– Desert Valley Estates Phase II Self-Help Subsidies (Yuma County)

– Casas Gardenia (Yuma County)

– Crossroads Mission Detox Center (Yuma County)

– Crossroads Mission Family Center (Yuma County)

– South Tucson Family Housing (Pima County)

– The Primavera Foundation First-Time Homebuyers (Pima County)

– Avondale Haciendas (Maricopa County)

“The AHP helps to provide moderate and low-income families with access to broader housing options,” said Lawrence H. Parks, Senior Vice President, Legislative and External Affairs, FHLBank San Francisco. “With the help of Rep. Grijalva and our member institutions, we are helping to ensure that families and individuals of all income levels have access to affordable housing in Yuma, Pima and Maricopa counties.’’

Designed as a flexible, competitive funding source, the AHP provides grants and below-market loans to develop and rehabilitate single-family and multifamily projects targeting very low- to moderate-income households.  Member financial institutions, in partnership with community-based housing sponsors, submit applications for specific projects and programs twice a year.

Since the program’s inception in 1990, the Federal Home Loan Bank of San Francisco has awarded approximately $460 million, which has assisted in the development of more than 80,000 units of quality affordable housing in Arizona, California, Nevada, and other areas served by its member institutions.