$9 Million in Grants for Affordable Housing Awarded by Federal Home Loan Bank of San Francisco.SAN FRANCISCO--(BUSINESS WIRE)--Jan. 22, 1996--Sixty-one housing programs have been awarded $9 million to help create over 2,300 new units of affordable housing in Arizona, California, and Nevada, the Federal Home Loan Bank of San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden announced today. "The competition for funds in this round was intense, and all of the winning projects were outstanding," said Bank President Dean Schultz. "As funding for government programs becomes scarcer, the Bank's Affordable Housing Program becomes an even more critical component in creating housing that meets the needs of lower income families and those with special needs." Over 75 percent of the projects will serve individuals and families that earn less than 50 percent of the median income for the area in which they live. The following California communities will benefit from the grants announced today: Benecia, Brea, Buena Park Buena Park (bwā`nə), city (1990 pop. 68,784), Orange co., S Calif.; inc. 1953. Food processing, the manufacture of aircraft, and tourism are important to the city's economy. , Castro Valley Castro Valley, uninc. city (1990 pop. 48,619), Alameda co., W Calif., near San Francisco Bay. Chiefly residential, it also has light industries. , Chula Vista Chula Vista (ch  `lə), city (1990 pop. 135,163), San Diego co., S Calif., on San Diego Bay; inc. 1911. , Davis, Dixon, East Palo Alto Palo Alto, city, CaliforniaPalo Alto (păl`ō ăl`tō), city (1990 pop. 55,900), Santa Clara co., W Calif.; inc. 1894. Although primarily residential, Palo Alto has aerospace, electronics, and advanced research industries. , Fullerton, Half Moon Bay, Hollywood, Huntington Beach Huntington Beach, city (1990 pop. 181,519), Orange co., S Calif., on the Pacific coast, across from Santa Catalina Island, in an oil-producing area; inc. 1909. It manufactures aerospace vehicles, aircraft parts, optical instruments, and heat transfer equipment. , Linda, Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. , Midway City, Modesto, Moreno Valley Moreno Valley (mərē`nō), city (1990 pop. 118,779), Riverside co., S Calif., inc. 1984. In 1990, Moreno Valley was California's fastest-growing city, with a population increase of more than 300% between 1980 and 1990, but major reductions , Oakland, Palm Desert, Palo Alto, Sacramento, Salinas Salinas, city, United States Salinas (səlē`nəs), city (1990 pop. 108,777), seat of Monterey co., W Calif.; inc. 1874. It is the shipping and processing center of a fertile valley famous for its grain and lettuce. , San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. , San Francisco, San Jose San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. , San Pedro, Santa Cruz Santa Cruz, city, United States Santa Cruz (săn`tə kr z), city (1990 pop. 49,040), seat of Santa Cruz co., W Calif., on the north shore of Monterey Bay; inc. 1866. , Santa Monica Santa Monica (săn`tə mŏn`ĭkə), city (1990 pop. 86,905), Los Angeles co., S Calif., on Santa Monica Bay; inc. 1886. Tourism and retailing are important, and the city has motion-picture, biotechnology, and software industries. , Santa Rosa Santa Rosa, city, ArgentinaSanta Rosa, city (1991 pop. 80,629), capital of La Pampa prov., central Argentina. It is a modern city and road junction surrounded by a rich agricultural and cattle-raising area. , Sebastopol, Shasta County, Soledad, Soquel, Tiburon, Turlock, Watsonville, and West Sacramento. In Arizona, the following communities will benefit: Catalina, Mesa, Phoenix, and Tucson. In Nevada, two projects will create homeownership opportunities in Dayton and Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. . The 61 winning projects will leverage approximately $274 million in total development costs. Since the first round of the Bank's Affordable Housing Program in 1990, the Bank and its shareholders have committed $85 million to 410 housing programs, supporting the creation of over 21,000 units of affordable housing. The Federal Home Loan Bank of San Francisco's Affordable Housing Program awards grants to projects that address community needs in creative ways and that make the most effective use of the money. The funds are derived from the Bank's net earnings, which would otherwise be paid as dividends to shareholders. In effect, Bank members forgo approximately 10 percent of their earnings on Bank stock to support these projects. Each competing project must be sponsored by a financial institution that is a member of the Bank, usually in conjunction with a community-based affordable housing sponsor. "The Bank's mission is to help community-oriented lenders make housing more accessible and more affordable," said Schultz. "Our shareholders have made lending in low- and moderate-income neighborhoods a significant part of their everyday business, and they rely on us to provide them with low-cost funding when they need it. The Affordable Housing Program makes it possible for our shareholders to reach those with even greater need and fosters enduring relationships between lenders and community organizations, helping to revitalize neighborhoods and sustain healthy communities." The Federal Home Loan Bank of San Francisco promotes housing and homeownership by expanding the supply and reducing the cost of mortgage credit. The Bank serves and is owned by commercial banks, credit unions, savings institutions, and thrift and loan associations headquartered in Arizona, California and Nevada. As of December 31, 1995, the Bank had 178 shareholders. With approximately $51 billion in assets, the Bank is the largest of the 12 banks in the Federal Home Loan Bank System Noun 1. Federal Home Loan Bank System - the central credit system for thrift institutions financial institution, financial organisation, financial organization - an institution (public or private) that collects funds (from the public or other institutions) and . A list of the projects that have been awarded subsidies in this round follows. Individual project descriptions, including contact names and phone numbers, are available upon request. -0- AFFORDABLE HOUSING PROGRAM AWARD RECIPIENTS 1995 ROUND B ARIZONA MARICOPA COUNTY Project: HOMESTART LISC LISC Local Initiatives Support Corporation (New York, NY) LISC Little Illini Soccer Club (Champaign-Urbana, Illinois) LISC Long Island Subaru Club LISC Laboratory for Intelligent Systems and Controls , Phoenix Member: State Savings Bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. Sponsor: Local Initiatives Support Corporation Subsidy: $150,000 for 30 very low-income ownership units Project: New Opportunities Program, Mesa Member: State Savings Bank, FSB (FrontSide Bus) See system bus. FSB - front side bus Sponsor: Housing For Mesa, Inc. Subsidy: $40,000 for 8 ownership units, 3 very low-income PIMA COUNTY Project: Home, by Primavera pri·ma·ve·ra 1 or pri·ma ve·ra n. 1. A tree (Cybistax donnellsmithii) of Mexico and Guatemala, having opposite, palmately compound leaves, yellow flowers, and close-grained, light-colored wood. 2. Builders, Inc., Tucson Member: Arizona Bank Sponsor: Primavera Builders, Inc. Subsidy: $125,000 for 26 ownership units, 4 very low-income Project: Tucson Affordable Sustainable Homeownership Program, Tucson Member: Arizona Bank Sponsor: City of Tucson, Community Services Department, Technical Services Division Subsidy: $80,000 for 8 very low-income ownership units Project: Twin Lakes Twin Lakes may refer to: Communities
CALIFORNIA ALAMEDA COUNTY Project: Drasnin Manor, Oakland Member: American Savings Bank Sponsor: Oakland Community Housing, Inc. Subsidy: $100,000 for 26 rental units, 15 very low-income Project: MacArthur Park, Oakland Member: First Nationwide Bank Sponsor: Oakland Community Housing, Inc. Subsidy: $465,000 for 93 ownership units Project: Strobridge Court Apartments, Castro Valley Member: SAMCO SAMCO Structural Assessment, Monitoring and Control Sponsor: BRIDGE Housing Corporation Subsidy: $100,394 for 96 rental units, 53 very low-income LOS ANGELES COUNTY Project: California Hotel, San Pedro Member: SAMCO Sponsor: A Community of Friends Subsidy: $194,079 for 40 very low-income rental units Project: Casa Verde Apartments, Hollywood Member: First Nationwide Bank Sponsor: Hollywood Community Housing Corporation Subsidy: $104,433 for 30 rental units, 25 very low-income Project: Casanova Gardens, Los Angeles Member: Home Savings of America Sponsor: Chinatown Service Center/Greenwood Properties, Inc. Subsidy: $125,000 for 27 very low-income rental units Project: Figueroa & 82nd Apartments, Los Angeles Member: First Nationwide Bank Sponsor: Corridor Economic Development Corporation Subsidy: $88,684 for 30 very low-income rental units Project: Fourteen-Ten, Los Angeles Member: American Savings Bank Sponsor: Concerned Citizens of South Central Los Angeles Subsidy: $13,000 for 12 very low-income rental units Project: Gwen Bolden Manor, Los Angeles Member: American Savings Bank Sponsor: Concerned Citizens of South Central Los Angeles Subsidy: $55,800 for 24 very low-income rental units Project: Halifax Apartments, Los Angeles Member: American Savings Bank Sponsor: ONE Company, Inc., and The C.O.A.C.H. Foundation Subsidy: $115,000 for 45 very low-income rental units Project: Hyde Park Hyde Park, park, London, England Hyde Park, 615 acres (249 hectares) in Westminster borough, London, England. Once the manor of Hyde, a part of the old Westminster Abbey property, it became a deer park under Henry VIII. Plaza Apartments, Los Angeles Member: First Nationwide Bank Sponsor: Corridor Economic Development Corporation Subsidy: $86,030 for 29 very low-income rental units Project: Nehemiah West/820 West Compton, Compton Member: Family Savings Bank Sponsor: Nehemiah West Housing Corporation Subsidy: $415,188 for 82 ownership units Project: Normandie/Mariposa Apartments, Los Angeles Member: First Nationwide Bank Sponsor: Hollywood Community Housing Corporation Subsidy: $118,147 for 38 very low-income rental units Project: Palmer House Hotel, Los Angeles Member: SAMCO Sponsor: Single Room Occupancy The expression "single room occupancy" or, more commonly "SRO", refers to a building that houses people in single rooms. This means that tenants must share bathrooms and kitchens. Housing Corporation Subsidy: $325,000 for 65 very low-income rental units Project: Pueblo Esperanza, Los Angeles Member: First Nationwide Bank Sponsor: Esperanza Community Housing Corp. Subsidy: $145,505 for 37 very low-income rental units Project: West Boulevard Apartments, Los Angeles Member: SAMCO Sponsor: Catholic Charities Community Development Corporation Subsidy: $3,168 for 10 very low-income rental units Project: Westlake Apartments, Los Angeles Member: Home Savings of America Sponsor: Neighborhood Effort Subsidy: $56,260 for 14 very low-income rental units Project: Wilcox Apartments, Hollywood Member: First Nationwide Bank Sponsor: Hollywood Community Housing Corporation Subsidy: $77,819 for 23 rental units, 18 very low-income Project: Wilshire/Montana 5th Street Apartments, Santa Monica Member: First Nationwide Bank Sponsor: Community Corporation of Santa Monica Subsidy: $158,135 for 32 very low-income rental units Project: Women's Village Project, Los Angeles Member: Hancock Savings Bank Sponsor: Good Shepherd Center for Homeless Women Subsidy: $250,000 for 51 very low-income rental units MARIN COUNTY Project: Cecilia Place Homes, Tiburon Member: Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. Community Development Bank Sponsor: Ecumenical Association for Housing Subsidy: $21,000 for 15 very low-income rental units MONTEREY COUNTY Project: La Joya Townhomes, Salinas Member: Home Savings of America Sponsor: Community Housing Improvement Systems and Planning Association, Inc. Subsidy: $46,166 for 22 very low-income rental units ORANGE COUNTY Project: Garnet Lane Apartments, Fullerton Member: Pomona First Federal Savings and Loan Association Federal Savings and Loan Association An institution chartered by the federal government whose primary function is to collect savings deposits and to provide mortgage loans. Sponsor: La Habra Neighborhood Housing Services, Inc. Subsidy: $123,834 for 18 rental units, 16 very low-income Project: Harbor View Terrace, Fullerton Member: Fullerton Savings and Loan Association savings and loan association, type of financial institution that was originally created to accept savings from private investors and to provide home mortgage services for the public. The first U.S. savings and loan association was founded in 1831. Sponsor: Accessible Space, Inc., and The House of Triumph Subsidy: $75,000 for 25 very low-income rental units Project: Huntington Beach Habitat for Humanity Habitat for Humanity, nonprofit ecumenical Christian organization that enables low-income people to own affordable, livable housing. Headquartered in Americus, Ga., it was founded in 1976 by businessman Millard Fuller and his wife. , Huntington Beach Member: Downey Savings and Loan Association Sponsor: Habitat for Humanity--Orange County Subsidy: $30,000 for 3 very low-income ownership units Project: Midway City Shelter, Midway City Members: Western Financial Savings Bank Sponsor: Shelter for the Homeless Subsidy: $47,000 for 16 very low-income rental units Project: Palm Village Apartments, Buena Park Members: Western Financial Savings Bank/Downey Savings and Loan savings and loan n. a banking and lending institution, chartered either by a state or the Federal government. Savings and loans only make loans secured by real property from deposits, upon which they pay interest slightly higher than that paid by most banks. Association Sponsor: Orange County Community Housing Corporation Subsidy: $177,467 for 38 very low-income rental units Project: Walnut Avenue Apartments, Brea Member: Quaker City Federal Savings and Loan Association Sponsor: La Habra Neighborhood Housing Services, Inc. Subsidy: $250,000 for 50 very low-income rental units RIVERSIDE COUNTY Project: Washington Street, Palm Desert Member: American Savings Bank Sponsor: Coachella Valley Housing Coalition Subsidy: $106,300 for 35 very low-income rental units SACRAMENTO COUNTY Project: Forty-sixth Street Homeownership, Sacramento Member: First Nationwide Bank Sponsor: Sacramento Valley Organizing Community Subsidy: $355,000 for 71 ownership units, 4 very low-income Project: Santa Fe/North Highlands Homes, Sacramento Member: First Nationwide Bank Sponsor: Sacramento Valley Organizing Community Subsidy: $60,000 for 12 ownership units, 1 very low-income SAN DIEGO COUNTY Project: Eleventh Avenue Townhomes, Escondido Member: Western Financial Savings Bank/Downey Savings and Loan Association Sponsor: San Diego County Service, Employment and Redevelopment/Jobs for Progress Subsidy: $39,574 for 16 very low-income rental units SAN FRANCISCO COUNTY Project: Cecil Williams Glide Community House, San Francisco Member: World Savings and Loan Association Sponsor: Glide Foundation and BRIDGE Housing Corporation Subsidy: $208,000 for 52 very low-income rental units Project: Rose Hotel, San Francisco Member: SAMCO Sponsor: Mercy Charities Housing California Subsidy: $310,603 for 75 very low-income rental units Project: 1010 South Van Ness, San Francisco Member: SAMCO Sponsor: Mission Housing Development Corporation Subsidy: $149,668 for 30 very low-income rental units SAN MATEO COUNTY Project: Gloria Way Community Housing, East Palo Alto Member: Bay Area Bank Sponsor: Peninsula Habitat for Humanity Subsidy: $240,000 for 24 ownership units, 17 very low-income Project: Main Street Affordable Housing, Half Moon Bay Member: SAMCO Sponsor: Mid-Peninsula Housing Coalition Subsidy: $129,200 for 36 rental units, 19 very low-income Project: Newell Apartments, East Palo Alto Member: SAMCO Sponsor: Mid-Peninsula Housing Coalition Subsidy: $112,717 for 26 very low-income rental units SANTA CLARA COUNTY Project: Alma Place, Palo Alto Member: First Nationwide Bank Sponsor: Palo Alto Housing Corporation Subsidy: $357,736 for 106 very low-income rental units Project: Catalonia Apartments, San Jose Member: SAMCO Sponsor: Eden Housing/Catalonia Associates Subsidy: $170,000 for 50 rental units, 23 very low-income Project: Ohlone Court Apartments, San Jose Member: SAMCO Sponsor: BRIDGE Housing Corporation Subsidy: $315,000 for 135 very low-income rental units SANTA CRUZ COUNTY Santa Cruz County is the name of two counties in the United States:
Project: McIntosh Mobile Home Park, Soquel Member: Watsonville Federal Savings and Loan Association Sponsor: Santa Cruz Community Housing Corporation Subsidy: $125,000 for 25 ownership units Project: Pacific Terrace, Watsonville Member: SAMCO Sponsor: Pajaro Valley Housing Corporation Subsidy: $29,585 for 28 very low-income rental units SHASTA COUNTY Project: Redding Rancheria, Shasta County (except Redding Redding, city (1990 pop. 66,462), seat of Shasta co., N central Calif., on the Sacramento River; inc. 1872. A principal tourist center for a mountain and lake region, it also has lumbering, food-processing, and diverse manufacturing. ) Member: Tri Counties Bank Sponsor: The Tribe Subsidy: $118,000 for 16 ownership units, 10 very low-income SOLANO COUNTY Project: North Second Street, Dixon Member: U.S. Bank of California The Bank of California was founded in San Francisco, California on July 5, 1864 by William Chapman Ralston. It was the first commercial bank in the Western United States, the second-richest bank in the nation, and considered instrumental in developing the American Old West. Sponsor: Sacramento Valley Organizing Community Subsidy: $355,000 for 71 ownership units, 11 very low-income Project: Rockridge Apartments, Benicia Member: SAMCO Sponsor: Rural California Housing Corporation Subsidy: $191,000 for 69 rental units, 48 very low-income SONOMA COUNTY Project: Bodega bo·de·ga n. 1. A small grocery store, sometimes combined with a wineshop, in certain Hispanic communities. 2. A warehouse for the storage of wine. Hills Apartments, Sebastopol Member: Allied Bank, F.S.B. Sponsor: Burbank Housing Development Corporation Subsidy: $81,600 for 24 very low-income rental units Project: Stony Point Apartments, Santa Rosa Member: SAMCO Sponsor: Burbank Housing Development Corporation Subsidy: $231,000 for 66 rental units, 65 very low-income STANISLAUS COUNTY Project: Paradise Road Housing Project, Modesto Member: Bank of America Community Development Bank Sponsor: Self-Help Enterprises, Inc. Subsidy: $179,000 for 48 very low-income rental units YOLO YOLO You Only Live Once COUNTY Project: Turlock Self-Help Homeownership, Turlock Member: American Savings Bank Sponsor: Desarrollo Latino-Americano, Inc., and Self-Help Enterprises, Inc. Subsidy: $95,000 for 10 ownership units, 7 very low-income Project: Washington Courtyard, West Sacramento Member: American Savings Bank Sponsor: Washington Courtyard Limited Partnership Subsidy: $266,248 for 90 rental units, 76 very low-income Project: Windmere Phase II, Davis Member: SAMCO Sponsor: Community Housing Opportunities Corporation Subsidy: $104,350 for 46 rental units, 44 very low-income YUBA COUNTY Project: Beverly Terrace, Linda Member: SAMCO Sponsor: Rural California Housing Corporation Subsidy: $144,000 for 39 rental units, 33 very low-income NEVADA CLARK COUNTY Project: Country Ridge Townhomes, Las Vegas Member: PriMerit Bank, F.S.B. Sponsor: Nevada Housing and Neighborhood Development Subsidy: $165,000 for 33 very low-income ownership units LYON COUNTY Project: Walmsley Estates, Dayton Member: PriMerit Bank, F.S.B. Sponsor: Citizens for Affordable Homes, Inc. Subsidy: $25,000 for 5 very low-income ownership units CONTACT: Federal Home Loan Bank of San Francisco Amy Stewart, 415/616-2605 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion